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Reuters
6 days ago
- Business
- Reuters
Lazard profit rises as advisory business gets a lift from dealmaking rebound
July 24 (Reuters) - Investment bank Lazard (LAZ.N), opens new tab reported an 11% jump in second-quarter profit on Thursday, as a rebound in dealmaking activity boosted its advisory revenue. Dealmaking grinded to a halt in April as tariff-driven uncertainty dampened corporate confidence and companies held back from pursuing deals. But deal activity bounced back sharply in May and June as global uncertainty eased. Lazard's financial advisory revenue jumped 21% to $497 million. The company posted a profit of $55 million, or 52 cents per share, for the three months ended June 30, compared with $50 million, or 49 cents per share, a year earlier.
Yahoo
6 days ago
- Business
- Yahoo
CITI RECOGNISED AS BEST INTERNATIONAL BANK IN SINGAPORE IN RECORD HAUL AT THE EUROMONEY AWARDS FOR EXCELLENCE 2025
Citi also named Best Investment Bank for M&A in Singapore CEO Jane Fraser named Banker of the Year Over 50 awards recognize Citi's global network SINGAPORE, July 24, 2025 /PRNewswire/ -- Citi has been named the Best International Bank and Best Investment Bank for M&A in Singapore at the Euromoney Awards for Excellence 2025. The bank won 17 awards across Asia, including the Best International Bank award in six markets and Asia's Best Investment Bank for DCM, a strong testament to the leadership and strength of the business within the region. In total, Citi won a record 52 global, regional and local market awards from Euromoney, including CEO Jane Fraser's "Banker of The Year" award, at the annual Euromoney Awards for Excellence 2025 event held in London. The Banker of the Year award recognized Jane's unique leadership style and ability to influence significant change across the bank, highlighting Citi's record financial performance in recent quarters and across each of its five businesses. "Euromoney names Jane Fraser its banker of the year for her decisive action to reshape Citi into a simpler and more coherent bank, bringing the firm new business momentum over the past year," said Euromoney in the editorial write-up announcing the award. Fraser said, "These awards are a testament to the extraordinary dedication of our colleagues around the world. Their hard work, innovation and commitment to our clients are driving Citi forward. I'm proud of the progress we're making against our strategy — and this recognition affirms that we're on the right path." "Citi has been in Singapore since 1902 and has grown into a full-service partner for clients here. As Euromoney's Best International Bank in Singapore, we are proud to provide our clients with access to our international network and expertise in Banking, Markets, Services, and Wealth, and remain committed to serving our clients and meeting their needs," said Tibor Pandi, Singapore Citi Country Officer and Banking Head. Euromoney, a leading global financial markets magazine, recognizes the best in banking across key areas that are most important to a bank's key stakeholders, clients, board and executive management teams. The period of consideration for the awards was the 2024 calendar year. In its 30th edition, the 2025 Euromoney Awards recognized Citi as: The World's Best Investment Bank for Financing The World's Best Investment Bank for Debt Capital Markets (DCM) The World's Best for Research The World's Best Digital Bank for Large Corporates Asia's Best Investment Bank for DCM About Citi Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. Additional information may be found at | X: @Citi | LinkedIn: | YouTube: | Facebook: View original content to download multimedia: SOURCE Citi
Yahoo
6 days ago
- Business
- Yahoo
H.C. Wainwright & Co. Is Once Again Ranked #1 by PlacementTracker
Number 1 Investment Bank for Confidentially Marketed Public Offerings, Registered Direct and Private Placement Transactions NEW YORK, July 23, 2025--(BUSINESS WIRE)--H.C. Wainwright & Co., LLC, announced its #1 Ranking by transaction volume during the second quarter of 2025, maintaining the Firm's top position for 41 consecutive quarters, in PlacementTracker's Market League Tables representing 65 transactions. In addition to being the #1 Investment Bank for Confidentially Marketed Public Offerings, Registered Direct and Private Placement transactions, H.C. Wainwright executed approximately 165 transactions since the start of 2025 totaling over $30.4 Billion in transaction value. The H.C. Wainwright team has been the #1 ranked underwriter/placement agent by deal volume cumulatively since 1998. About H.C. Wainwright & Co. H.C. Wainwright is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. H.C. Wainwright & Co. also provides research and sales and trading services to institutional investors. According to EPFR, H.C. Wainwright's team is ranked as the #1 Placement Agent in terms of aggregate CMPO (confidentially marketed public offering), RD (registered direct offering) and PIPE (private investment in public equity) executed cumulatively since 1998. For more information visit H.C. Wainwright & Co. at About PlacementTracker PlacementTracker, part of EPFR, Inc., is well recognized as the leading provider of research, data, and analytics covering the PIPE and Private Placement markets. About EPFR EPFR is 'the intelligence behind intelligent decisions'. Our fund flows and asset allocation data track over 150,000 traditional and alternative fund shares classes with more than $46 trillion in total assets, delivering a complete picture of institutional and retail investor flows and fund manager allocations driving global markets. EPFR's market-moving data services include equity and fixed income fund flows on a daily, weekly and monthly basis and monthly fund allocations by country, sector and industry, providing financial institutions around the world with an unparalleled understanding of where money is moving. For more information, please visit View source version on Contacts H.C. Wainwright & Co., LLC212-356-0500info@ Sign in to access your portfolio
Forbes
21-07-2025
- Business
- Forbes
JP Morgan Charges Customers for Data Access
