Anna's Daybreak News

Good morning news lovers! Get ready to be swept away by the fusion of the latest headlines, sizzling stories, and thought-provoking insights that will ignite your curiosity and keep you at the forefront of the news scene.🗞️🌄

• Alex Gerko, former Deutsche Bank AG trader, has amassed enough wealth to rival some of the richest billionaires in finance.


• Gerko’s fortune has surged to $10.8 billion as XTX Markets paid out a record £1.6 billion ($2 billion) dividend to its owners earlier this year.


• XTX increased profits more than 50%, helping to roughly double the 43-year-old’s net worth.


• His fortune has grown by $5 billion compared to the prior trading day, and by $4.94 billion for the year to date.


• The rise in Gerko's fortune can be attributed to XTX Markets' notable performance in recent years.


• Despite its success, XTX is focused on automation, and the company has no human traders.


• While most traders want to make a splash trying to predict the market, Alex Gerko made a fortune the old fashioned way, market making.
Source: Read More

• Goldman Sachs Group Inc. is exploring a sale of an investment-advisory business it bought four years ago in an effort to manage money for a wider customer base.


• Goldman Sachs is reevaluating its wealth management business, which currently manages $29 billion in assets.


• CEO David Solomon has reorganized the firm into three units, scaling back ambitions for its consumer business.


• The firm is exploring ways to move back to serving the ultra-rich away from high-net-worth clients in mass markets.


• The personal financial management business, which oversees about $29 billion in assets, grew out of United Capital—a California-based registered investment adviser Goldman purchased for $750 million.


• The failed deal is a part of CEO David Solomon's attempt to broaden the firm's revenue opportunities beyond the ulta-wealthy.


• This fumble by David Salomon may set his most unGoldmanly legacy
Source: Read More

• Former U.S. President Donald Trump will surrender to authorities in Atlanta on Aug. 24 to be booked on state charges.


• He is charged with leading a criminal conspiracy to overturn the results of the 2020 presidential election.


• The case is being brought against Trump by Fulton County District Attorney Fani Willis, who appears fearless in her pursuit of justice.


• Trump's case is bound to be the media circus that we didn't know we were missing from this election cycle.
Source: Read More

• S&P Global on Monday cut credit ratings and revised its outlook for multiple U.S. banks, warning that funding risks and weaker profitability will likely test the sector's credit strength.


• A sharp rise in interest rates is weighing on many U.S. banks' funding and liquidity, leading to a run on deposits at a host of regional banks, despite emergency measures by authorities to shore up confidence.


• Moody's had earlier this month cut the ratings of 10 banks by one notch and placed six banking giants, including Bank of New York Mellon, US Bancorp, State Street, and Truist Financial, on review for potential downgrades.


• The U.S. banking sector continues to be tested, and it's clear this is not your father's banking crisis - it's hard to be optimistic given the current outlook.
Source : Read More

Baked with love,

Anna Eisenberg ❤️