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    ZurichCredit Suisse has named asset management boss Ulrich Koerner as its new CEO, who is tasked with scaling back investment banking and cutting more than $1 billion in costs to help the bank recover from a string of scandals and losses.The Swiss bank has dubbed 2022 a "transition" year with a change of guard, restructuring aimed at curtailing risk-taking in investment banking, and bulking up of wealth management, while batting away speculation that it could be acquired or broken up. A new strategic review announced on Wednesday, the bank's second in less than a year, will evaluate options for its securitised products business to attract third-party capital, while reaffirming its commitment to asset management. Koerner, 59, is considered a restructuring expert in Switzerland and will succeed CEO Thomas Gottstein on Aug. 1.Koerner ran UBS (UBS) Asset Management from 2014 to 2019 and served as adviser to the CEO from 2019 to 2020. He was also previously a senior executive at Credit Suisse (CS) Financial Services and ran the Swiss business.Read MoreGottstein has had a tumultuous two-year tenure punctuated by massive...
    The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.Arnd Wiegmann | Reuters Credit Suisse on Wednesday announced that CEO Thomas Gottstein would step down as the bank reported a massive second-quarter loss, as poor investment bank performance and mounting litigation provisions hammered earnings. The embattled Swiss bank posted a net loss of 1.593 billion Swiss francs ($1.66 billion), far below consensus expectations among analysts for a 398.16 million Swiss franc loss. In a statement Wednesday, Gottstein said the second-quarter results were "disappointing" and that the bank's performance was "significantly affected by a number of external factors, including geopolitical, macroeconomic and market headwinds." "The urgency for decisive action is clear and a comprehensive review to strengthen our pivot to the Wealth Management, Swiss Bank and Asset Management businesses, supported by a fundamental transformation of our Investment Bank, is underway," he said. "Today marks a leadership change for Credit Suisse. It has been an absolute privilege and honor to serve Credit Suisse over these past 23 years. It has been my passion since...
    VIDEO5:3305:33Klarna CEO defends business model as Apple launches rival productSquawk Box Europe Klarna CEO Sebastian Siemiatkowski has defended his company's business model and the controversial "buy now, pay later" industry. Klarna lets consumers buy things that they might not necessarily be able to afford at that moment in time. Its 150 million customers pay a relatively small amount up front and pay back the rest later. In an interview with CNBC's "Squawk Box Europe" on Friday, the Swedish entrepreneur said BNPL is "superior" to the credit card model, claiming that the average Klarna user has an outstanding balance of $50, whereas the average credit card user has an outstanding balance of $5,000. Siemiatkowski went on to say his business is "extremely recession-proof" compared with traditional credit card firms. However, the fintech reported a loss of $748 million last year and last month announced that it was laying off around 10% of its 6,500 staff as part of an effort to cut costs. On top of that, Klarna will soon be competing with Apple in the BNPL sector after the iPhone...
    ZurichCredit Suisse (CSGKF) expects to report a first-quarter loss after increasing legal provisions, seeing business activity slow and taking a hit from the fallout of Russia's invasion of Ukraine, the Swiss bank said on Wednesday.The bank is still reeling from billions in losses racked up in 2021, which prompted a top management shake-up, and it faces further probes over compliance and risk failings.Its shares were indicated 2.8% lower in premarket activity.It said provisions relating to a number of previously disclosed legal matters, all of which originated more than a decade ago, would rise by around 600 million Swiss francs to total approximately 700 million francs ($736 million). Credit Suisse pushes back on reports of controversial accountsThis came after a Bermuda court last month ruled Georgia's former prime minister and his family were due damages "substantially in excess of $500 million" from Credit Suisse's local life insurance arm as a result of fraud.Read MoreIn earnings due on April 27, the group said it "would expect to report a loss as a consequence of this increase in reserves," without being more specific.Its...
    In this article WFCWells Fargo signage on May 5th, 2021 in New York City.Bill Tompkins | Michael Ochs Archives | Getty ImagesWells Fargo posted first-quarter revenue that fell short of estimates as the bank set aside more money to account for increased credit losses. Here are the numbers: Earnings: 88 cents a share. (It was not yet clear whether that is comparable to the 80 cents a share estimate from Refinitiv) Revenue: $17.59 billion vs. $17.8 billion estimate. The bank set aside $1.1 billion in the first quarter to account for more loan losses. "While we will likely see an increase in credit losses from historical lows, we should be a net beneficiary as we will benefit from rising rates, we have a strong capital position, and our lower expense base creates greater margins from which to invest." CEO Charlie Scharf said in a statement. Wells Fargo shares lost 2% in premarket trading. Unlike big bank peers including JPMorgan Chase, with its sizeable Wall Street division, Wells Fargo is more focused on U.S. retail and commercial...
