Herbalife shares rise as Ackman attack fizzles

by Wall Street Job Report on July 23, 2014

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Bill Ackman promised a bombshell, but the activist investor’s latest attack against Herbalife landed with a thud on Wall Street.

Shares of the Los Angeles nutritional products company jumped 25% on Tuesday after the longtime Herbalife critic unveiled what he said was new evidence that the company operates a pyramid scheme that victimizes its predominantly poor and Latino sales force.

“He over-promised and under-delivered,” said William D. Cohan, a former investment banker and author of several books, including “House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.”

On Monday, Ackman … Read More »

Deutsche Bank Slides on Report N.Y. Fed Faulted Oversight

by Wall Street Job Report on July 23, 2014

Deutsche Bank AG (DBK) fell in New York trading after the Wall Street Journal said that bank overseers faulted some of the firm’s businesses in the U.S. last year for “inaccurate and unreliable” financial reports.

A Federal Reserve Bank of New York review of the company’s U.S. operations also found they … Read More »

5 Ways Dodd-Frank Is Reshaping Wall Street

by Wall Street Job Report on July 22, 2014

1. BANK OF AMERICA

- Sold off more than $70 billion in noncore assets since 2010.

- Eliminated 746 legal entities, or 36%.

- Plans to continue to eliminate complexity via internal “Project Simplify and Improve.”

2. CITIGROUP

- Has shed nearly $700 billion in noncore assets.

- Asset sales include divestiture of more than 60 noncore business lines.

- … Read More »

JPMorgan the biggest beneficiary of dark pool trading

by Wall Street Job Report on July 22, 2014

JPMorgan Chase head honcho Jamie Dimon might want to send the attorney general a thank-you card.

The Wall Street bank has been the biggest beneficiary among the largest “dark pool” operators after New York AG Eric Schneiderman hit Barclays with a lawsuit last month, alleging the British bank rigged its … Read More »

Credit Suisse put a brave face on a largely lousy set of results

by Wall Street Job Report on July 22, 2014

The numbers: Ugly, as expected. Credit Suisse reported a second-quarter loss of 700 million Swiss francs ($779 million), its worst quarterly result since the depths of the financial crisis. The main culprit was a $2.6 billion penalty, agreed with US authorities in May, for helping American clients … Read More »

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