Big banks are teaming up to launch a digital wallet that will allow shoppers to pay at merchants’ online checkout with a wallet that will be linked to their debit and credit cards. The digital wallet will be managed by Early Warning Services, the bank-owned company that operates money-transfer service Zelle will operate separately from Zelle.
For the first time since 2018, larger hedge funds outperformed smaller hedge funds. HFRI Fund Weighted Composite Index, which gives equal weight to funds of all sizes, fell -4.25% in 2022, while the HFRI Asset Weighted Composite Index, which gives more weighting to the larger funds, rose: 0.97%.
The classic way of building a portfolio—60% stocks and 40% bonds—had the worst return in nominal terms for a 60/40 portfolio since the financial crisis of 2008-9 and the worst in real terms in a calendar year since the Great Depression.
The major banks are expected to post some $28 billion in profits in the fourth quarter, down 15% from a year earlier.
IPOs in the U.S., excluding offerings by special-purpose acquisition companies, raised $8.6 billion in 2022, far below the roughly $56 billion annual average over the past decade.
Companies in the S&P 500 allocated an estimated $561 billion toward dividends in 2022, up from $511.2 billion in 2021 and the highest amount on record.
Nearly 80 million American employees are still working from home at least one day a week, saving 200 million hours and 6 billion miles commuting to offices per week, which they value at roughly an 8% pay increase.
Fees from advising on deals, stock offerings and bond sales are down more than 40% from this time last year, wiping out more than $50 billion in revenue. That is the biggest year-over-year dollar decline on record, worse even than in the financial crisis.
