Reuters - Money

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Wednesday, March 29, 2017

BlackRock cuts fees and jobs; stockpicking goes high-tech

NEW YORK (Reuters) - BlackRock Inc on Tuesday said it would overhaul its actively managed equities business, cutting jobs, dropping fees and relying more on computers to pick stocks in a move that highlights how difficult it has become for humans to beat the market.

Wells Fargo to pay $110 million to settle lawsuit over account abuses

(Reuters) - Wells Fargo & Co said it agreed to pay $110 million to settle a lawsuit by customers challenging its opening of accounts without their permission, a practice that led to a scandal that cost the bank's chief executive his job.

SEC denies a second application to list bitcoin product

NEW YORK (Reuters) - The U.S. Securities and Exchange Commission on Tuesday denied for the second time this month a request to bring to market a first-of-its-kind product tracking bitcoin, the digital currency.

Bacardi family spirit: Remember your roots and be frugal

NEW YORK (Reuters) - Facundo L. Bacardi had little interest in joining the family business, which happens to be the largest privately held spirits company in the world, with a portfolio of more than 200 brands, including Bombay Sapphire, Grey Goose and Dewar’s.

Your Money - Being 26: A money checkup for biggest U.S. age group

NEW YORK (Reuters) - Callan Olive is about as adult as you can get for a 26-year-old.

Morgan Stanley rates Banco BTG Pactual stock 'overweight'

SAO PAULO (Reuters) - Grupo BTG Pactual SA's stock is undervalued based on its ability to outperform peer banks in Latin America, where investment-banking and asset management activities remain underpenetrated, analysts at Morgan Stanley & Co said on Tuesday.

Citadel rehires Yeh as head of its quant unit

BOSTON (Reuters) - Hedge fund Citadel said it is making changes at the top of its global quantitative division by bringing back James Yeh to replace the current head who is retiring.

Snap surges after IPO banks give flurry of 'buy' ratings

(Reuters) - Shares of Snap Inc jumped nearly 5 percent on Monday after several of the Snapchat owner's IPO underwriters handed it badly needed "buy" ratings.

Once golden, Robert Rubin's hedge fund proteges lose some luster

BOSTON/NEW YORK (Reuters) - Learning to invest on Goldman Sachs' risk arbitrage desk, made famous by leader Robert Rubin, was once seen as a fast track to fortune. But the band of hedge fund protégés who mastered their trade under the former Wall Street star and U.S. Treasury Secretary have stumbled in recent years.

When shareholders join the populist revolt: James Saft

(Reuters) - Some day, perhaps soon, the populist revolt will spread to another group badly served in recent decades: shareholders.