    CONSUMERS must be aware of a new scam pretending to be an Amazon lottery and spreading nationwide, the Better Business Bureau has advised. An avid Amazon electronics shopper, Brian Hunt, was one of many that fell for the hoax after receiving a text message saying, "Congratulations Brian, you came in second place," in a recent Amazon raffle. 1The Better Business Bureau has advised against a scam pretending to be an Amazon sweepstakeCredit: Reuters "I received a text message that I thought was from Amazon, telling me there was a giveaway, a sweepstakes. I was going to get a free pair of AirPods, all I had to do was pay for shipping," Hunt told WXYZ. Hunt was excited and clicked on the link that led him to a page that looked like Amazon. All the site was asking for was a credit card for shipping, he claimed.  In the mail a few days later, Hunt received an imitation pair of Apple AirPods and was then hit with a $100 charge, however. "They were only asking for the shipping fee, which I...
    In this article WFCCharles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020.Andrew Harrer | Bloomberg | Getty ImagesWells Fargo on Wednesday reported second-quarter earnings and revenue results that topped Wall Street's expectations as it continued to release funds it had set aside during the Covid-19 pandemic to safeguard against widespread loan losses. Shares of the bank rose 0.5% in premarket trading following the earnings announcement. Here's how the second-quarter compared with Wall Street estimates. Earnings: $1.38 in earnings per share versus 97 cents a share expected, according to Refinitiv. Revenue: $20.27 billion versus $17.77 billion expected, reflecting a 10% increase compared with the same quarter one year ago. Wells Fargo results were boosted by a $1.6 billion release of its credit loss reserves as consumers' perform better than the bank anticipated amid the pandemic recession. Financial firms have started to release those reserves as the recovery has accelerated in 2021, boosting profits as a result. Wells also reported a net interest margin...
    The DOJ is reportedly expanding its probe into the collapse of Bill Hwang's fund U.S. investigators who focus on corporate collusion are examining how global banks handled multibillion-dollar trades with Bill Hwang's Archegos Capital Management, according to a new report. At least a part of the probe is being handled by the U.S. Department of Justice's antitrust division, Bloomberg reported on Thursday, citing people familiar with the matter. Archegos, a family office run by ex-Tiger Asia manager Bill Hwang, defaulted on margin calls in March, which left banks nursing heavy losses after a fire sale of shares, including ViacomCBS and Discovery, meant to act as collateral.  The Archegos blowup cost big global banks including Credit Suisse, Nomura Holdings and Morgan Stanley more than $10 billion in losses. Credit Suisse lost more than $5 billion when Archegos defaulted on a margin call in March RELATED ARTICLES Previous 1 Next EXCLUSIVE: The 'modest' and reclusive life of billionaire... Credit Suisse revolt: Shareholders will bid to remove risk... Share this article Share Now the...
    Flag Fire: Emergency declared as Arizona wildfire grows to 1,400 acres following evacuation of about 200 homes US police killings of Black Americans amount to crimes against humanity, international inquiry finds (Bloomberg) -- HSBC Holdings Plc earnings more than doubled in the first quarter as credit losses were reversed and the lender returned to profit in Europe and the U.S. © Bloomberg People wearing protective masks walk past a HSBC Holdings Plc logo at the bank's headquarters building in Hong Kong, China, on Thursday, Oct. 22, 2020. Damaged and defaced during tumultuous protests at the start of this year, the two bronze lion statues standing guard outside HSBC's main office in Hong Kong have made their return to the public in a city subdued by a Chinese crackdown on dissent. Adjusted pretax profit rose to $6.4 billion in the three months through March, beating a consensus estimate of $4.3 billion, the London-based lender said on Tuesday. Load Error “Global Banking and Markets had a good quarter, and we saw solid business growth in strategic areas, including Asia wealth...
