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Consumer bureau chief goes after the heavyweights

Rohit Chopra, who served as the agency’s first student loan ombudsman during the Obama administration, made clear he intends to reinvigorate the bureau’s enforcement activity, particularly for large financial firms, and take a closer look at Big Tech.

Miami , Florida , United-states , New-york , Georgia , American-bar , California , Paris , France-general- , France , Washington , Sweden

D.C. fiscal meltdowns aren't free

D.C. fiscal meltdowns aren't free
politico.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from politico.com Daily Mail and Mail on Sunday newspapers.

Afghanistan , United-states , Dallas , Texas , Chicago , Illinois , White-house , District-of-columbia , America , American , Afghan , Stevie-nicks

Welcome to jobs day!

Welcome to jobs day!
politico.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from politico.com Daily Mail and Mail on Sunday newspapers.

Germany , New-york , United-states , Norway , New-zealand , Philadelphia , Pennsylvania , White-house , District-of-columbia , Austria , Andrew-desiderio , Donald-trump

Goldman Taps Uber Executive to Run Its Consumer Bank

Provided by
Dow Jones
By Peter Rudegeair
Goldman Sachs Group Inc. is poaching an engineering executive from Uber Technologies Inc. to run Marcus, its digital-banking unit.
Peeyush Nahar is set to join Goldman on June 1 as a partner and head of its consumer business, according to an internal memo reviewed by The Wall Street Journal. At Uber, Mr. Nahar oversaw teams that developed software for payments, insurance and financial-technology services. Earlier in his career, he spent 14 years in a variety of roles at Amazon.com Inc., including building out a lending business for merchants selling on the retailer's online marketplace.

Goldman-marcus , Omer-ismail , Peter-rudegeair , Peeyush-nahar , Goldman-sachs-group-inc , Jetblue-airways-corp , Jpmorgan-chase-co , Dow-jones-company-inc , Apple-inc , Uber-technologies-inc , Walmart-inc , Motors-co

Gross Profit at Square Inc,'s Cash App More Than Doubled in the First Quarter

Provided by
Dow Jones
By Peter Rudegeair
Jack Dorsey's Square Inc. became a tech darling on the back of its signature white credit-card readers aimed at small businesses. Nowadays, its consumer-focused Cash App digital wallet is stealing the limelight.
Gross profit at Square's Cash App more than doubled in the first three months of 2021, reaching $495 million. The first quarter marked the first time that Cash App's gross profit exceeded gross profit at Square's seller segment, which increased 32% to $468 million. (Gross profit is revenue minus the cost of goods or services sold, excluding taxes and other fixed costs.)
The coronavirus pandemic had a divergent effect on Square's two main business lines. Inflows into Cash App swelled over the past year as many users deposited their stimulus checks into their digital wallets. They then used the proceeds to send money to friends and family instantly over Cash App, purchase things online with their Cash App debit cards and buy bitcoin and stocks through Cash App Investing.

Allison-prang , Peter-rudegeair , Dow-jones-company-inc , Jack-dorsey-square-inc , Cash-app , Cash-card , Cash-cards , Dow-jones , டோ-ஜோன்ஸ்-நிறுவனம்-இன்க் , பலா-டோர்ஸி-சதுரம்-இன்க் , பணம்-செயலி , பணம்-அட்டை

The debt limit is back (kind of)

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Morgan Stanley First-Quarter Profit Soars

Morgan Stanley First-Quarter Profit Soars
morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.

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Morgan Stanley Books Archegos Loss, but Profit Hits New High — 2nd Update

Provided by
Dow Jones
By Peter Rudegeair
Morgan Stanley lost $911 million when Archegos Capital Management imploded last month, tarnishing a record-setting quarter for the Wall Street firm.
The New York-based bank on Friday reported quarterly profit of $4.1 billion, or $2.19 a share, on revenue of $15.7 billion. That beat the consensus estimates of analysts polled by FactSet of per-share earnings of $1.72 on revenue of $14.1 billion.
Morgan Stanley reaped big gains from the euphoric market conditions of early 2021. But record performance across many of the bank's businesses was offset by credit and trading losses it booked following a fire sale of more than $30 billion worth of stocks tied to Archegos, the family office run by former Tiger Asia manager Bill Hwang.

Tiger-asia , Morgan-stanley , Peter-rudegeair , James-gorman , Viacomcbs-inc , Goldman-sachs-group-inc , Dow-jones-company-inc , Archegos-capital-management , Wall-street , New-york-based , Chief-executive-james-gorman , Goldman-sachs-group

Morgan Stanley Books Archegos Loss, But Profit Hits New High -- Update

By Peter Rudegeair
Morgan Stanley said Friday that first-quarter profit more than doubled from a year earlier, another Wall Street firm that reaped big gains from the euphoric market conditions of early 2021.
The New York-based bank reported record quarterly profit of $4.1 billion, or $2.19 a share, on revenue of $15.7 billion. That beat the consensus estimates of analysts polled by FactSet of per-share earnings of $1.72 on revenue of $14.1 billion.
Record performance across many of its businesses was offset by $911 million in losses Morgan Stanley booked related to the blowup at Archegos Capital Management in March.
Still, Morgan Stanley rounded out an all-time great first quarter from the nation's big banks. Asset prices rallied, millions of investors traded stocks with abandon and scores of technology and special-purpose acquisition companies listed their shares publicly, creating an optimal environment for banks' Wall Street divisions. On Wednesday, Morgan Stanley rival Goldman Sachs Group Inc. reported record quarterly revenue and net income.

Morgan-stanley , Peter-rudegeair , Goldman-sachs-group-inc , Wall-street , New-york-based , Archegos-capital-management , Goldman-sachs-group , Dow-jones , Morgan-stanley-stock-exchange , Ews , Nformation , Ress-release

Morgan Stanley Books Archegos Loss, but Profit Hits New High — 3rd Update

Provided by
Dow Jones
By Peter Rudegeair
Morgan Stanley lost $911 million when Archegos Capital Management imploded last month, tarnishing a record-setting quarter for the Wall Street firm.
The New York-based bank reaped big gains from the euphoric market conditions of early 2021. But record performance across many of its businesses was offset by credit and trading losses Morgan Stanley booked following a fire sale of more than $30 billion worth of stocks tied to Archegos, the family office run by former Tiger Asia manager Bill Hwang.
Archegos used billions of dollars it borrowed from banks to acquire big stakes in ViacomCBS Inc., Discovery Inc. and a handful of other media and technology companies. To amass its positions, the fund entered into derivative contracts with different banks, an arrangement that concealed the size of Archegos's total portfolio from each lender. When some of its holdings started to lose value in March, Archegos was asked to post additional collateral that it didn't have, prompting banks to seize and sell Archegos's assets at depressed prices.

Tiger-asia , Morgan-stanley , Reddit-wallstreetbets , Peter-rudegeair , James-gorman , Jonathan-pruzan , Gamestop-corp , Viacomcbs-inc , Goldman-sachs-group-inc , Dow-jones-company-inc , Credit-suisse-group , Discovery-inc