The JP Morgan building in London's Canary Wharf financial district. An American investment bank and ... More financial services company. Two weeks ago news broke that JP Morgan Chase planned to begin charging third-parties fees to access customer data and Fintech Internet blew up. Immediate reactions ranged from 'Open Banking is Dead' to those championing the move as an inevitable one by banks who have invested millions in building the infrastructure needed to support open banking. Regardless of which end of the spectrum you sit on, the reality is this is not the first time JP Morgan has made bold moves. History shows us that those decisions have not always worked out as planned, but often are necessary to drive the market at Scale If you are a financial services nerd like me, chances are in October of 2015 you may have been at Money2020 in Las Vegas. In which case, you will most certainly remember the big splash JP Morgan made with the announcement of Chase Pay (they had cookies!) and Chase's plans to offer a bank digital wallet that would allow it to link Chase customers with Chase merchants. At the time the move was counter to the early industry momentum around other solutions such as Apple Pay and Google Pay and many saw it as a sign of a future where every bank had their own wallet. The thing is, that didn't work out. After several years of failed effort to push the Chase Pay wallet with customers, JP Morgan shut down the project and moved on. Undoubtedly, the bank learned a lot from the effort, and leveraged the technology and the business model with future merchant projects. However, just because the largest bank in the US announces, or even launches, something does not mean the rest of the industry will follow or that it is ultimately the model that will win. When you are as large as JP Morgan you get to 'test' ideas and see how the industry Role of Akoya What was also surprising to some about the recent JP Morgan data announcement is that many thought the ability to control access to customer banks data was exactly why JP Morgan joined its peers in founding Akoya, 5 years ago. When I interviewed Akoya's then CEO, Stuart Rubinstein, in 2021 he stated Akoya was, 'meant to help banks, to help aggregators, and help fintechs to connect, and solve the many-to-many problem of negotiating individual bilateral agreements and individual connections, so that we can get everybody on a safe, secure, transparent way of sharing data through APIs'. If that is the future JP Morgan signed up for then they may have gotten tired of waiting for Akoya to make it a reality. Akoya is clearly still working toward their mission; however, it remains to be seen if they will serve a greater role in creating the monetization framework that banks need to follow JP Morgan's lead, or if they are purely solving the technical connection Believe Everything You Read After working in the banking and payments world for the last 20 years, I've seen a lot of headlines along the way that were a bit…thin. A large tech player launches a new 'game changing' product that will completely rewrite the rules of money movement, or a bank announces a 'revolutionary' new credit product that customers have been craving for years. Rarely does the ultimate product live up to the initial headlines, and sometimes it never makes it to market at all. That is the first thing to keep in mind with the JP Morgan announcement. The media is here to tell a story and many times large organizations use the media to do just that. Often that story is to test an idea with the market or regulators, sometimes it is to get ahead of the impending reaction from customers or partners. Regardless of the exact reason, it's always important to realize that articles with quotes are not 'leaks' and are planted announcements. The question you need to ask is why is JP Morgan signaling this to the market?Value Attribution My theory would be that this announcement was released to allow JP Morgan to draw a line in the sand and say that the burden of cost for serving up customer data needs to shift to where the value is created or monetized. A notion I find hard to argue with. Yodlee, Plaid, MX, and others have built entire businesses on top of leveraging the data the banks provide. Even the large core providers charge banks to access their own data via APIs. The prices being quoted, the timing of implementation, or even the parties that it would apply to are likely all speculation because the reality is those details will be very nuanced, if they even go to market in that shape. Floating a pricing model allows JP Morgan to have leverage with partners and place value on their efforts to make customer data available in a secure way. There is also no doubt that the timing of this announcement is directly aligned with the political climate and the current questions around Rule 1033 and the CFPB as a whole. If there ever was a time for a bank to suggest they are going to directly or indirectly add cost to the end consumer, it's now. The thing is, political leaders come and go, and the regulatory environment often changes with them. It could be that JP Morgan feels it is important to try and set a precedent while the environment is more bank friendly so that there is a position to negotiate back from should the environment change. The line has been Forward A bank the size of JP Morgan is understandably going to make headlines with nearly every move it makes. My eye will be on what other banks do now that JP Morgan has broken the seal on participating directly in the monetization of customer data. My theory is that JP Morgan, and others like it, will continue to offer data directly to consumers through its own channels and key partners. Meanwhile, it will look to participate in the economics of any other 3rd party monetizing its customer data through fees. Several large banks will likely follow suit, while smaller banks may need to leverage Akoya or their core provider to aggregate access. For the aggregators, it may be time to firm up those corporate partnerships.
Yahoo
15-07-2025
- Business
- Yahoo
Citigroup (C) Q2 Earnings and Revenues Beat Estimates
Citigroup (C) came out with quarterly earnings of $1.96 per share, beating the Zacks Consensus Estimate of $1.61 per share. This compares to earnings of $1.52 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +21.74%. A quarter ago, it was expected that this U.S. bank would post earnings of $1.84 per share when it actually produced earnings of $1.96, delivering a surprise of +6.52%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Citigroup, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $21.67 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.26%. This compares to year-ago revenues of $20.14 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Citigroup shares have added about 24.3% since the beginning of the year versus the S&P 500's gain of 6.6%. While Citigroup has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Citigroup was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.82 on $20.86 billion in revenues for the coming quarter and $7.26 on $84.05 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Bank is currently in the top 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, The Charles Schwab Corporation (SCHW), has yet to report results for the quarter ended June 2025. The results are expected to be released on July 18. This company is expected to post quarterly earnings of $1.08 per share in its upcoming report, which represents a year-over-year change of +48%. The consensus EPS estimate for the quarter has been revised 2.2% higher over the last 30 days to the current level. The Charles Schwab Corporation's revenues are expected to be $5.67 billion, up 20.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Citigroup Inc. (C) : Free Stock Analysis Report The Charles Schwab Corporation (SCHW) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
