|Bid||0.00 x 1100|
|Ask||45.25 x 1800|
|Day's Range||44.93 - 45.47|
|52 Week Range||43.02 - 59.53|
|Beta (3Y Monthly)||1.19|
|PE Ratio (TTM)||9.34|
|Earnings Date||Oct 15, 2019|
|Forward Dividend & Yield||2.04 (4.60%)|
|1y Target Est||48.54|
(Bloomberg) -- Today, it’s not just humans competing for work in banking. Machines are becoming a threat to warm-blooded number crunchers worldwide. Indeed, almost one-third of financial-services jobs could be displaced by automation by the mid-2030s, according to a report by PricewaterhouseCoopers LLP last year.Despite those stark forecasts, some optimists argue that the rise of machines at banks isn’t simply taking away jobs, but rather changing their definition and adding some roles.Job seekers with expertise in artificial intelligence, machine learning, and data science are among the most in-demand candidates in finance, according to hiring sites Glassdoor, LinkedIn, Hired, and ZipRecruiter. It’s not only disrupters such as Square Inc. or Stripe Inc. hiring this talent; legacy financial companies such as JPMorgan Chase, Capital One, and Morgan Stanley are scooping these people up as well. In the U.S. financial sector alone, job postings that list these big data skills as requirements increased almost 60% in the 12-month period ending in July, according to LinkedIn.Business and finance professors who are preparing students for future banking careers are also seeing the trend. Data scientist is the “hottest job function” now for employers, says Andrew Lo, director of the MIT Laboratory for Financial Engineering in Cambridge, Mass.Lo says data portfolio managers, who are charged with maintaining and maximizing the value of a company’s data assets, also are gaining importance. “We already have that happening informally because chief technology officers are playing that role,” he says. “But this has become a much more business-oriented set of challenges that the typical CTO might not be equipped for, so I think that’s going to evolve over time.”While machine learning has the ability to “augment” jobs and enhance the performance of organizations, it will also present risks and the need for “AI auditors” at banks, says Theodoros Evgeniou, a professor of decision sciences and technology management at Insead in Fontainebleau, France. As machines make more decisions in banking, he says, ethical and legal concerns will be raised that need to be addressed at the board level.“Let’s say you’re a bank and you’re giving credit based on credit scoring and machine learning, and your models are discriminating certain populations of people,” Evgeniou says. “If you’re then sued for being discriminatory, who is liable for this? If [the models] discriminate, you are liable.”There are also ways machine learning may indirectly create jobs. For instance, automating tasks previously done by humans in the asset management industry should theoretically reduce costs. Lower fees will likely increase demand for financial services and, subsequently, the need for more staff to service new customers, according to Guo Bai, a lecturer of strategy at China Europe International Business School in Shanghai. “It will probably be easier to serve clients that were previously excluded from financial services,” she says. These new clients may require a more human touch, Bai says, meaning more client relationship managers will be needed. Machine learning may also provide an opportunity to reinvent a career. While it’s not easy or affordable in all cases to go back to school, some financial sector employees who find themselves displaced by technology could be in a position to reskill. “Certainly in the financial sector people are already pretty highly trained, so I do believe they can be retrained to focus on data science and all of the job functions that are required to support data science analytics,” says MIT’s Lo. “That’s not true in all industries.” Help WantedAI expertise is becoming one of the most desired skills in finance. Think you have what it takes to automate the banking industry? Here’s a glance at some of the jobs requiring experience with AI, machine learning, or deep learning. Descriptions are based on ads on company sites and online job boards as of Aug. 5. Median base salaries for the roles are estimates from Glassdoor, as pay information wasn’t provided by the companies.Artificial Intelligence Platform Support EngineerEstimated median base pay: $116,760Main duties: One of the world’s largest banks is seeking an engineer capable of managing the massive server farms that are essential for its AI platform. The work can be fast-paced and high-demand. Expect to be on call.Must-have: Several years’ experience with middleware products and open-source operating systems, as well as a history of application development and implementation. Based on a job advertisement on Wells Fargo & Co.’s website.Artificial Intelligence Manager/ArchitectEstimated median base pay: $96,898Main duties: One of the “Big Four” accounting organizations needs “architects” with creative ideas for developing and deploying AI components at large companies. The job could involve working on anything from chatbots and virtual assistants to vision and language processing.Must-have: Among other things, the company is looking for at least a couple of years’ experience working with cognitive computing technology, IBM Watson, neural networks, augmented intelligence software for financial services, and cloud platforms.Based on a Deloitte job advertisement posted on LinkedIn.Senior Python Engineer—Machine Learning PlatformEstimated median base pay: $113,827Main duties: This bulge-bracket bank seeks an engineer fluent in high-level programming languages. The role comes with many responsibilities, but you’ll be on a team in