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Premium Finance 2020-07-09T12:00:00Z
airport travel hotel business

A growing group of lenders are looking to unload hundreds of millions of dollars of souring hotel loans. Teams hired to sell the portfolios say it's just the beginning of a surge in activity.

The trickle of deals could increase to billions of dollars of distressed debt sales as lenders seek to cut ties with bad loans in the lodging sector.
Premium Finance 2020-07-09T11:00:00Z
David Solomon goldman sachs

Goldman Sachs board members just held their first in-person meeting since the pandemic began. Not everyone wore masks.

About half of Goldman's board attended the meetings, including Chairman and CEO David Solomon. Other Wall Street boards are still meeting virtually.
Premium Finance 2020-07-09T17:04:21Z
Charlie Scharf, the chief executive of Wells Fargo, was appointed to his post in late 2019.

Wells Fargo's longtime CMO will leave her role as part of a bigger marketing shakeup across the bank

Jamie Moldafsky will remain in the CMO role at until the transition is complete, Wells Fargo said in a memo to employees.
Finance 2020-07-10T04:00:00Z

FINTECH MEGADEALS: How FIS-Worldpay, Fiserv-First Data, and Global Payments-TSYS will reshape the payments landscape

Business Insider Intelligence explores key drivers fueling consolidation in the payments space and analyzes three massive payments acquisitions.
Markets 2020-07-10T00:16:00Z

Retail traders make up nearly 25% of the stock market following COVID-driven volatility, Citadel Securities says

Retail investors made up about 10% of market activity in 2019, but that proportion steadily climbed as brokers erased commission fees.
Markets 2020-07-09T19:13:00Z

'Blank check' companies have seen a surge in popularity this year. Here are 6 high-profile SPACs to watch in 2020.

So far in 2020, there have been 39 SPAC IPOs that have raised gross proceeds of $12.3 billion, according to SPACInsider.
Finance 2020-07-09T15:54:57Z

When regulators suspended Wirecard's UK arm, payments to its fintech partner accounts bounced. The suspension has lifted — but for some, the money is still missing.

Some UK account holders are still waiting for cash that bounced from their accounts when the German fintech firm Wirecard filed for insolvency.
Premium Finance 2020-07-09T15:14:15Z

WeWork faces 3 new discrimination and harassment lawsuits, including a complaint that says a manager brought knives and a crossbow to work

Two Black former employees are suing WeWork for racial discrimination, while a female employee said her manager harassed her.
Premium Finance 2020-07-09T14:52:32Z

SoFi just filed an application for a national banking charter, and CEO Anthony Noto told employees it's a critical strategic step for the $4.3 billion fintech

The personal-finance startup SoFi has filed an application for a national bank charter with the Office of the Comptroller of the Currency.
Markets 2020-07-09T14:44:00Z

Cryptocurrency marketplace Coinbase reportedly eyeing stock-market listing as early as this year

If the Securities and Exchange Commission signs off on the debut, Coinbase could become the first publicly traded cryptocurrency marketplace.
Premium Finance 2020-07-09T13:12:00Z

POWER PLAYERS: Meet 11 American Express execs driving the card giant's digital strategy for everything from payments to dining and travel partnerships

Take a look at the execs driving Amex's growth and positioning the credit card giant to take off in the increasingly digital world of payments.
Markets 2020-07-09T13:07:33Z

Hedge funds plunged a record 7.9% in the first half of the year as the coronavirus pandemic roiled markets

In addition, none of the four major investing strategies used by hedge funds made any money in the first six months of the year.
Premium Markets 2020-07-09T12:24:00Z

Wall Street is being shaken to its core by a legion of Gen Z day traders. From a casual hobbyist to a 20-year-old running a 14,000-person platform, meet the new generation of retail investors.

The legendary investor Leon Cooperman said the trend "would end in tears," but many casual traders are turning profits and learning along the way.
Premium Finance 2020-07-08T22:00:47Z

A top Americas exec at commercial real-estate giant Cushman & Wakefield is out

Shawn Mobley had spent the last decade rising through the ranks at Cushman. His abrupt departure comes as the firm's fortunes have sunk amid Covid-19.
Premium Tech 2020-07-08T20:57:10Z

More than 4,800 startups that applied for federal PPP loans in the coronavirus-led shutdown had raised venture funding in the last 2 years

CB Insights found many of the more than 9,600 investor-backed companies that applied for PPP loans had raised funding in the last 2 years
Markets 2020-07-08T20:15:04Z

US stocks gain, lifted by tech, amid investor optimism around economic reopening

The US on Tuesday posted another single-day record of 60,000 new coronavirus cases, bringing the total number of confirmed cases to 3 million.
Markets 2020-07-08T19:54:00Z

