The depressed valuations for banks and other financial firms mean “this is the time” for acquisitions and mergers in the industry, a former CEO of Wells Fargo said Monday. “Anytime you have high regulations in any industry, you get concentration, and banks are cheap,” Richard Kovacevich said on CNBC’s “Closing Bell. ” “So if you’re
Finance
The chief investment officer of Guggenheim said on CNBC on Monday that he had been approached by the White House about possibly joining the Federal Reserve. Guggenheim’s Scott Minerd said that discussions took place over the past couple of months before President Donald Trump announced his intention to nominate former advisor Judy Shelton and St.
European stocks are set to rise Monday, despite worries China’s economy is slowing amid a trade war with the U.S. European Markets: FTSE, GDAXI, FCHI, IBEX Britain’s FTSE 100 is seen climbing 6 points to 7,505, Germany’s DAX is set to rise 36 points to 12,351, and France’s CAC is expected to open 12 points
Even if the Federal Reserve cuts rates later this month, Wilmington Trust’s Meghan Shue warns the market is vulnerable to a correction. The firm’s senior investment strategist believes Wall Street is overestimating the Federal Reserve’s influence to support the record highs. “The market is putting a lot of stake in the ability of the Fed
Check out the companies making headlines in the premarket: Illumina — Shares of the biotechnology company dropped 15% after Illumina reported preliminary revenue figures that disappointed investors. The company sees second-quarter sales coming in around $835 million. Analysts polled by Refinitiv expected revenue of $887.9 million. Zoom Video Communications, Slack Technologies — Zoom and Slack