Junior bankers feel left behind in COVID-era banking boom By Imani Moise and David French
FILE PHOTO: A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City, New York
(Reuters) – As top investment bankers orchestrated major deals through Zoom during the coronavirus pandemic, junior staffers say they were often sitting home, bored and alone, discouraged by an industry that has struggled to retain fresh talent.
In interviews, several analysts and associates explained what it has been like to work remotely rather than shadow mentors by day and build Excel models by night at the office.
Global life insurers impose restrictions, worried about long-term pandemic risks By Suzanne Barlyn, Carolyn Cohn and Noor Zainab Hussain
FILE PHOTO: Medical workers bring a patient out of an ambulance, amid the spread of the coronavirus disease (COVID-19) pandemic, outside Royal London Hospital, in London
(Reuters) – Global life insurers are taking steps to curb payouts stemming from the coronavirus pandemic, including long-term health consequences that are not fully understood, industry sources told Reuters.
Life insurers, including Prudential Financial Inc, and Aviva PLC, are now imposing waiting periods before COVID-19 patients, including those who have recovered, can apply for coverage, executives and spokespeople said. Some are also limiting coverage for certain age groups.
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BOSTON (Reuters) - A bevy of Wall Street executives, bankers and fund managers are abandoning New York for Florida, embracing the Sunshine State over metropolitan New York as the coronavirus pandemic has eliminated many benefits of working from a global financial hub.
FILE PHOTO: People sit at Il Giardino restaurant as restaurants reopen with restrictions to limit the spread of the coronavirus disease (COVID-19) on Ocean Drive on South Beach in Miami, Florida, U.S. on May 27, 2020. REUTERS/Zachary Fagenson
Since legions of finance industry employees began working from home in March, Florida’s warm weather, low taxes, affordable space and quick, easy flights back to New York, when needed, have elevated its status.
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(Reuters) - A swell of deposits during the coronavirus pandemic has put big U.S. banks on the back foot, with executives saying they hope regulators provide relief on rules that punish bloated balance sheets until loan demand snaps back.
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JPMorgan Chase & Co, Bank of America Corp and Citigroup took in more than $1 trillion in deposits last year, compared with a $92 billion increase in 2019.
In a more normal economy, that kind of boost would be great, allowing banks to lend more or simply invest the money in short-term, low-risk securities, like Treasury bonds.
But the stimulus payments and easy-money policies by the government that led to the inundation of deposits has also created a few problems for the banks: low interest rates that crimp lending profitability and stunted loan demand as customers and companies awash with cash spend less.
Goldman hints at cost cuts to hit targets as trading gains look ready to slow By Anirban Sen and Matt Scuffham
FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney
(Reuters) – Goldman Sachs Group Inc posted a blockbuster fourth-quarter profit that dwarfed Wall Street estimates on Tuesday, but executives warned that capital markets activity fueling results lately will probably slow down and that the bank’s consumer business will take longer to get in the black.
Analysts pressed Chief Executive David Solomon and Chief Financial Officer Stephen Scherr about whether Goldman can hit profit targets they established if trading revenue declines meaningfully and if growth in Goldman’s retail business, Marcus, is much slower than expected.