Category: Finance

Will Apple take a big bite out of the banks?

In 2019, after months of gruelling work, executives at Apple and Goldman Sachs were gearing up to unveil Apple Card, a landmark move for the iPhone maker’s burgeoning ambitions in financial services.

As the launch date approached, the partners hit a sticking point. Apple, keen to be seen as providing unique value for customers and with a habit of grandiose marketing claims, wanted to peddle the product as the “most secure credit card ever”.

Apple limited leverage. Goldman saw the Apple Card as a pivotal product to show it could cater to Main Street customers. “The offering to Goldman was

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Can Charlotte, 50, and Oliver, 51, retire comfortably without selling their house?

Oliver, 51, and Charlotte 50.Todd Korol/The Globe and Mail

Oliver is 51, Charlotte is 50. Together, they earn $253,000 a year, Charlotte as a consultant and Oliver in sales. They have two teenaged children they want to put through university and a mortgage-free home in Alberta.

Neither has a defined benefit pension plan, but both have group-registered retirement savings plans at work to which they and their employers contribute.

“Our biggest question is will we have enough to retire with a spending target of $100,000 a year if I retire at the age of 61 and my husband retires

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Personal finance class for students at Stuyvesant HS proves popular, NY lawmakers call for financial courses to be mandatory at all high schools

Personal finance is in high demand at Stuyvesant High School and its only teacher, David Peng, is now teaching the class for an entire year—for the first time ever after the class was only offered as a semester-long course.

The first personal finance class at Stuyvesant started in the 2021-22 school year after a math teacher and a student noticed the need for financial literacy courses at a school that is heavily focused on advanced STEM (Science, Technology, Engineering, Math) courses. In a sea of ​​AP Calculus and advanced and abstract algebra classes, personal finance has struck a chord with

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SVB CEO, CFO resigned, company appointed turnaround expert as interim finance head

April 21 (Reuters) – SVB Financial Group’s CEO and chief financial officer resigned this week while the collapsed lender’s restructuring committee appointed a turnaround expert as interim CFO, according to a regulatory filing on Friday.

CEO Gregory Becker resigned on April 19, while finance chief Daniel Beck left the company on April 18, SVB said. The two top executives were sued in March by shareholders who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit “particularly susceptible” to a bank run.

The beleaguered company hired Alvarez & Marsal (A&M) as a restructuring advisor. The

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PacWest Bancorp Explores Sale of Its Lender Finance Division

(Bloomberg) — PacWest Bancorp, a regional bank left reeling following the collapse of two rival lenders last month, is exploring a sale of its lender finance arm, according to people familiar with the matter.

The Beverly Hills, California-based bank is working with a financial adviser to solicit interest in the business, said the people, who asked not to be identified because the matter isn’t public. An agreement could be reached within two months, one of the people said.

Unloading the unit would shrink PacWest’s balance sheet while freeing up capital, the people said. No final decision has been made and

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Climate Finance Groups Are Misunderstood, BMO Says

(Bloomberg) — Climate finance groups that press companies to decarbonize are wrongly confused as being regulators that set rules for businesses to reach net zero emissions, according to Dan Barclay, chief executive officer of BMO Capital Markets.

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Entities such as the Glasgow Financial Alliance for Net Zero don’t set rules and there is no “regulatory” outcome from what they do, Barclay said.

“People think that GFANZ, for example, is now the regulator of ESG,” he said Tuesday at the BNEF summit in New York. “It’s not the regulator. It’s a collection of firms that have alignment

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Leaked Memo Reveals New Finance Structure As Cuts Loom

  • Disney CFO Christine McCarthy has restructured its finance teams, according to a leaked memo.
  • Thousands of Disney employees will be laid off next week, Bloomberg reported, across film, TV, parks, and corporate.
  • The finance consolidation is part of CEO Bob Iger’s effort to cut $5.5 billion in costs.

Disney’s chief financial officer, Christine McCarthy, named a new finance team pulling together staff from both Disney Entertainment and ESPN. The new structure was outlined in a memo from McCarthy that was reviewed by Insider.

McCarthy shared the details with staff this week, naming Bryan Castellani as the new chief financial officer

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Details about multimillion dollar stock holdings hidden in abortion pill judge’s financial disclosures



CNN
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The federal judge who issued a nationwide ruling blocking the approval of a common abortion medication redacted key information on his legally mandated financial disclosures, in what legal experts described as an unusual move that conceals the bulk of his personal fortune.

In his 2020 and 2021 annual disclosures, Judge Matthew Kacsmaryk wrote that he held between $5 million and $25 million in “common stock” of a company – a significant majority of the judge’s personal wealth. The name of the company he held in stock is redacted, despite the fact that federal law only allows redactions of

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