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Bank of America Eliminates Some Investment Banking Roles, Sources Say
BofA Securities: Maintains YUEXIU PROPERTY "Buy" rating with a Target Price of 6.6 HKD.
Bank of America Securities released a Research Report stating that it maintains a "Buy" rating for YUEXIU PROPERTY (00123), with a Target Price of 6.6 Hong Kong dollars. The bank expects YUEXIU PROPERTY's net profit last year to decline by 65% to 70% year-on-year; core profit is also expected to drop by 50% to 55%, which is below forecasts, believing that the earnings did not meet expectations primarily due to impairments. However, among the high-quality developers covered by the bank, it is anticipated that YUEXIU's contract sales performance this year could surpass expectations. Bank of America stated that YUEXIU PROPERTY's gross margin in the 2024 fiscal year may be below 10%, compared to 13.7% in the first half of last year, and it is expected that the group's gross margin will reach 10% to 12% this year.
After the regulatory Institutions issued a restructuring warning, Japanese Brokerages began evaluating the repackaged Japanese bond products.
Leading brokerages in Japan are reassessing their Business of selling structured loans to local Banks, after Japanese financial regulators announced a comprehensive overhaul of this $67 billion market. A representative from Nomura Holdings stated in response to a media inquiry involving 15 investment banks that the company is evaluating the practice of repackaging Japanese government Bonds into loans. The brokerage subsidiaries of Mitsubishi UFJ Financial and Mizuho Financial are also investigating the sales status of such products. Currently, the Financial Services Agency of Japan is conducting strict reviews of these products. A senior official from the Financial Services Agency criticized local Banks for increasing their Shareholding in the repackaged Bonds during an interview last month.
Bank of America Options Spot-On: On March 10th, 193.52K Contracts Were Traded, With 2.73 Million Open Interest
Capital Markets Seen Picking up in Q2: Morgan Stanley
Bank of America eliminated some investment banking positions.
Bank of America eliminated some investment banking positions on Monday, including those in New York. Sources indicate that the layoffs affected junior bankers, including Analysts and assistants. These employees may be redeployed to similar positions in other departments of the company.
