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By Nell Mackenzie, Carolina Mandl and Summer Zhen LONDON/NEW YORK/HONG KONG (Reuters) – March’s market turmoil has forced many macro and trend-following hedge funds to cut bait on bad portfolio bets and caused at least one bank that lends to them to scrutinize its clients’ exposure, according to sources and preliminary data reviewed by Reuters….
By Lisa Pauline Mattackal (Reuters) – March recorded the worst U.S. bank failures since the 2008 crisis, but that did not stop some investors from snapping up battered financial stocks to bolster their bets on the sector’s long-term health, fund-flow data showed. Exchange-traded funds tracking U.S. regional banks saw their strongest net inflows in months,…
(Reuters) – U.S. short seller Hindenburg Research said on Friday Block Inc’s response to its allegations confirmed it had reported inflated user counts on its Cash App to investors for years. The payments firm led by Twitter co-founder Jack Dorsey said on Thursday that 44 million of its more than 51 million monthly active customers…
(Reuters) -Shares of companies tied to former U.S. President Donald Trump gained in early trading on Friday, drawing interest from retail investors after the ex-president was indicted in a historic first. Trump, the frontrunner to be Republican nominee in 2024, was indicted by a Manhattan grand jury after an investigation into hush money paid to…
By Lananh Nguyen and Jaiveer Shekhawat (Reuters) -Citigroup Inc hired Andy Sieg to lead its global wealth arm, the lender said on Thursday, from Bank of America Corp, where he led the Merrill Wealth Management unit. Sieg has “a track record of driving growth” and “deep experience in the U.S.,” where Citi aims to grow,…
By Saqib Iqbal Ahmed (Reuters) -A nearly $15 billion JP Morgan fund is expected to reset its options positions on Friday, potentially adding to equity volatility at the end of a strong quarter for U.S. stocks. Analysts have in the past pointed to the JPMorgan Hedged Equity Fund’s quarterly reset roiling markets, and see it…
By Hannah Lang (Reuters) -Wells Fargo & Co will pay fines of about $97.8 million for inadequate oversight of its compliance risks, enabling the apparent violation of U.S. sanctions against Iran, Syria and Sudan, federal authorities said on Thursday. The Federal Reserve and the Treasury Department’s Office of Foreign Assets Control (OFAC) said the bank’s…
(Reuters) – Short sellers made $14.3 billion in paper profit from their bearish bets on global banking stocks in March, according to analytics firm S3 Partners, as the collapse of U.S. lender Silicon Valley Bank reverberated across the sector. Fresh short selling in the banking sector increased by 11.4%, or $12.8 billion, globally in March, taking…
By Tommy Wilkes LONDON (Reuters) – BlackRock’s liability-driven investment business is urging some smaller UK pension fund clients to stop splitting assets across multiple managers, as it tries to cut the complexity and risks of a strategy that imploded last year. Asset managers worry new rules to make LDI investing more robust could render the…
By Lananh Nguyen and Nupur Anand NEW YORK (Reuters) – Bank of America Corp’s digital personal finance tool, Life Plan, has attracted more than $55 billion in new money since its launch in late 2020, as customers use technology to set financial goals. Life Plan, which has more than 10 million users, enables customers to…