JPMorgan's market guru says stocks can hit records this summer as hedge funds and quants put $400 billion to work

Funds' trading algorithms are on the verge of releasing a wave of cash into the stock market once volatility eases, the analyst said.
Markets 2020-07-08T19:44:48Z

Kohl's surges 10% after BofA upgrades to buy as retailer sees 'superior reopening trends' versus peers

Kohl's off-mall format and its geographic positioning puts the company "in a good position to recaputre sales faster than peers," BofA said.
Premium Finance 2020-07-08T18:32:39Z

Inside the legal industry's reaction as it deals with the messy optics of white-shoe law firms taking PPP money

Law firms including Keker Van Nest & Peters, Kasowitz Benson and Boies Schiller Flexner, are among firms listed as approved for PPP loans.
Premium Finance 2020-07-08T15:25:31Z

The CEO of an Alphabet-backed fintech pitching itself as your 'smart friend' to text for financial advice explains its pay-what-you-like fee structure

CEO Yinon Ravid said Albert's goal has always been to give financial advice from humans — not bots, which he said are "crappy" —  to customers.
Markets 2020-07-08T14:51:39Z

Market bear Crispin Odey sees hedge fund massively underperform with 17.9% plunge in first half of 2020

Odey's flagship registered a monthly gain only in March, when bearish positions drove a 21% rise through markets' coronavirus slump.
Finance 2020-07-08T14:18:00Z

From warehouses to office space, real-estate markets have been turned upside down. These are the winners and losers.

Flex-office firms are struggling, and companies are rethinking leases for offices. Meanwhile, demand for warehouse space is emerging as a bright spot.
Premium Finance 2020-07-08T14:04:19Z

Fintech investors see more red tape for the booming payments space following the Wirecard scandal, and say that costs to comply could crimp newcomers' growth

Insiders say startups in the payments space should expect additional scrutiny from regulators and investors alike in the wake of the Wirecard scandal.
Premium Markets 2020-07-08T13:50:32Z

174 units with no prior experience: Here's the creative real-estate investing strategy a former Marine is using to generate 'crazy' cash flow

"From day one, I guess you'd say I was financially free just signing the closing documents," Matt DeBoth said.
Premium Finance 2020-07-08T13:27:10Z

Here's how Anthony Scaramucci's SkyBridge offloaded stakes in 2 funds after credit markets seized up

One of the funds began accepting new client money in June after a rocky March, when credit funds generally struggled.
Premium Media 2020-07-08T13:15:00Z

Finance startups are launching new products designed for influencers including an app that lets YouTubers get paid early

Fintech companies are raising funds and launching financial products for YouTube, TikTok, and Instagram creators.
Finance 2020-07-08T12:55:00Z

Deutsche Bank is partnering with Google Cloud to use its cloud computing capabilities

Deutsche Bank signed a 10-year agreement with Google Cloud to use its computing capabilities, which could factor in the bank's restructuring plans.
Markets 2020-07-08T12:41:17Z

AMC skyrockets 14% on report the company is nearing a deal to avoid bankruptcy

The entertainment company had to close more than 1,000 theaters worldwide in recent months due to the coronavirus pandemic.
Markets 2020-07-08T11:35:39Z

'It's largely gonna go to waste and it distorts the market': Billionaire investor Chamath Palihapitiya blasts the Fed and Treasury for spending billions to help companies instead of consumers

"We gave hundreds of billions of dollars in all kinds of random ways," the Social Capital CEO and Virgin Galactic chairman said.
Premium Finance 2020-07-08T10:00:00Z

Rivals Visa, Mastercard, Amex, and Discover are partnering up for one-click checkouts to compete with the likes of Apple Pay and PayPal as e-commerce booms

The card networks have partnered on a one-click checkout button, which they say could help smaller merchants compete with the likes of Amazon.
Premium Finance 2020-07-07T20:28:22Z

Here's the pitch deck used to raise a $4.4 million seed round for an AI chatbot looking to change how people find apartments

Users have been sending the chatbot gifs, emojis, and even selfies while it helps them streamline their apartment search process.

The stock market cares more about the makeup of Congress than it does the winner of the presidency. Here's why.