    Bloomberg Credit Suisse Raises $2 Billion; Warns on More Archegos Pain (Bloomberg) — Credit Suisse Group AG is raising about $2 billion to shore up capital after warning of another financial hit from the Archegos Capital Management collapse, adding to the Swiss bank’s woes after two blow-ups within a month left investors nursing losses and questioning its leadership.The bank, which has exited about 97% of its exposure to Archegos, said it expects a related 600 million-franc ($654 million) hit in the second quarter and has tapped investors for about 1.8 billion francs of funding with two notes convertible into 203 million shares. Swiss regulator Finma has now started enforcement proceedings against Credit Suisse and the bank said it plans to cut back the prime brokerage business at the center of the blow up.Thomas Gottstein is battling to rescue a terrible start to the year — and possibly his short tenure as chief executive officer — after Credit Suisse was hit harder than any other competitor by the collapse of Archegos, the family office of U.S. investor Bill Hwang. The timing...
    In this article GS 8604.T-JP CSG.N-CH Senator Sherrod Brown (D-OH), speaks at the 2019 National Action Network National Convention in New York, April 5, 2019.Lucas Jackson | ReutersSen. Sherrod Brown, chairman of the powerful Senate Banking Committee, is taking aim at three banking giants' ties to Archegos Capital after the fund's recent losses blitzed the market. In letters to leaders at Goldman Sachs, Nomura Holding America and Credit Suisse, the Ohio Democrat indicates he's looking for details on their relationship to Archegos. The letters, first reviewed by CNBC, are dated Wednesday. Archegos, a family investment office run by former Tiger Management analyst Bill Hwang, triggered a sell-off in stocks like Discovery and ViacomCBS last month when it was forced to liquidate its positions in those companies. Several banks were caught in the fallout. Credit Suisse and Nomura were two prime brokers that took significant losses. Two executives at Credit Suisse announced they would be stepping down. Goldman, on the other hand, managed to sell most of the stock related to its Archegos' margin calls and avoided any losses. Brown...
    Banking giant Credit Suisse has axed two senior executives as it suffered billions of pounds worth of losses following the collapse of hedge fund Archegos and the British finance firm Greensill.  Brian Chin, CEO of its investment bank, and Lara Warner, chief risk and compliance officer, both announced they would step down amid a cull that affected at least five other senior staff, as bonuses for all top executives were withdrawn for the year and the dividend cut.  Credit Suisse said it was set to lose an astonishing £3.4bn ($4bn) from the collapse of Archegos, a hedge fund run by  the billionaire Bill Hwang, who has suffered what one analysis called 'the biggest loss of private wealth in history'.  Meanwhile, Greensill's collapse could produce another £2.53bn ($3.5bn) of losses - leading to a total hit of £5.4bn ($7.5bn), according to an analysis by JP Morgan. Credit Suisse has forecast a first-quarter loss across all divisions of £690m ($960m).  The collapse of Greensill has created unwelcome headlines for former Prime Minister David Cameron, who was a paid lobbyist for the firm. Texts...
    Credit Suisse is facing a major investor backlash after the Archegos crisis left it nursing heavy losses. The banking giant was already reeling from the aftermath of a spying scandal and its ties to bust lender Greensill Capital. Now shareholder advisory group Ethos is recommending investors vote against the entire board, and its executive pay, after Credit Suisse said it would take a hit of £2billion to £3billion due to the Archegos meltdown. Shareholders will be questioning the future of Credit Suisse chief risk officer Lara Warner (pictured), who has held senior positions in the bank’s risk and compliance offices since 2015 Chairman Urs Rohner, a former lawyer, was already due to step down at the annual meeting in April and hand over to departing Lloyds boss Antonio Horta-Osorio. RELATED ARTICLES Previous 1 Next 'One of the greatest losses of wealth ever': Archegos... Pension Bee founder's stake set to be worth £135m when... Credit Suisse faces investor backlash after Archegos crisis... Scientists set to scoop £150m in biotech deal: Now Oxford... Share...
    Billions of pounds have been wiped off the value of big banks after a meltdown at a hedge fund. Credit Suisse and Nomura of Japan face a huge hit to their profits after bets placed by their client, Archegos Capital, turned sour. The crisis could cause major losses for British investors exposed through ISAs, pensions or other savings. Credit Suisse and Nomura asked Archegos for more funds to cover the loans they had granted. When the cash was not forthcoming the banks sold the Viacom shares at a loss, causing the company’s value to fall still further Archegos had borrowed heavily from Credit Suisse and Nomura to invest in Viacom CBS and Discovery. However Viacom shares started to fall last week amid fears that its channels were losing out to rivals such as Netflix and Disney Plus. That meant Credit Suisse and Nomura asked Archegos for more funds to cover the loans they had granted. When the cash was not forthcoming the banks sold the Viacom shares at a loss, causing the company’s value to fall still further. Credit...
