As Citi taps Fraser, Wall Street’s poor record on diversity is put in focus

TipRanks

Billionaire David Shaw Pours Money Into 3 “Strong Buy” Stocks

Are the tides turning on Wall Street? Stocks fell in the past three trading sessions, as investors abandoned the tech heavyweights that have been at the forefront of the market’s remarkable charge forward. What’s behind the sell-off? Sky-high valuations reminiscent of the dot-com era have sparked fears of a tech bubble. To this end, investors are wondering if this pullback is just a correction, or if it is the start of a larger drawdown.In times like these, the legends can offer some guidance. We are referring to the people that transformed the way we play the investing game, namely David Shaw.A former Columbia University computer-science professor, Shaw founded the D. E. Shaw group at a small bookstore in New York City in 1988. Starting out with six employees and $28 million in capital, he pioneered a new investing approach,

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Westpac sells vendor finance business to focus on core banking

(Reuters) – Australia’s Westpac Banking Corp on Friday agreed to sell its vendor finance business to a U.S. private equity firm, as part of its strategy to focus on core banking operations and trim its portfolio of underperforming businesses.

The unit, which supports third parties to fund small-scale equipment finance loans, would be sold to Angle Finance, a portfolio company of Cerberus Capital Management, Westpac said.

Westpac did not specify the deal value, but said it expects a small accounting loss on the sale and negligible impact on the bank’s balance sheet and capital ratios.

The deal will result in the transfer of about A$500 million ($359.80 million) worth of Westpac’s customer loans, and is expected to be completed by the end of April 2021.

In May, the Australian bank kicked off a review of its underperforming divisions including wealth platforms, superannuation and retirement products, insurance and auto finance businesses.

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