charge of building pipelines that feed massive data into machine learning models for real-time predictions.Must-have: The bank cites lots of required technical experience, including a track record of developing distributed systems using Python.Based on a job advertisement on JPMorgan Chase & Co.’s website.Conversational AI Content StrategistEstimated median base pay: $59,306Main duties: If anyone has ever said you’re a great conversationalist, this job might be your next career move. You’ll be working on an AI-powered, voice/text digital assistant and “the hub” of the bank’s conversational commerce strategy. The strategist will drive the assistant’s “conversation design with brand flair.” Must-have: A background in writing and editing with some work in conversational user interfaces, AI, and chat or interactive voice responses.Based on a job advertisement on Bank of America Corp.’s website.Artificial Intelligence—Senior Digital Product ConsultantEstimated median base pay: $75,265Main duties: This role is part of this bank’s expansion plans for its virtual-assistant technology. It’s seeking someone to work on “future state” integration of its AI agent. The product consultant will lead its development during all stages, which include building, testing and acceptance, quality assurance, and reporting. Must-have: An interest in emerging technology trends and several years in a management role in a financial-services organization.Based on a job advertisement on Bank of America’s website.Machine Learning Platform Web SpecialistEstimated median base pay: $57,054Main duties: A love for data visualization might help in this role. The specialist will be tasked with creating web-based user interfaces for the bank and have a multitude of responsibilities, including constructing “visualizations that are able to depict vast amounts of data.”Must-have: A bachelor’s degree in computer science or a similar field and a strong understanding of machine learning algorithms, high-level programming languages, and neural networks. Experience with HTML, cascading style sheets, and web standards is required.Based on a job advertisement on JPMorgan’s website.Quantitative Analytics Consultant—Decision Science and Artificial Intelligence Financial Crimes Model ValidatorEstimated median base pay: $105,804Main duties: This bank is advertising a heavy-duty-sounding role with responsibilities to match. The hired candidate will work on a team responsible for validating and approving the machine learning and AI models behind marketing, credit scoring, financial-crimes detection, and fair-lending practices.Must-have: Several years’ experience in an advanced scientific or mathematical field. A background in sanctions screening and anti-money-laundering analysis will also help.Based on a job advertisement on Wells Fargo’s website. Note: Glassdoor uses a proprietary machine learning algorithm to approximate median base pay by job title, industry, and employer size. To contact the authors of this story: Siobhan Wagner in London at email@example.comShelly Hagan in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Stryker McGuire at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Sacramento mortgage market is getting more competitive, with steady growth in the number of lenders over the past five years.
The heads of nearly 200 U.S. companies said Monday they are committing to a move away from the idea that the main purpose of a company is to maximize shareholder value, marking a break with a long-held conviction.
When folks think of the Berkshire Hathaway (BRK.B) portfolio and its collection of holdings, most of which were selected by Chairman and CEO Warren Buffett, the companies that most readily come to mind are probably American Express (AXP), Coca-Cola (KO) and, more recently, Apple (AAPL).But a deep dive into Berkshire Hathaway's equity holdings reveals a more complicated picture.Berkshire Hathaway held positions in 47 separate stocks as of June 30, according to the most recent regulatory filing (Aug. 14) with the Securities and Exchange Commission - down from 48 in the first quarter of this year, as he dumped USG Corp. (USG). But the portfolio of "Buffett stocks" isn't as diversified as the number might suggest. In some cases, BRK.B holds more than one share class in the same company. Some holdings are so small as to be immaterial leftovers from earlier bets the Oracle of Omaha has yet to completely exit.And perhaps most importantly, Berkshire Hathaway's equity portfolio is actually pretty concentrated. The top six holdings account for almost 70% of the portfolio's total value. The top 10 positions comprise 80%. Banks and airlines, to cite a couple of sectors, carry quite a load in this portfolio. Then there's the fact that several Buffett stocks actually were picked by portfolio managers Todd Combs and Ted Weschler.Here, we examine each and every holding to give investors a better understanding of the entire Berkshire Hathaway portfolio. SEE ALSO: 50 Top Stocks That Billionaires Love
Wells Fargo & Company (WFC) today released its 2018 Corporate Responsibility report, Purpose in Action, which details its progress toward social, economic and environmental goals, and announces that the company provided $23 billion in financing in the first year of its $200 billion sustainable finance commitment. Of the $23 billion, 63% went toward low-carbon solutions such as green buildings, renewable energy and clean technologies. Increased engagement on issues of climate change and sustainable finance, including becoming a founding member of the U.S. Sustainable Finance Alliance, and playing a role in important global and national stakeholder gatherings such as the Global Climate Action Summit and Bloomberg’s Sustainable Business Summit.