    In this article MS GS 8604.T-JP CSG.N-CH VIACP People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City, March 19, 2021.Brendan McDermid | ReutersWhen investors are stampeding for the exits, it pays to be first out the door. That's what happened when falling shares in ViacomCBS last week ignited a $20 billion wave of forced selling at the Wall Street banks that cater to Archegos Capital Management, the family office founded by former Tiger Management analyst Bill Hwang. By the time Credit Suisse and Nomura, two prime brokers of Archegos, announced early Monday that they faced losses that could be "highly significant" to the banks, rival firms Goldman Sachs and Morgan Stanley had already finished unloading their positions, according to people with knowledge of the matter. Goldman managed to sell most of the stock related to its Archegos margin calls on Friday, helping the firm avoid any losses in the episode, according to one of the people. Morgan Stanley sold $15 billion in shares over a few days, avoiding significant losses, CNBC's Leslie...
    By Makiko Yamazaki and John Revill TOKYO / ZURICH, Mar 29 (.) – Nomura and Credit Suisse face billions of dollars in losses after a US hedge fund, which sources say is Archegos Capital, failed to meet minimum guarantees for its operations, which that worried investors about the exposure that others may have. Losses at Archegos Capital Management, led by Bill Hwang, former Tiger Asia chairman, prompted a hasty sale of its shares on Friday, a source close to the matter said. A phone message to Archegos’ office did not receive an immediate response. The impact on financial markets appeared limited on Monday, with the benchmark S&P 500 stable in morning trading, while financials were down less than 1%. “You continue to see strength in the market as a whole. There is no fear of selling stocks, there is only fear in some sectors of the market,” said Dennis Dick, head of market strategy and self-employed trader at Bright Trading LLC. Bank shares were down around the world: Morgan Stanley’s were down nearly 4% and Goldman’s down 1.5%. Nomura shares...
    Geneva, Mar 29 (EFE) .- Credit Suisse shares fall more than 13% after the opening of the session of the Zurich Stock Exchange, after the second largest Swiss bank announced a forecast of heavy losses linked to a firm American. In a statement, the bank indicated that, although it was premature to accurately quantify the losses, it anticipated that “they could be highly significant” and would even have a significant impact on its results for the first quarter of 2021. The Japanese financial group Nomura, apparently also linked to the affected US firm, also announced multi-million dollar losses, and fell 15.18% in the first half of today’s session on the Tokyo Stock Exchange. According to Credit Suisse, the US company involved is a hedge fund that declared itself in suspension of payments, which was warned of the situation by various partner banks and from which the Swiss entity is “in the process of exiting.” Credit Suisse did not report the estimated amount of the losses, while Nomura indicated that it claims approximately 2 billion dollars (1.7 billion euros) from that...
    Suez Canal ship, Derek Chauvin trial, NCAA, Tennessee storms: 5 things to know Monday Pete Buttigieg has a bridge to sell you By Makiko Yamazaki and John Revill © Reuters/BRENDAN MCDERMID People are seen on Wall St. outside the NYSE in New York TOKYO/ZURICH (Reuters) - Nomura and Credit Suisse warned on Monday they were facing significant losses after a U.S. hedge fund, named by sources as Archegos Capital, defaulted on margin calls. Load Error A fire sale of stocks on Friday caused big drops in the share prices of companies linked to Archegos, a source familiar with the matter said, putting markets on edge about the scale of the possible fallout. Nomura said on Monday that it faced a possible $2 billion loss due to transactions with a U.S. client while Credit Suisse said a default on margin calls by a U.S.-based fund could be "highly significant and material" to its first-quarter results. Credit Suisse said that a fund had "defaulted on margin calls" to it and other banks, meaning they were now in the...