The stock market gained more than 30% in 1985, 2013, and 2019, all years when congressional control was split between Republicans and Democrats.
Premium Finance 2020-07-07T19:53:31Z

Knotel is facing claims of $230,000 in unpaid rent and construction bills at one Atlanta location, adding to a growing list of legal woes for the flex-space firm

Knotel has fallen behind on rent at the Salesforce Tower in Atlanta. It also owes almost $80,000 in construction bills on the space, a contractor says.
Markets 2020-07-07T19:21:53Z

'People are getting nervous again': Fed president says virus resurgence could prematurely freeze economic recovery

Consumer confidence is "critical" to whether the nation can bounce out of its recession, Raphael Bostic, president of the Atlanta Fed, said.
Premium Markets 2020-07-07T18:18:00Z

An investment chief who doubled 3 of her firm's ETFs within 3 years told us the most overlooked technological innovation on her radar — and shared the 3 stocks she's been snapping up since the pandemic started

Cathie Wood's genomic-innovation ETF has skyrocketed in the past year, but she said it was only scratching the surface of its potential growth.
Premium Markets 2020-07-07T17:57:00Z

Warren Buffett's Berkshire Hathaway struck a $10 billion deal to buy Dominion Energy's natural gas business. Here's why the energy giant sold.

Dominion's bosses expect the deal to boost growth, free up cash, and accelerate its shift to state-regulated utilities and clean energy.
Markets 2020-07-07T16:39:35Z

Citigroup and Morgan Stanley shares are best positioned to endure a 69% plunge in 2nd quarter bank earnings, Goldman Sachs says

Both firms enjoy a greater focus on capital markets than lending, allowing fee income to partially offset earnings headwinds, Goldman said.
Markets 2020-07-07T15:38:44Z

US hires jump to a record and job openings increase, fueled by economic reopenings

The improvement in the May report reflects the US economy reopening following lockdowns to contain the coronavirus pandemic in March and April.
Premium Tech 2020-07-07T15:30:00Z
Markets 2020-07-07T15:29:00Z

US home prices will fall 6.6% over the next year as COVID-19's fallout worsens, report says

"The forecasted decline in home prices will largely be due to elevated unemployment rates" exacerbated by new COVID-19 cases, CoreLogic said.
Markets 2020-07-07T15:21:35Z

JPMorgan boosts its Tesla price target on the strength of delivery data — but still expects the stock to fall 79% over the next year

The firm did acknowledge three upside risks to its bearish price target on Tesla, including better-than-expected demand for Tesla vehicles.
Premium Finance 2020-07-07T14:36:00Z

Experts explain the complexities around getting PPP loans forgiven, and why so many small businesses are turning to fintechs like PayPal and Plaid

Executives at EY, Plaid, PayPal, and BlueVine explain why forgiveness of PPP loans is so tricky and how they're looking to help.
Markets 2020-07-07T14:31:27Z

The COVID-19 jobs crunch is already 10 times worse than the 2008 crisis, and a 2nd wave could leave 80 million people unemployed by the end of 2020, OECD warns

In case of a second wave, US real GDP may contract by 8.5% in 2020, with a muted rebound of only 1.9% in 2021.
Markets 2020-07-07T14:21:00Z

Novavax skyrockets 41% after US government grants $1.6 billion for coronavirus vaccine creation

The award is the largest yet from Operation Warp Speed, the Trump administration's plan to develop and deliver a coronavirus vaccine.
Retail 2020-07-07T13:45:13Z

Billionaire-backed private members' club Soho House received almost $22 million in coronavirus PPP loans

The US paycheck protection program sanctioned six different loans to the private members' club to protect it from the COVID-19 storm.
Premium Finance 2020-07-07T13:31:00Z

SIGN UP NOW: Get lessons in pitching investors from Domm Holland, CEO of one-click checkout startup Fast, who raised $20 million from Index Ventures and Stripe to take on Apple Pay

We'll discuss how Holland came up with the idea for Fast, how to build a pitch deck, and what it takes to win over top Silicon Valley investors.
Premium Finance 2020-07-07T13:19:44Z

How Postmates went from multiple IPO setbacks to a $2.65 billion takeover by Uber

Postmates said in February 2019 that it had filed to go public, but it shied away from an initial public offering several times.
Markets 2020-07-07T13:14:20Z

Stock funds posted their best return since 1999 in the 2nd quarter as the market rallied

The average equity fund returned 20.22% in the quarter, and Lipper's US Diversified Equity Funds macro-classification returned 23.52%.
Markets 2020-07-07T12:53:56Z

These are the top 10 holdings of the best-performing US stock fund over the past year

Morgan Stanley's Discovery fund has a five-star rating from Morningstar and $2 billion in assets, according to Morningstar.
Finance 2020-07-07T12:50:00Z

Paytm has agreed to acquire insurance firm Raheja QBE for $76 million

Paytm is acquiring Raheja QBE, and given the fintech's large user base and digital capabilities, it could disrupt the country's insurance industry.
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