Bloomberg (June 25)
“The prospect of investing in massive U.S. government projects—say, by leasing an airport and reaping revenue for decades—has tantalized Wall Street” for years. Finally, it seems their “big wish” has been granted by Biden’s Infrastructure Deal. “The size of the potential capital infusion from private investors… wasn’t announced. But the reference to asset recycling and public-private partnerships… is a start.”
Tags: Airport, Asset recycling, Biden, Capital infusion, Government projects, Infrastructure Deal, Investors, Leasing, Public-private partnerships, Revenue, Tantalized, U.S., Wall Street
Financial Times (June 22)
Wall Street banks “have been at the forefront of the push to convince workers to return to the office.” In the strictest vaccination policy yet, “Morgan Stanley employees and clients who have not received their Covid-19 vaccine will be barred from entering the bank’s New York offices.”
Tags: Banks, Barred, Clients, COVID-19, Employees, Forefront, Morgan Stanley, New York, Office, Return, Strictest, Vaccination policy, Wall Street
Wall Street Journal (March 13)
“Regulators are pressuring Wall Street to do away with the London interbank offered rate by year-end. Companies are still making the switch.” The Federal Reserve is pushing the Secured Overnight Financing Rate (SOFR) as a replacement, but “the U.S. is running behind the U.K. and Europe, where investment firms and companies have been faster to transition to alternative rates,” including the Sterling Overnight Index Average (Sonia).
Tags: Europe, Fed, Investment firms, LIBOR, Regulators, Replacement, SOFR, Transition, U.K., U.S., Wall Street
The Economist (February 6)
Wall street is undergoing revolution. “Information technology is being used to make trading free, shift information flows and catalyse new business models, transforming how markets work…. And, despite the clamour of recent weeks, this promises to bring big long-term benefits.”
Tags: Business models, Clamour, Information flows, IT, Markets, Promises, Revolution, Trading, Wall Street
Reuters (December 30)
““China’s gravy train will bypass Wall Street,” where the “easiest money from selling Chinese shares in New York is destined to fade.” Given renewed protectionism, global investment banks will also find it more challenging “to use their international networks to help companies find acquisition targets abroad…. It will be a harder slog for less money as the China gravy train makes fewer stops on Wall Street.”
Tags: Acquisition, Challenging, China, Gravy train, Investment banks, Networks, Protectionism, Shares, Targets, Wall Street
Financial Times (July 2)
“Some of the biggest investment banks and fund managers have advised their clients to take profit from the dizzying rally on Wall Street that followed the mid-March crash. Instead, they say, look to Europe.”
Tags: Advised, Clients, Crash, Dizzying, Europe, Fund managers, Investment banks, Profit, Rally, U.S., Wall Street
Financial Times (February 14)
The Climate Leadership Council relaunched a carbon tax initiative “with support from ten energy companies (including BP), JPMorgan, Goldman Sachs and MetLife. “If nothing else, this shows the pressure that Wall Street leaders feel on the issue from investors and their own employees.” It could also mark an important shift where “the concept might gain traction with Republicans.”
Tags: BP, Carbon tax, Climate Leadership Council, Concept, Employees, Energy companies, Goldman Sachs, Initiative, Investors, JPMorgan, MetLife, Republicans, Wall Street
Reuters (October 18)
“The prospect of Aramco selling a piece of itself has had Wall Street on tenterhooks since Crown Prince Mohammed bin Salman first flagged it three years ago.” But it looks like the IPO will again be delayed, possibly until next year, to “bolster investor confidence” by reassuring them of the company’s recovery from recent attacks. The sought-after $2 trillion valuation remains in question as “countries have been accelerating efforts to shift away from fossil fuels to curb global warming.”
Tags: Aramco, Confidence, Fossil fuels, Investors, IPO, MBS, Recovery, Valuation, Wall Street
USA Today (October 4)
“The unemployment rate fell from 3.7% to 3.5%, the lowest since December 1969…. Average wages, however, fell. Wall Street cheered the mixed report, which … kept in play a possible Fed rate cut this month, which would be the third since July.”
Tags: Fed, Mixed, Rate, Rate cut, Unemployment, Wages, Wall Street
New York Times (August 20)
“Nearly 200 chief executives, including the leaders of Apple, Pepsi and Walmart, tried on Monday to redefine the role of business in society—and how companies are perceived by an increasingly skeptical public.” The new inclusiveness of multiple stakeholders sounds appealing. Still, “for companies to truly make good on their lofty promises, they will need Wall Street to embrace their idealism, too. Until investors start measuring companies by their social impact instead of their quarterly returns, systemic change may prove elusive.”
Tags: Apple, CEOs, Idealism, Inclusiveness, Investors, Pepsi, Redefine, Role of business, Skeptical, Society, Stakeholders, Wall Street, Walmart