    Suez Canal ship, Derek Chauvin trial, NCAA, Tennessee storms: 5 things to know Monday Obamas Kenyan granny dies aged 99 By Makiko Yamazaki and John Revill © Reuters/BRENDAN MCDERMID People are seen on Wall St. outside the NYSE in New York TOKYO/ZURICH (Reuters) - Nomura and Credit Suisse warned on Monday they were facing significant losses after a U.S. hedge fund, named by sources as Archegos Capital, defaulted on margin calls. Load Error A fire sale of stocks on Friday caused big drops in the share prices of companies linked to Archegos, according to a source familiar with the matter, putting markets on edge about the scale of the possible fallout. Nomura said on Monday that it faced a possible $2 billion loss due to transactions with a U.S. client while Credit Suisse said a default on margin calls by a U.S.-based fund could be "highly significant and material" to its first-quarter results. Credit Suisse said that a fund had "defaulted on margin calls" to it and other banks, meaning they were now in the process...
    Tension in the financial markets due to the forced sales of the investment fund Archegos Capital Management, linked to the controversial speculator Bill hwang, who was already convicted of insider trading while managing the fund Tiger Management. Last Friday, several operations in the block market carried out on Wall Street, valued at $ 20 billion, caused heavy losses in the shares of large Chinese technology groups, such as Tencent. Apparently, due to the proximity of the close of the first quarter, large American banks such as Morgan Stanley and Goldman Sachs They forced the sale of these positions, due to the large losses that Archegos Capital accumulated in its portfolio, which was also highly leveraged. These forced sales in the block market, in turn, have caused heavy losses to other large investment banks, such as the Japanese Nomura and the swiss Credit Suisse. Nomura has plummeted 16% after confirming a “significant” potential loss from an unidentified US client, which raises the suspicion that they are linked to the Archegos Capital liquidation. For its part, Credit Suisse has pointed out...
    Credit Suisse bank.NurPhoto | NurPhoto | Getty Images Swiss bank Credit Suisse warned Monday of a potential impact to first quarter results, after a margin call from a U.S. hedge fund led it to start exiting positions it had with the firm. This is a breaking news story, please check back later for more.
    SMEs and self-employed from the sectors most affected by the pandemic may request aid from the 7,000 million fund that the Government has approved this Friday if they prove that in 2020 they had losses of 30% of their income in 2019. They may use it to cover fixed expenses, paying suppliers or repaying debts generated between March 2020 and May 2021. According to the royal decree law approved this Friday by the Council of Ministers, direct aid will be divided into two parts. 2,000 million will be allocated specifically to the Canary Islands and the Balearic Islands, considering that the fall in tourism has especially affected their productive fabric. The remaining 5,000 million will be distributed among the rest of the communities, based on criteria of falling GDP, the unemployment rate and youth unemployment as of December 2020. This amount -7,000 million- are those that will finally be allocated to direct aid from the fund of 11,000 million for SMEs and the self-employed that an extraordinary Council of Ministers has approved this Friday, with the aim of guaranteeing...
    Many euro zone banks underestimate credit losses due to pandemic: ECB’s Stournaras
    During a press conference on Friday, House Speaker Nancy Pelosi (D-CA) responded to a question on whether she accepts responsibility for Democrats losing House seats by saying she accepts the credit for Democrats holding the majority in the House of Representatives. CNN Senior Congressional Correspondent Manu Raju asked Pelosi, [relevant exchange begins around 26:00] “Do you accept any responsibility for the loss of House seats?” Pelosi responded, “I take credit for winning a majority and holding the House.” Follow Ian Hanchett on Twitter @IanHanchett
    Washington (CNN)A defiant Nancy Pelosi said Friday that she doesn't take responsibility for suffering losses in House races last week, while dismissing the notion that she would now have to compromise on her party's agenda since she will preside over a slimmer majority in the next Congress."I take credit for winning a majority and holding the House," the California Democrat said when CNN asked if she took any responsibility for losing seats.Speaking to reporters at her weekly news conference, Pelosi was emboldened by the election of Joe Biden as President-elect, arguing that Democrats have far greater power to push through their agenda and that it's Republicans, including Senate Majority Leader Mitch McConnell, who will be forced to heed to their party's demands after the new Congress takes power in January. Asked how a smaller majority will affect her legislative approach and if she will have to compromise more frequently, she replied, "No, not at all. We have a President of the United States," later adding, "We still have the power of the majority, but, on top of that, our leverage...
