John Foley is Reuters Breakingviews' U.S. editor. He has previously written and edited from London, Beijing and Hong Kong, and established Breakingviews’ first Asian bureau in 2009, subsequently running the European team from 2015 to 2017. Before joining Breakingviews in 2004, John worked as a copywriter for a London-based advertising agency. He read English Literature at Exeter College, Oxford.
The printer maker may try to oust most of HP’s directors to win support for its $33 bln merger proposal. HP’s intransigence isn’t constructive, but its board is stronger. A proxy fight could leave Xerox activist Icahn in control, with only a small share of the company.
The Wall Street firm’s 2019 revenue hit $41 bln, partly thanks to lumpy private equity gains. Overall, strong wealth management was offset by relatively weak trading. More worryingly for 2020, costs outpaced revenue. At least James Gorman isn’t the only CEO with room to improve.
Its vaunted consumer bank still makes less than $1 bln, and building it is a grind. If it were a client, Goldman would be preparing a pitchbook of acquisition targets by now. America has plenty of bite-sized banks, and the political environment may be as friendly as it gets.