Most Read on Bloomberg: Bank Earnings, Cost Cuts, Dollar Slumpby
The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through April 15.
See READSUMS for previous lists.
1. Goldman’s Blankfein Said to Push Deepest Cost Cuts in Years
(Bloomberg) -- Goldman Sachs Group Inc. is embarking on its biggest cost-cutting push in years as it tries to weather a slump in trading and dealmaking, according to two people with knowledge of the effort.
2. Nomura Said Planning to Exit European Equities, Cut 1,000 Jobs
(Bloomberg) -- Nomura Holdings Inc., Japan’s largest brokerage, plans to shut down its European equity operations as it cuts costs after years of failing to become profitable overseas, a person with knowledge of the matter said.
3. U.S. Stocks Drop as Earnings Start; Dollar Slump Buoys Oil, Gold
(Bloomberg) -- U.S. equities fell, erasing gains as what is forecast to be the worst American earnings season since the financial crisis gets under way. The dollar tumbled to a nine-month low, boosting commodity prices.
4. JPMorgan Profit Beats Estimates on Pay Cuts, Trading Results
(Bloomberg) -- JPMorgan Chase & Co., the biggest U.S. lender by assets, posted first-quarter profit that beat Wall Street estimates as the firm slashed bankers’ pay, and trading revenue declined less than most analysts predicted. The shares rose.
5. Tudor Investors Ask to Pull More Than $1 Billion From Firm
(Bloomberg) -- Tudor Investment Corp. clients have asked to pull more than $1 billion from the hedge fund firm founded by billionaire Paul Tudor Jones after three years of lackluster returns.
6. Oil Surge Fuels Stocks to Metals as Demand for Haven Assets Ebbs
(Bloomberg) -- Oil rallied above $42 a barrel, buoying stocks and commodity prices worldwide amid a revival in optimism over the global economy.
7. Steve Cohen Has a New Firm That’s Allowed to Take Outside Money
(Bloomberg) -- Billionaire Steven Cohen has a way to raise money from outside investors prior to 2018, the year he can resume running hedge funds under a January settlement with the U.S. Securities and Exchange Commission.
8. Global Stocks Erase 2016 Losses on China Outlook; JPMorgan Jumps
(Bloomberg) -- Global equities erased losses for the year, while commodities from copper to grains surged as an improvement in China’s economic outlook spurred a rally in risk assets. U.S. stocks climbed to a four-month high as JPMorgan Chase & Co.’s earnings topped estimates.
9. BofA Misses Estimates on Slump in Deals, Energy Loan Losses
(Bloomberg) -- Bank of America Corp. posted a first-quarter profit that missed analysts’ estimates as trading and underwriting revenue dropped and energy loans soured. The stock fell in early trading.
10. Och-Ziff Slumps on Report U.S. May Seek Guilty Plea in Probe
(Bloomberg) -- Och-Ziff Capital Management Group LLC, the largest publicly traded U.S. hedge-fund manager, dropped to its lowest level ever after a report that the firm may be required to plead guilty to criminal charges of bribery.
1. The Panama Papers’ Consequences: Mohamed A. El-Erian
(Bloomberg View) -- The revelations about offshore accounts that came to light in the so-called Panama Papers will reinvigorate government efforts to rein in not just tax evasion, which is illegal, but tax avoidance, too.
2. Five Lessons From Japan’s Negative Rates: Mohamed A. El-Erian
(Bloomberg View) -- Japan’s economic and financial malaise once was thought to have little relevance for other advanced economies. Respected Western economists and policy makers even argued that “Japan couldn’t happen here.” But developments in recent years have led to a more humble attitude that recognizes the importance of understanding Japan’s experience, past and present.
3. Polygamy Is the Next Marriage-Rights Frontier: Noah Feldman
(Bloomberg View) -- After the Supreme Court’s landmark gay marriage decision, can a constitutional right to plural marriage be far behind? It seemed that way in 2013, when a federal district court in Utah followed the Supreme Court ruling by striking down part of the state’s bigamy law in a case involving the family featured in the television show “Sister Wives.”
4. The Trump Campaign Has Just Hired Its Next Scandal: Eli Lake
(Bloomberg View) -- Here is an irony of the 2016 election season. The candidate promising voters that he won’t be influenced by Washington lobbyists is counting on the influence of a Washington lobbyist to save his presidential campaign.
5. Golden State Warriors Are the Unluckiest Team Ever: Justin Fox
(Bloomberg View) -- The Golden State Warriors won late Wednesday night, in yet another flurry of Stephen Curry three-pointers. With that they ended the regular season with a record of 73 wins and 9 losses -- the best in National Basketball Association history.
1. Russian President Putin Holds Phone-In
(Bloomberg) -- Russian President Vladimir Putin responds to questions during a phone-in.
2. Bank of Canada’s Poloz News Conference: Policy, Economy
(Bloomberg) -- Bank of Canada Governor Stephen Poloz speaks about the central bank’s decision to keep its key interest rate unchanged, the Canadian economy and its currency. Senior Deputy Governor Carolyn Wilkins also speaks at the news conference in Ottawa.
3. Cameron Speaks in Parliament on Tax Affairs
(Bloomberg) -- U.K. Prime Minister David Cameron answers questions from lawmakers in the House of Commons in London after publishing his tax returns.
4. Earnings Season Keeps Getting Worse, Here’s Why
(Bloomberg) -- Wells Fargo Securities Strategist Gina Martin Adams weighs in on earnings season expectations.
5. JPMorgan Executives Review Results: Teleconference
(Bloomberg) -- JPMorgan Chase & Co. executives speak on a teleconference about the company’s first-quarter results.
--With assistance from Anny Kuo in New York.