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The Charles Schwab Corporation
TD Ameritrade Holding Corporation
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Regions Financial Corporation
SVB Financial Group
E*TRADE Financial Corporation
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East West Bancorp, Inc.
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BOK Financial Corporation
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International Bancshares Corporation
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Hanmi Financial Corporation
One may be flying in by helicopter while the other is expected to take a more sustainable route up the mountain but if rumour is to be believed, the snowy alpine resort of Davos COULD be the setting of an unlikely encounter Greta Thunberg and Donald Trump World Economic Forum founder Klaus Schwab though was playing down whether he would attempt to orchestrate a handshake. (SOUNDBITE) (English) KLAUS SCHWAB "We try to never engineer something. I think the best things just happen and afterwards have a positive impact." With sustainability the main theme of the annual summit, pressure has never been more intense on governments to act. (SOUNDBITE) (English) REUTERS CORRESPONDENT CONWAY GITTENS, SAYING: "Business leaders too are under pressure to make meaningful commitments, particularly after a warning last week from BlackRock Chief Executive Larry Fink. He told company boards to step up efforts to tackle climate change and make investment decisions with climate change risk in mind. That'a a big about face from the world's biggest asset manager, with more than $7 trillion of assets under management.'' But will we see more CEOs following suit? The WEF is trying to force their hand by introducing a score card. It will rate companies on the basis of environmental and social performance although they haven't said whether firms would be struck off the Davos guest list if they don't score well. (SOUNDBITE) (English) KLAUS SCHWAB, WEF FOUNDER, SAYING: "We are faced with an urgency. We see a window for action closing and this is the reason why we put so much emphasis on the issue of climate for the 50th anniversary." U.S. President Donald Trump is expected to dominate headlines again, if he shows up. while some world leaders will skip this year's Davos. British PM Boris Johnson has told his ministers to avoid an event seen by many as elitist. Although Schwab insists Johnson told him he'd be back next year. In a bid to preempt criticism that its jetset guests are part of the problem, the WEF says this year's Davos will be fully carbon neutral for the first time.
(Bloomberg Opinion) -- Every year for the past decade I have been making a list of what I got wrong. This act of contrition allows me to own my mistakes, recognize my fallibility and learn from the experience. I hope you find some value in doing the same exercise.Let’s get to the errors:No. 1. Trading commissions: Last February, I cited a Morningstar survey that found that “fees fell 8 percent in 2017, the largest one-year decline ever reported.” It seemed, according to data on fees, that the point of diminishing returns had been reached. “The race to zero may be reaching its natural limits,” I wrote.Boy, did Charles Schwab Corp. prove me wrong.Although commission-free trading has been around awhile, it was either a niche product or offered as a teaser for other products. After investment giant Schwab said in October that it would offer commission-free trading, everyone from Fidelity to Vanguard to TD Ameritrade followed suit.One caveat: There is no free lunch, and free trading means that offsetting fees may be hidden or buried in the fine print. I continue to believe that, at least in finance, cheap is better than free. No. 2. University endowments underperform: Each October, many college endowments release their investment performance data for the past fiscal year. I wrote about the Ivy League endowments and how they had failed to beat benchmark returns.But I made an assumption that the benchmark these endowments were being compared against was a globally diversified portfolio. I was wrong. As it turns out — buried in a footnote of the research I relied on — the benchmark used for the study was a domestic portfolio. This is not a good comparison because the endowments invest globally. It stands to reason that they would look like laggards in a period of U.S. market outperformance versus the rest of the world. The lesson learned: The footnotes matter — a lot.No. 3. Brexit: I have been saying that the British will eventually come to realize that Brexit is a self-destructive and needless exercise and eventually would reverse the referendum mandating that the U.K. leave the European Union. I said it here, here and here.The election as prime minister of Boris Johnson, an opportunistic Brexiteer, pretty much means that the exit is going to be fast-tracked in a way that his predecessor, Theresa May, could never manage. There is no need to wait for it to be official: I was wrong about Brexit. The only argument left is whether the U.K. will leave the EU with or without a deal setting the terms of the departure.No. 4. Fiduciary rule: I have long argued that the brokerage industry owes consumers a higher level of care than now on offer and that putting client interests first should be the standard. In other words, rules should require brokers to serve as fiduciaries rather than as the glorified used-car salesmen that they historically have been.Despite opposition from the brokerage industry to any rule change, investors have been voting with their dollars and hiring financial advisers that conform to this better standard. It is all but inevitable, I wrote, that this fiduciary standard would be adopted by the industry, albeit with a nudge from the government.But I underestimated what the deeply motivated and deep-pocketed brokerage industry can accomplish in a deeply corrupt Washington. For now, rules requiring the adoption of the fiduciary standard are on hold.No. 5. Facebook didn't flip the 2016 election: I made a mistake on the long-running debate about the role of a weaponized Facebook in the 2016 election, arguing that very few people change their minds based on social media. Mostly, I argued, social media is a giant echo chamber and that people aggressively avoid ideas that challenge their established opinions.Given how close the 2016 election was — decided by a tiny share of the votes cast in three or four states — I am willing to admit that maybe Facebook content did persuade a few people to change their votes or stay home. Theoretically, this could have swung the election. And while I was predisposed to discount the role of social media in 2020, I now believe it could matter a lot. Let’s hope the 2020 election isn’t so close that the role of social media even matters.To contact the author of this story: Barry Ritholtz at firstname.lastname@example.orgTo contact the editor responsible for this story: James Greiff at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Iberiabank (IBKC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The traditional ways to plan for your retirement may mean income can no longer cover expenses post-employment. But what if there was another option that could provide a steady, reliable source of income in your nest egg years?
