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Stocks suffer biggest drop in almost two years
EQUITIES MAY 18, 2022
Stocks suffer biggest drop in almost two years

The sell-off sent the S&P 500 down 4%, while the Nasdaq 100 dropped more than 5% as growth-related tech stocks sank.

SEC pries into over 100 traders', bankers' phones in texting probe
REGULATION, LEGAL & COMPLIANCE MAY 18, 2022
SEC pries into over 100 traders', bankers' phones in texting probe

The agency has been sending firms lists of key positions including heads of certain investment banking teams or trading desks.

Capital Group says actively run funds are winners in ESG craze
MUTUAL FUNDS MAY 18, 2022
Capital Group says actively run funds are winners in ESG craze

Survey finds that 63% think ESG risks are best handled when fund managers select a portfolio to manage opportunities and risks.

Powell says Fed will ‘keep pushing’ until inflation comes down
RIA NEWS MAY 18, 2022
Powell says Fed will ‘keep pushing’ until inflation comes down

'This is a strong economy, and we think it’s well positioned to withstand less accommodative monetary policy,' the Fed chairman says.

JPMorgan shareholders reject Jamie Dimon's pay plan
PRACTICE MANAGEMENT MAY 18, 2022
JPMorgan shareholders reject Jamie Dimon's pay plan

Just 31% of the bank's shareholders supported the pay packages for CEO Dimon and other company executives.

Allianz to sell US fund management unit to Voya after SEC ban
REGULATION, LEGAL & COMPLIANCE MAY 17, 2022
Allianz to sell US fund management unit to Voya after SEC ban

Voya Investment Management will add about $120 billion of assets under management as well as some investment teams.

Allianz unit to plead guilty, pay billions over hedge fund loss
REGULATION, LEGAL & COMPLIANCE MAY 17, 2022
Allianz unit to plead guilty, pay billions over hedge fund loss

The agreement calls for the firm to forfeit $463 million and pay $3.2 billion in restitution to victims of the fraud as well as a $2.3 billion penalty.

Buffett exits Wells Fargo stake, ending decades-long bet on bank
WIREHOUSES MAY 17, 2022
Buffett exits Wells Fargo stake, ending decades-long bet on bank

Berkshire Hathaway reported new stakes in banking giant Citigroup Inc. and in auto lender Ally Financial Inc.

Global stock slump may not be over
RIA NEWS MAY 16, 2022
Global stock slump may not be over

A mass exodus of money, an $11 trillion wipeout, and the worst losing streak for global stocks since the 2008 financial crisis. The bad news is that it may not be over yet.

Crypto stress feeds wider sell-off in global markets
ALTERNATIVES MAY 12, 2022
Crypto stress feeds wider sell-off in global markets

The crash in cryptocurrencies could accelerate an investor stampede to safer asset classes.