Companies in the S&P 500 bought back a record $806 billion of their own shares last year. But the tactic - used by CEOs to juice their stock prices - may become less common as more companies confront the need to pay down debt, Bank of America analysts warn in a new note.
Citigroup's network of 689 bank branches in the U.S. and Canada looks paltry compared with JPMorgan Chase's 5,000-plus web and Bank of America's 4,353 locations. So the bank is using its online bank to lure new customers - with juicy yields on savings accounts.
Stephen Schwarzman, founder and CEO of the giant U.S. private-equity firm Blackstone, was already one of the world's richest men. But after an announcement that the partnership will convert to a stock corporation sparked the biggest one-day rally in its publicly traded units, Schwarzman is immediately $573 million richer on paper.
Federal regulators have been investigating Facebok for more than a year in connection with the Cambridge Analytica scandal.
Pinterest isn't exactly bringing the power to the people.
The private-equity firm says the conversion will allow investors to buy its shares without creating the need for a Schedule K-1, an Internal Revenue Service tax form that's used to report earnings from partnerships.
Morgan Stanley says first-quarter profit falls 9% from a year earlier as revenue tumbles in the New York-based investment bank's trading business. But the results still exceed the expectations of Wall Street analysts.
BlackRock continues to steal market share from mutual-fund competitors with its suite of exchange-traded funds. Analysts say investors' increasing preference for ETFs shows no sign of abating. But because of the low fees charged by ETFs, profit margins are shrinking.
Bank of America says that lending income would grow just 3% this year, down from about 6% in 2018, as the economy slows and the Federal Reserve halts its three-year campaign to boost official U.S. interest rates.
Bank of America's first-quarter revenue didn't grow from a year earlier, but the bank led by CEO Brian Moynihan cut costs by 4%, helping to push earnings per share to 70 cents. That level beat analysts' average estimate of 66 cents.