    House Speaker Nancy Pelosi on Friday refused to take responsibility for the Democratic Party's spate of losses in the 2020 election, a night in which her caucus expected to see big wins but instead suffered some surprising defeats. "I accept credit for winning the majority and holding the House," Pelosi told reporters during a Capitol Hill press conference. Democrats held a 35-seat advantage in the House before the election; but after Tuesday, their majority will shrink by at least six seats, making it one of the thinnest margins in decades, following a better-than-expected performance by down-ballot Republicans. PELOSI FORMALLY ANNOUNCES HER RUN FOR HOUSE SPEAKER AGAIN, ASKS FOR SUPPORT In the week since the election, Democrats have traded blame over who's ultimately responsible for the lackluster showing, in which the party lost a number of freshmen representatives who won during the 2018 midterm election, partly by reaching into districts that Trump had won in 2016. "We lost a few seats. But, as I said, we won those seats in Trump districts, he wasn't on the ballot, he is now," Pelosi said, adding: "I do believe...
    London (CNN Business)UBS is returning billions of dollars to shareholders after reporting a huge profit surge even as the pandemic continues to ravage the global economy.The world's largest wealth manager said in a statement Tuesday that third-quarter net profit nearly doubled to $2.1 billion compared to the same period last year. The strong result was driven by a boost to trading income in its investment banking division amid choppy markets and the sale of a majority stake in its fund distribution platform, Fondcenter. The bank also grew revenue in its core wealth management division, which reported record profits in Asia and the United States. The stock was up nearly 3% in Zurich at midday on Tuesday.CEO Sergio Ermotti said the performance demonstrated the bank's ability to "focus on clients" in the current challenging environment. In a video posted to the company's website, he said that the pandemic has increased the number of customers interacting with the bank digitally, and that 20% to 30% of its workforce could regularly work from home in the future.A deal to create Spains largest lender...
    A Swiss flag flies over a sign of Credit Suisse in Bern, SwitzerlandFABRICE COFFRINI | AFP | Getty Images Credit Suisse reported net income of 1.16 billion Swiss francs ($1.27 billion) in the second quarter of 2020 and made additional provisions for the coronavirus crisis and its economic impact.  Analysts had expected net profit of 838.9 million Swiss francs for the three-month period through to the end of June, according to Refinitiv. The bank had posted net income of 1.31 billion Swiss francs for the first quarter of the year. At the time, it had set aside 568 million Swiss francs to deal with potential loan losses. The stock is down about 27% since the start of the year.  Related Tags Breaking News: Europe Credit Suisse Group AG Europe News Politics Banks
    Rahms the man, struggling Brooks: golf talking points 8 Gentle and Effective Sunscreens To Keep Your Kids Safe This Summer UBS posts 11% fall in second-quarter profit as it warns of continued credit losses In its outlook, the bank warned that continued group credit losses could be expected in the second half of the year due to the coronavirus pandemic, but said these would be below those seen in the first half. © Provided by CNBC Sergio Ermotti, chief executive officer of UBS Group UBS announced a net profit of $1.23 billion for the second quarter of 2020, down 11% from the same period last year ($1.4 billion) as the coronavirus pandemic weighed on earnings. Load Error Analysts polled by the bank had expected a net profit of $973 million. The Swiss lender had reported a net profit attributable to shareholders of $1.6 billion for the previous quarter, as financial market volatility enabled the operating profits of the Swiss investment bank to surge. However, it had warned of an uncertain future in the coming quarters as the...
    VIDEO3:3603:36Stocks rose after positive news on a Covid-19 treatment —Here's what three experts are saying about the marketsNews Videos Stocks rose in choppy trading after positive news on a Covid-19 treatment. Three experts lay out what they're watching for now.  Savita Subramanian, head of equity and ESG strategy at BofA Securities, says investors are both positive and hedging their bets. "Whether the market is pricing in a strong recovery or whether it's pricing in a second wave, our work suggests that valuations of stay-at-home beneficiaries are kind of in line with valuations of the cyclical come-back-to-work beneficiaries, so I think that the market is pricing in kind of a 50/50-ish probability of a real second-wave risk at this point. But it's interesting to see that what's driving the market higher ... is really tech and a kind of more of the online, more of the stay-at-home types of beneficiaries, so I don't think the market is really pricing in that everything is fine and we're all going to come back from this imminently." Jeffrey Solomon, chairman and CEO at Cowen,...
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