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All articles tagged with #financial services

Anthropic-backed AI venture tees up $1.5bn Wall Street services play
business22 days ago

Anthropic-backed AI venture tees up $1.5bn Wall Street services play

Anthropic is forming a $1.5bn joint venture with Wall Street players including Blackstone, Goldman Sachs and Hellman & Friedman to deploy its AI across investment portfolios via a new consulting company. The deal funds initial commitments (about $300mn from Anthropic, Blackstone and H&F; $150mn each from Goldman and General Atlantic) and embeds Anthropic engineers to commercialize Claude Code, aiming to accelerate enterprise AI adoption on Wall Street ahead of a potential public listing.

via Financial Times|
#artificial-intelligence#business#financial-services
Ackman narrows IPO target as Pershing Square raises about $5bn
business28 days ago

Ackman narrows IPO target as Pershing Square raises about $5bn

Hedge fund manager Bill Ackman’s second attempt to list Pershing Square USA and its management company is moving forward, having raised about $5bn of a $10bn target as trading is poised to begin. The deal aims to secure perpetual capital and steady fee revenues, but investors remain wary of closed‑end funds. Ackman’s earlier, far larger 2024 bid was scrapped, and this listing relies largely on institutional buyers with some retail participation amid ongoing market volatility that has pressured Pershing Square’s flagship fund.

via Financial Times|
#bill-ackman#business#financial-services
Mythos AI: The Hidden Cybersecurity Threat That Won’t Stay Hidden
technology1 month ago

Mythos AI: The Hidden Cybersecurity Threat That Won’t Stay Hidden

Anthropic’s Mythos AI—still not publicly released—claims the ability to identify and exploit unknown zero-day flaws in IT systems, prompting regulatory and industry scrutiny as private firms test its capabilities; while some see it as an evolutionary step in AI’s security impact, others warn against hype and note that most breaches stem from known vulnerabilities and weak defenses, raising questions about risk management as banks and tech firms gain early access.

via The Guardian|
#anthropic#cybersecurity#financial-services
Billions in private-capital fees fuel wealth advisers' profits
finance1 month ago

Billions in private-capital fees fuel wealth advisers' profits

A Financial Times analysis shows wealth advisers at banks and independent brokerages earned over $2 billion in servicing and placement fees from evergreen private-capital funds across 16 products since 2017, led by Blackstone Breit and Bcred, with typical fees around 0.25-0.85% annually plus about 0.5% placement and up to 3.5% commissions; critics say adviser incentives helped grow private-capital allocations, while banks defend fiduciary duty and say fees vary by fund, though some have faced outflows recently.

via Financial Times|
#asset-management#finance#financial-services
JPMorgan Beats Q1, but 2026 NII Outlook Weaker
business1 month ago

JPMorgan Beats Q1, but 2026 NII Outlook Weaker

JPMorgan Chase topped Q1 estimates with EPS of $5.94 and revenue of $50.5B, driven by broad-based growth and lower credit losses, but trimmed its 2026 firmwide net interest income guidance to about $103B (versus a $104.6B consensus) and reaffirmed an ex-markets target near $95B. Noninterest expenses rose to $26.9B, signaling margin pressure as revenue growth lags; loans rose to $1.50T and deposits to $2.68T, with Dimon pointing to a resilient consumer amid ongoing macro risks.

via Seeking Alpha|
#business#earnings-beat#financial-services
Corebridge and Equitable Forge $22B All-Stock Merger to Create a $1.5T AUM Financial Platform
business2 months ago

Corebridge and Equitable Forge $22B All-Stock Merger to Create a $1.5T AUM Financial Platform

Corebridge Financial and Equitable Holdings announced an all-stock merger valued at about $22 billion to form a leading retirement, life, wealth and asset management platform with roughly $1.5 trillion in assets under management and over 12 million customers. The combined company will trade under the Equitable brand as EQH, be headquartered in Houston, and after closing (targeted for year-end 2026) will be owned about 51% by Corebridge and 49% by Equitable. Marc Costantini (Corebridge) will serve as CEO and Mark Pearson (Equitable) as executive chair, with a 14-member board and Robin Raju (Equitable) as CFO. The deal is expected to deliver immediate earnings-per-share accretion, generate meaningful cash flow and run-rate synergies of over $500 million by 2028, and expand scale through alliances such as AllianceBernstein.

via Business Wire|
#alliancebernstein#assets-under-management#business
Jefferies clears First Brands exposure with a $10m hit amid ongoing legal scrutiny
business2 months ago

Jefferies clears First Brands exposure with a $10m hit amid ongoing legal scrutiny

Jefferies posted $2.9B in Q1 revenue and a $156M net income, but took a $10M loss after writing its direct exposure to collapsed car-parts supplier First Brands to zero (total exposure, $17M including Market Financial Solutions). The First Brands financing, off‑balance sheet through Point Bonita, is linked to a broader legal fight and SEC probe into disclosures to investors. Western Alliance has sued Jefferies over a related loan, and shares have fallen this year amid takeover talk from Sumitomo Mitsui Financial Group.

via Financial Times|
#business#financial-services#first-brands-group
Retail private credit stalls on a liquidity paradox
markets2 months ago

Retail private credit stalls on a liquidity paradox

FT’s Unhedged argues that retail private credit is structurally illiquid: redemptions and fund liquidity constraints threaten the model even as asset quality remains unthreatened, potentially capping growth and forcing internal support in downturns. The piece also notes Korea’s volatile week driven by AI hype and high margin debt, with governance and AI as long‑run positives but continued near‑term volatility.

via Financial Times|
#financial-services#korea#markets
Treasury, Industry Unveil Practical AI Cybersecurity Toolkit for Banking
technology3 months ago

Treasury, Industry Unveil Practical AI Cybersecurity Toolkit for Banking

The U.S. Treasury, in support of the AI Action Plan, led a public-private collaboration to release six resources in February through the Artificial Intelligence Executive Oversight Group, aimed at strengthening governance, data practices, transparency, fraud prevention, and digital identity for AI in the financial system. The tools prioritize practical, non-prescriptive guidance to help financial institutions—especially small and mid-sized ones—adopt AI securely and more resiliently while promoting innovation.

via U.S. Department of the Treasury (.gov)|
#ai-governance#cybersecurity#financial-services
Trump escalates bid to curb CFPB amid cost-of-regulation claims
us-politics-and-policy3 months ago

Trump escalates bid to curb CFPB amid cost-of-regulation claims

The Trump administration has stepped up its bid to dismantle the CFPB, citing a White House–Council of Economic Advisers analysis that its rules have raised borrowing costs for Americans—estimates range from about $237 billion to $369 billion—while court rulings have kept the agency operating during litigation; Democrats counter with different cost calculations and highlight CFPB gains, noting the agency has returned nearly $20 billion to consumers and secured $5 billion in fines, but critics say the regulatory burden has restricted credit and driven up costs.

via Financial Times|
#consumer-financial-protection-bureau#donald-trump#financial-services