Now an exercise in extinguishing multiple fires

Fed's Hope of A Soft Landing Dashed

Private Equity Carried Interest Provision Lives On

Bank stocks are often perceived to be a harbinger of broader economic trends so BankerAdvisor wheeled around some of the big banks’ reported second quarter earnings to spot broad movements

Tea Leaves and Emerging Economic Trends

Firm to combine asset, wealth and consumer banking into one unit

Goldman Sachs Reorganization 

Germany, Europe’s New ‘Problem Child,’ Has a Series of Self-Inflicted Issues

Is German Deindustrialization Underway?

Morgan Stanley is a global financial services firm that provides a broad suite of investment banking, research, sales & trading, wealth management, and investment management services for individual, institutional and government clients. 

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401(k) provider Fidelity aid it would give 23,000 employers the option to have employees add bitcoin and other crypto assets to their retirement savings.

Redefining Risk: Crypto and Retirement Savings

Surveys report investors, institutions and Wealth Managers are warming to holding bitcoin and other cryptocurrencies in their portfolios, but limitations remain.

Have Cryptocurrencies Become a Mainstream Asset Class?

Wealth management giant Envestnet has acquired business intelligence provider Truelytics, the company announced today. Truelytics offers a software as a service (SaaS) digital platform based on performance data and proprietary banking and investment formulas.

Envestnet acquires business intelligence firm Truelytics

Swiss provider of banking software Temenos has launched ESG Investing-as-a-service, helping banks and wealth managers make use of sustainable investing. 

Temenos launches ESG Investing-as-a-Service

Younger banking customers are making a decided move away from megabanks like Bank of America, JPMorgan Chase, and Wells Fargo for digital banks and fintech like Chime, PayPal, and Square, according to research done by Cornerstone Advisors.

Market Share is Moving to FinTechs and Digital Banks

A fast growing sector of investing helps identify companies that are careful and fastidious about their environmental, social and corporate governance issues and the SEC aims to require more information about ETFs and funds that market their holdings as ESG friendly.

ESG: Heaven or Hell?

The co-founders of failed crypto hedge fund Three Arrows Capital appear to be on the run from creditors, according to court documents recently filed in New York.

Founders of Bankrupt Crypto Hedge Fund Three Arrows Capital Go Missing

Celsius Network, a large cryptocurrency lender filed for bankruptcy after freezing customer assets that led to increased customer redemptions following a decline in cryptocurrency values.

Crypto Lender Celsius Files for Bankruptcy 

TD Bank Group  and Cowen Inc. today announced a definitive agreement for TD to acquire Cowen in an all-cash transaction valued at US$1.3 billion.

TD to Expand its U.S. Investment Banking Business and Capabilities with Acquisition of Cowen Inc.

Robinhood CEO Vlad Tenev said the company will reduce its headcount by about 23%. The layoffs will be primarily in operations, marketing and program management. Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”

Robinhood cutting about 23% of jobs, releases second-quarter earnings

Recent figures compiled by M&A and corporate finance firm Hampleton Partners show a 46 percent increase in fintech deals in the first half of 2022 compared with 2021 and a 70 percent increase compared with the first half of 2019 pre-pandemic deals.  Steady valuation, the availability of capital, and high-growth fintech companies make the fintech M&A market attractive. 

Fintech M&A on the rise as valuations crumble

Over the past week, the bitcoin price soared 4.9%, at one point hitting a high of just over $22,500. Most major altcoins are recovering too. Rumor has it bitcoin will soon take yet another step to mainstream adoption. People familiar with the matter told Wall Street Journal that Fidelity, the world's fourth largest asset manager overseeing $4.3 trillion in assets, is planning to let individual investors trade bitcoin.



‘Coming To 34 Million Accounts’ 

JPMorgan Chase & Co. and Goldman Sachs Group Inc. were one and two in the rankings in investment banking revenue in 2022 with Bank of America Corp. in third in a year of shrinking business. The top 10 investment banks on Wall Street booked $56.4 billion in revenue in 2022 as of Sept. 14, down nearly 39% from $92 billion in 2021 as of the same date, and about 8% lower than 2020’s tally of $61.3 billion.

JPMorgan and Goldman are still top dogs in investment banking but business shrinks significantly in 2022 

The macroeconomic outlook in Europe is bleak as supply disruptions and the impact of Russia’s war in Ukraine on energy and food prices continue to stifle growth

HSBC warns investors to avoid European stocks

Banks looking to boost their digital capabilities reportedly may be taking a closer look at acquisitions of FinTechs as the valuations of FinTechs have fallen 70% this year.  The decline in FinTech valuations has been driven by the economic downturn, rising interest rates, and lower investor confidence after the collapse of the cryptocurrency exchange FTX. In addition, banks earnings have increased as their lending business benefits from rising interest rates, and it’s easier for banks to buy FinTechs than to merge with other banks because the latter involves more regulatory scrutiny.

FinTech Winter May Lead Banks to Increase Acquisitions 

St. Louis-based investment bank Stifel Financial has agreed to acquire Torreya Partners, an M&A and private capital advisory firm specializing in life sciences. The acquisition of Torreya adds 40 professionals in the healthcare sector and expands Stifel’s advising in royalty monetization and licensing agreements, and it will also grow Stifel’s presence in Europe.

Stifel Financial swallows life sciences investment bank Torreya Partners

The legendary co-founder of Boston-based investment firm GMO argued in a Tuesday paper, that “the first and easiest leg of the bursting of the bubble we called for a year ago is complete.” While the downturn has wiped the most “extreme froth” off the market, valuations remain well above long-term averages, he said, noting that in the past they have tended to overcorrect, falling below their long-term trend line as fundamentals deteriorate. Grantham estimated the trend line value of the S&P 500 index, adjusted upward for trend line growth and expected inflation, will be around 3,200 by the end of 2023 - roughly a 17% fall for the year.

Jeremy Grantham says ‘easiest leg’ of stock-market bubble burst is over. Here’s what’s next. 

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Morgan Stanley

Morgan Stanley is a global financial services firm that provides a broad suite of investment banking, research, sales & trading, wealth management, and investment management services for individual, institutional and government clients.

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