Finance Analyst
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Amazon ‘looking at every nook and cranny’ to improve efficiencies, analyst says
Amazon’s (AMZN) at a crossroads. After years of no-expense-spared growth, the company’s slashing costs wherever it can, CFRA Research Senior Equity Analyst Arun Sundaram told Yahoo Finance Live on Tuesday. Under CEO Andy Jassy’s leadership, “The strategy is really changing,” Sundaram said. “It previously was a ‘grow at all costs’ model and now the strategy has shifted to a ‘grow at a more profitable rate model,’ and that’s exactly what we’re seeing today.” Amazon revealed a new round of layoffs this week, cuts set to affect 9,000 of the company’s employees. That brings Amazon’s total layoff count from the last few months to 27,000, about 8{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} of its corporate workforce,…
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MUFG hires Robert Ellenbogen as senior credit analyst to enhance leveraged finance platform
Ellenbogen joins as Managing Director to bolster primary and secondary market capabilities with focus on energy sector NEW YORK, March 20, 2023 /PRNewswire/ — Mitsubishi UFJ Financial Group (MUFG‘s) (NYSE: MUFG) announced today that it has hired Robert Ellenbogen to its Leveraged Finance team as a Managing Director and Senior Credit Analyst. Ellenbogen will be responsible for delivering industry and company-specific analysis to MUFG’s Leveraged Finance Platform in support of deal origination, sales and trading, and investor connectivity, with a focus on the energy sector. Joining MUFG on March 20, 2023, he will be based in New York and report to Todd Bondy, Head of Leveraged Trading. “Rob has a distinguished…
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UBS to buy Credit Suisse for nearly $3.25B to calm turmoil
GENEVA — Banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank’s customers. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in the U.S. sparked concerns about other potentially shaky institutions in the global financial system. Credit Suisse is among the 30 financial institutions known as globally…
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Banking crisis is ‘over,’ top analyst Dick Bove says. Here’s why.
The banking crisis is finished. That’s the somewhat surprising message from OG banking analyst Dick Bove, who rose to fame with his bold calls at the height of the 2008-2009 crisis. “I think that the near-term banking crisis is definitely over,” the Odeon Capital Group Financial analyst said on Yahoo Finance Live (video above). Bove’s call is rooted in his interpretation of recent events to prevent a wider crisis in the financial system. On Thursday, 11 U.S. banks led by JP Morgan (JPM), Bank of America (BAC), and Citigroup (C) banded together to inject $30 billion in uninsured deposits into stumbling lender First Republic (FRC). The move follows a steep…
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BlackRock CEO Larry Fink walks tightrope on climate investing
Illustration: Sarah Grillo/Axios This year’s chairman’s letter from BlackRock CEO Larry Fink, published Wednesday, gives less emphasis to climate risk and environmental, social and governance (ESG) investments than past letters — but doesn’t play down the substance. Why it matters: As the head of the world’s largest asset manager, Fink’s letters are widely taken as a signal for how the financial community is thinking about certain topics, and how policy makers may need to respond. Driving the news: His latest letter departs from those of the past several years, which focused largely on the need to incorporate climate risk, ESG concerns and broader corporate responsibility issues into how business should…
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Former mayor candidate served on Silicon Valley Bank board
Mary Miller, a former Baltimore mayoral candidate who came in third place in the 2020 Democratic primary, chaired the audits committee of the board of the shuttered California lender that was taken over by federal regulators last week. The former Obama administration Treasury Department official was appointed to the board of the now-defunct Silicon Valley Bank in 2015, according to the bank’s 2023 proxy filing. In addition to chairing the audits committee, Miller served on the board’s risk and finance committees, where she was responsible for “risk appetite, risk profile and risk culture” and financial and balance sheet strategies. She is also one of five board members appointed by the…
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