Jan 14th, 2024 – BlackRock (BLK), the world’s largest asset manager, with 70 offices in 30 countries, and clients in more than 100 countries, is acquiring Global Infrastructure Partners for $12.5 billion, with $3 billion in cash and 12 million shares. Together, the companies will manage assets worth more than $150 billion, creating an infrastructure fund that will rival the industry’s largest players. The CEO Larry Fink sees it as pivotal for retirement savings. The deal coincides with BlackRock’s Q4 results, crossing $10 trillion in assets. Despite shares dipping 0.8% to $786.64, they’ve grown 4% in the past year. The transaction, enhancing BlackRock’s role in high-coupon, inflation-protected investments, is set to finalize in Q3 2024. BlackRock also announced the creation of a new unified Global Product Solutions group that will consolidate its ETF.
Bank of New York Mellon Corp. (BK) a.k.a. BNY Mellon saw a 4% rise in shares following better-than-expected Q4 2024 results, Despite a 47% decline in earnings per share (33 cents). BNY Mellon, is an American banking and financial services corporation that is listed on the New York Stock Exchange.The bank main services are: investment management, investment services, and wealth management services. The $4.31 billion revenue (10% increase) as well as Notable expenses, including a $752 million special assessment and a $150 million reduction in investment revenue, are the main factors that impacted the results.
Amazon (AMZN) is cutting jobs at Prime Video, MGM Studios, and Twitch to reallocate resources for the “long-term success” of its business. Mike Hopkins, head of Prime Video and MGM Studios, mentioned in a memo the company’s focus on enhancing content and product initiatives with impactful results. Twitch CEO Dan Clancy acknowledged letting go of over 500 workers to align the organization with current business scale and conservative growth predictions. Amazon has been among the big tech firms Cutting their workforces recently. Since 2022, the company has let go of about 27,000 employees. Despite these moves, Amazon’s stock has surged by about 70% in the past year, gaining 1.7% on Wednesday.
Author: Diego Russo