(Bloomberg) -- Nvidia Corp.’s second-quarter sales and profit topped analysts’ estimates, suggesting that a slump in orders may be easing amid a revival in demand for graphics chips and parts used in data centers. The stock rallied in late trading.Revenue in the quarter that ended July 28 was $2.58 billion and profit excluding certain costs was $1.24 a share, the Santa Clara, California-based company said in a statement on Thursday. Analysts, on average, had estimated adjusted earnings of $1.14 a share on sales of $2.54 billion.Sales in all business lines rose from the previous quarter, Nvidia said, a sign the company is addressing challenges that had stalled growth. Chief Executive Officer Jensen Huang has argued that a slowdown in orders for computer-gaming chips and processors for artificial intelligence tasks was temporary as customers worked through stockpiles of unused parts.Revenue has now shrunk from a year earlier for three straight quarters, and Nvidia forecast another decline of about 9% for the current period. Still, the 17% contraction in the second quarter was narrower than some analysts had projected, and the rate of decline is slowing. That may indicate customers are beginning to place new orders again.Gaming-chip sales came in at $1.3 billion, up 24% sequentially. Revenue from Nvidia’s second-biggest business, data center, climbed 3.3% from the prior period to $655 million.According to some estimates, that rebound in data-center revenue fell short. Wells Fargo analyst Aaron Rakers had predicted unit sales of $685 million, and he wrote in a note that the consensus estimate was about $669 million. On a conference call to discuss results, Nvidia executives faced multiple questions on the prospects for the business.On the call, Huang said demand for graphics chips used in servers was improving across the board, excluding a couple of so-called hyperscale data-center operators who don’t give Nvidia much insight into their plans. He declined to say when the business will return to annual growth, but maintained his optimism that artificial intelligence computing is the biggest-ever opportunity for his company.Nvidia’s detractors say that stiffer competition is the cause of the company’s struggles, but Huang said rivals aren’t eroding growth. Nvidia pioneered the use of graphics chips to run AI software in data centers, while Nvidia GeForce processors have been the main choice for PC gamers wanting the highest resolution action. Now, Intel Corp. and Advanced Micro Devices Inc. are offering rival products in these markets.“The competition should show up with something,” he said in an interview. “AI is going to be a large market for everybody and the growth is ahead of us. The bottom is behind us.”Nvidia shares rose more than 6% in extended trading following the report. Earlier, they slipped about 1% to close at $148.77 in New York.Net income in the second quarter was $552 million, or 90 cents a share, down from $1.1 billion, or $1.76, in the same period a year earlier.The company said sales in the current period will be about $2.9 billion, plus or minus 2%. That compares with an average analyst estimate for revenue of $2.98 billion, according to a Bloomberg survey. Adjusted gross margin will be 62.5%, Nvidia said.(Updates with CEO comments in eighth paragraph)To contact the reporter on this story: Ian King in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Plunging bond yields have sent the stock market into a tizzy. And "inverted yield curve" is the new buzzword littering news sites everywhere. In today's gallery, we'll shed light on what all the fuss is about and identify three bank stocks to sell.When investors see turbulent seas on the horizon, they seek shelter. And nothing is perceived as a safer place to hide from the storm than treasury bonds. The demand surge sends prices to the moon and yields (which move inverse to prices) into the basement. Buyers' appetite has been so voracious that the 30-year treasury yield just dipped below 2% for the first time ever.The beating in long-term rates has been so severe that they've fallen below short-term rates creating the so-called yield curve inversion. It's a signal that has precipitated every recession in the modern era and has investors justifiably spooked.