Investor sentiment mixed on banks' Q4 earnings, with the major players displaying top-line strength aided by higher fee income and loan growth, partly muted by margin pressure and elevated expenses.
Regions Financial (RF) delivered earnings and revenue surprises of 2.56% and 0.70%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
Texas Instruments' (TXN) Q4 performance may have been affected by weakness in overall demand, and increased competition in the auto and industrial space.
(Bloomberg) -- Charles Schwab Corp.’s plan to eliminate trading fees pushed client assets to a record, surpassing $4 trillion and sending shares higher, even as the firm faced a decline in trading revenue.Customers opened 433,000 new brokerage accounts in fourth quarter, bringing the total to 12.3 million, according to a statement issued Thursday. Trading revenue plunged 58% to $86 million in the period after the company introduced zero-commission trades.The results are the first view of how the largest discount broker’s fee change, which was followed by rivals, is impacting Schwab’s bottom line. And it comes after the company’s $26 billion agreement to buy rival TD Ameritrade Holding Corp.The shares rose more than 4% to $49 in New York trading, the biggest gain since Nov. 21 when news of the Ameritrade deal first broke.Schwab incurred $17 million in pretax acquisition-related expenses in the quarter, which weighed on profit. Schwab reported earnings of 62 cents per share, compared with the average estimate of 64 cents.While earnings missed estimates, the growth in assets, new accounts and client cash pointed in a positive direction, said to Devin Ryan, an analyst with JMP Securities.“There’s reason for optimism on the underlying outlook for the business,” Ryan said in an interview.Other highlightsFourth quarter net interest revenue -- the money Schwab makes from client cash and the largest source of profits -- fell about 2%Total quarterly revenue declined to $2.6 billionSchwab plans a business update conference call with investors on Feb. 4 at 11:30 a.m. New York time.Read moreSchwab Triggers Online-Broker Bloodbath as Price War DeepensBrokers Profit From You Even If They Don’t Charge for TradingSchwab to Acquire TD Ameritrade in Reshaping of Industry (1)(Adds account graphic and shares after third paragraph)To contact the reporters on this story: John Gittelsohn in Los Angeles at firstname.lastname@example.org;Annie Massa in New York at email@example.comTo contact the editors responsible for this story: Sam Mamudi at firstname.lastname@example.org, Alan Mirabella, Melissa KarshFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
KeyCorp (KEY) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Glacier Bancorp (GBCI) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
SVB (SIVB) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
First Financial (FFIN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
E*TRADE Financial Corporation (ETFC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
East West Bancorp (EWBC) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The Charles Schwab Corporation (SCHW) delivered earnings and revenue surprises of -3.08% and -0.17%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
While growth in loan balance and net revenues support Hancock Whitney's (HWC) Q4 earnings, escalating operating expenses and decline in deposits hurt.
Comerica's (CMA) Q4 earnings are expected to have been affected by slowdown in commercial lending and interest rate cuts. Rise in card fees and controlled expenses might have lent support.
Despite the signing of a phase one trade deal, California companies from banks to cemeteries say they have low optimism over business relationships rebounding in activity.