Wall St. CEOs Have Made An Insane Amount Of Money Since Trump’s Win (NYP)
The head honchos at the six biggest US banks have seen their collective wealth grow by about $274.57 million since Nov. 8 — as investors bet that the incoming Trump administration will gut major parts of Obama-era financial regulation and the Federal Reserve continue to raise interest rates.
The Dow’s 8% gain in the five weeks after Donald Trump’s victory is the biggest surge following any U.S. presidential election in history. The rally, which has the blue-chip average on pace for its fastest 1,000-point rise ever, has been accompanied by a sharp jump in bullish sentiment.
A nationalization of troubled Banca Monte dei Paschi di Siena SpA appears increasingly likely. But a rescue of the Tuscan lender—expected as soon as next week—will do little to resolve broader woes of Italian banks. Some are urging Rome to seize the moment to initiate a broader cleanup of a banking system that has €360 billion in bad loans and is among Europe’s least-profitable.
Executives from Japanese groups including investment banks Nomura and Daiwa Capital Markets laid out their position at a “frank” meeting on December 1 with the UK City minister Simon Kirby and Mark Garnier, international trade minister with responsibility for financial services, according to two people with knowledge of the meeting.
“I was dead wrong that you're not going to see a Wall Street person in Washington anytime soon.”
It looks like Goldman has truncated its associate program for top people as well as its analyst program: the best associates are being promoted to VP after two and a half years instead of three and a half. Those associates are likely to be aged around 26 years old. In the future, if Goldman hurries people through its analyst program in two years and then through its associate program in two and a half years, it might even be possible to make VP by the age of 25.
Hedge funds focused on US investments gained 2.9 percent in November, according to data provided by Preqin. Their overseas peers were mostly flat, if not negative, for the month. [S&P 500 up 3.4 percent in November.]
Despite the overall number of hedge funds tumbling to 9,925 by the end of September – the first time it has fallen below 10,000 since 2014 – the total amount of funds under management has jumped to a record high of $2.979 trillion dollars as positive performance has more than compensated for net investor outflows in recent months.
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The World Economic Forum is exploring the option of housing staff in temporary containers during its annual meeting in Davos to reduce the perennial lodging crunch. “We are facing more and more people every year,” WEF spokesman Yann Zopf said.