financebanking
PayPal (NASDAQ: PYPL) stock price is falling apart as attempts to recover find substantial resistance. It has plunged to a low of $58.25, its lowest point since March 7th. It is also nearing a bear market as it collapsed by almost 20% from its highest point this year. Concerns about PayPal continuePayPal’s share price has crashed hard after peaking during the pandemic. In this period, the stock has fallen from over $300 to below $60 today. Along the way, its market cap has dropped from over $300 billion to about $60 billion. PayPal’s performance is mostly because the company is no longer the g...
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Morgan Stanley is pushing further into artificial intelligence adoption with a new assistant expected to save thousands of hours for the bank’s financial advisors. The assistant, called Debrief, is designed to log detailed records of advisors’ meetings and automatically generate draft emails and summaries of discussions. The bank plans to roll out the program to its approximately 15,000 advisors by early July, marking a significant step for generative AI use in a major Wall Street firm. Enhancing advisor efficiency with OpenAIDebrief, built using OpenAI’s GPT-4, will significantly reduce the t...
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Regis Corporation (NASDAQ: RGS) has seen a massive spike in its share price growth in the past 24 hours, rising $15.45 – over 300%. On June 25, Regis’ stock price soared 304.73% to close at $20.52 during the US trading session, before correcting down slightly by $0.70 to trade at $19.82 in after hours trading – still a significant leap up from the previous day’s close of just $5.07 on June 24. But why the sudden surge in Regis’s stock price? Success refinancing of over $100 millionYesterday, the haircare and hair salons company announced that it has secured a new credit facility worth $105 mil...
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Affirm Holdings Inc (NASDAQ: AFRM) gained more than 10% on Monday after a Goldman Sachs analyst issued a super bullish note in its favour. Shares of the buy now, pay later company are still over 30% for the year. Affirm stock could climb to $42Will Nance initiated coverage of Affirm Holdings today with a “buy” rating. His $42 price objective suggests a 40% upside on its previous close. The analyst is constructive on AFRM shares as he expects “strong growth rates to support its premium valuation in the intermediate term”. Affirm stock, he added, is well-positioned to capitalise on continued gro...
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Yesterday, multinational insurance corporation Prudential (PRU) announced a new, two-year share buyback programme, to the tune of $2 billion. The company revealed on its website on June 23 that it would commence the first $700 million tranche of the buyback, with an arrangement through Goldman Sachs International. The programme, and its return of $2 billion in capital, is scheduled to be completed no later than mid-2026. Buybacks to start immediatelySeparately, Prudential also announced on June 23 that it was beginning the initial $700 million tranche of the programme immediately. Of this firs...
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American Express Company (NYSE: AXP) is in focus this morning after announcing two new acquisitions. Shares of the credit card company have gained more than 25% since their year-to-date low in mid-January. American Express to acquire TockAMEX is buying Tock – a Chicago-based provider of reservation, table, and event management technology for about $400 million. The financial technology company is taking over Tock from Squarespace that acquired it in 2021. Matthew Tucker – the head of Tock said in a press release today: We believe that as part of American Express, Tock will deliver enhanced val...
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US banking regulators have rejected Citigroup’s ‘living will’, a plan designed to outline the bank’s strategy for orderly winding down in the event of a catastrophic failure. This decision marks a significant setback for Citigroup, which has been under regulatory pressure to enhance its risk controls for nearly four years. FDIC’s rejection of Citigroup’s living will In a closed-door meeting, the Federal Deposit Insurance Corporation’s (FDIC) five-member board voted to reject Citigroup’s resolution plan. This decision is part of the regulatory framework established after the financial crisis, w...
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NatWest Group plc has announced its decision to shut down its operations in Poland, a move set to begin in 2025. This closure will affect approximately 1,600 employees, most of whom work in the bank’s financial crime unit. The decision aligns with the British bank’s broader strategy to simplify its operations and streamline its organizational structure. Impact on employees and operationsThe closure of NatWest’s Polish branch will result in significant job losses, primarily within the financial crime unit. This unit plays a crucial role in the bank’s efforts to detect and prevent financial crim...
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HSBC (LON: HSBA) share price has been in the spotlight this week after a Swiss regulator ruled that its private bank violated money laundering rules. It then imposed some penalties, including an order to carry out AML reviews on its high-risk clients. The new ruling comes over a decade after HSBC was handed a $1.9 billion fine for facilitating money laundering for Mexican cartels. It has also paid more fines in Europe and the US over the years. The stock ignored the ruling and bounced back by 0.50%, ending the day at 686p, a few points above last week’s low of 670p. It has jumped by over 10% t...
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Lloyds (LON: LLOY) share price has pulled back in the past few weeks as the focus shifts to the upcoming Bank of England (BoE) decision. After peaking at 57.36p in May, the stock has crashed by over 4% from its highest point this year. Bank of England’s decisionLloyds Bank and other British banks have retreated recently as investors wait for Thursday’s Bank of England decision. Economists expect the bank to leave interest rates unchanged at 5.25% even after the encouraging UK inflation data. According to the Office of National Statistics (ONS), the headline Consumer Price Index (CPI) dropped f...
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