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Stocks Under $5 to Buy for Fall And that brings us to bank stocks. When long-term interest rates fall below short-term interest rates, it puts a damper on their earnings potential. Throw in the specter of a recession, and you have a toxic brew poisoning the performance of financial companies.Let's take a closer look at three bank stocks to sell. Bank Stocks to Sell: Bank of America (BAC)Bank of America (NYSE:BAC) has been a ship without a rudder this year. Ever since its January rally reversed the fourth-quarter beatdown, BAC stock has been chopping in a range, unable to pick a direction. This month's market bloodbath has pushed BAC 15% off its highs.The stock is now testing the lower end of its range and is threatening a breakdown that would deal a nasty blow to its technical posture. Given the speed of last year's descent and the January rebound, there isn't much support between $26.50 and $22.50. The downside follow-through could be swift if buyers don't emerge to defend the $26.50 zone.Source: ThinkorSwim Even if we don't breach support, Bank of America's stock chart is a hot mess that will need time to heal. If you want to speculate on further downside, buying the November $28/$23 put spread for $1.80 is a solid idea. The risk is $1.80, and the reward is $3.20. Wells Fargo (WFC)Wells Fargo (NYSE:WFC) has fared worse than BAC this year. It completely reversed January's strength and is fast-approaching December's pivotal low of $43. If anything, the relative weakness makes WFC a more tempting target for bear trades and a better bank to bail on if you own it.All major moving averages are pointing lower, making it impossible to spin a bullish narrative. With the price submerged beneath these trend-following indicators, rallies remain suspect and strength is made for selling.Source: ThinkorSwim A break of $43 would push WFC stock to a six-year low and complete a multi-year top on its trend. If you're holding out hope that bulls swoop in to save it, then consider $43 your abandon ship point. * 15 Growth Stocks to Buy for the Long Haul To bank on additional weakness, consider buying the November $45/$40 put spread for $1.80. The risk is $1.80, and the reward is $3.20. Regional Banking ETF (KRE)Our final pick aims for the entire banking sector via the Regional Banking ETF (NYSEARCA:KRE). Its diversified holdings offer exposure to mid-size banks across the nation. It is thus very sensitive to economic shifts that adversely impact the sector.The past six months have seen a vicious tug-of-war between bulls and bears. This week's breakdown finally declared sellers the victor and spells trouble for KRE stock's technical posture. Yesterday's drop has the fund testing the $49 support area. A breakdown could send it back to December's low at $44.Source: ThinkorSwim If you believe bears will continue to roam through year-end, then buy the December $50/$45 put spread for $2. The risk is $2, and the reward is $3.As of this writing, Tyler Craig didn't hold a position in any of the aforementioned securities. Check out his recently released Bear Market Survival Guide to learn how to defend your portfolio against market volatility. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks Under $5 to Buy for Fall * 5 Stocks to Avoid Amid the Ongoing Trade War * 7 5G Stocks to Buy Now for the Future The post 3 Battered Bank Stocks to Bail On appeared first on InvestorPlace.
All of the changes are effective on or about October 15, 2019, with the exception of the managed distribution plan, which will be effective according to the timeline discussed below. The fund’s investment objective will remain to seek a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.
The equity portion of the fund’s investment strategy no longer expects to invest at least 65 percent of its total assets in securities of issuers in the utilities, energy and communication services sectors. Instead, the equity sleeve expects to invest normally in approximately 60 to 80 securities, broadly diversified among major economic sectors and regions.
Can a quarter of a percent rate cut, or any amount of rate cuts for that matter, address or even alleviate the market's concerns? asks Kelley Wright, dividend expert and editor of Investment Quality Trends.
The Wells Fargo Income Opportunities Fund , the Wells Fargo Multi-Sector Income Fund , the Wells Fargo Utilities and High Income Fund , and the Wells Fargo Global Dividend Opportunity Fund have each announced a distribution.
Wells Fargo & Company (WFC) today announced that on Sept. 16, 2019 it will redeem 1,550,000 shares (the “Redeemed Shares”) of its Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series K (the “Series K Preferred Stock”). The Redeemed Shares will be selected in accordance with the standard procedures of The Depository Trust Company. The redemption price will be equal to $1,000.00 per Redeemed Share.
Matt Wysong’s banking career has centered on transformative technology companies. “Being at the center of the innovation economy is very attractive,” Wysong said. “When you are able to provide services that help these companies scale and grow while they are creating meaningful products, it’s very exciting.” In 2014, he launched Wells Fargo’s (NYSE: WFC) Mountain and Midwest technology and venture banking division.
The startup is giving a lot of thought to real estate these days as the CEO tries to accommodate the fintech's growth and hiring.