Deutsche Bank Aktiengesellschaft, a stock corporation, provides corporate and investment banking, and asset management products and services to private individuals, corporate entities, and institutional clients in Germany, the United Kingdom, rest of Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. It operates through Corporate Bank, Investment Bank, Private Bank, and Asset Management segments. The Corporate Bank segment offers cash management, trade finance and lending, trust and agency, and securities services, as well as risk management solutions. The Investment Bank segment provides debt origination, merger and acquisitions, foreign exchange, and equity advisory and origination platform services. The Private Bank segment offers payment and account services, and credit and deposit products, as well as investment advice products, such as environmental, social, and governance products. This segment also provides banking, wealth management, other financial, and postal and parcel services; and supports in planning, managing and investing wealth, financing personal and business interests, and servicing institutional and corporate needs. The Asset Management segment offers investment solutions, such as alternative investments, which include real estate, infrastructure, liquid real assets, and sustainable investments; and various other services, including insurance and pension solutions, asset liability management, portfolio management solutions, and asset allocation advisory to individuals and institutions. Deutsche Bank Aktiengesellschaft was founded in 1870 and is headquartered in Frankfurt am Main, Germany.

Deutsche Bank AG

Key Points
A pundit's price-target raise was relatively hefty, improving sentiment on the weakened stock.
He didn't change his recommendation on the company, however.
An analyst's price-target raise brightened the outlook on beaten-down chemical stock Dow (NYSE: DOW) on Monday. The company's shares enjoyed a nearly 4% gain on the day as a result, easily eclipsing the 1.2% advance of the S&P 500 index across that trading session.
A pundit gets cautiously more positive
That adjustment, made by Deutsche Bank's David Begleiter, was enacted before market open that day. Begleiter now feels that Dow is worth $26 per share, quite some distance above his previous estimation of $22. That didn't change his outlook on the stock, however, as he maintained his hold recommendation.
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The reasoning behind Begleiter's price-target raise wasn't immediately clear. What is apparent is that Dow is a stock that's fallen well out of favor with the market -- so far this year it's lost nearly 36% of its value in a generally bullish environment for equities. By contrast, the S&P 500 index has largely moved higher since the middle of the year and year to date has posted an almost 17% gain.
Dow has numerous challenges it's contending with these days, not least of which is the sluggish demand for chemicals on theglobal market This is due to a number of factors, including but certainly not limited to overcapacity and the negative effects of geopolitical developments.
Waiting for an unswing
Dow is a classic American industrial, so there are certainly investors out there who are capitalizing on a relatively low stock price to take advantage of an eventual upswing in the cyclical chemical sector. While the industry is sure to recover at some point, investors might have to be patient for the more lingering negative factors to play themselves out.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Investors Drove Dow Stock Higher Today

Barclays BCS reported third-quarter 2025 net income attributable to ordinary equity holders of £1.46 billion ($1.97 billion), down 6.8% from the prior-year quarter.
Results were hurt by an increase in expenses and higher credit impairment charges. However, an increase in revenues and a solid balance sheet supported the results.
Barclays’s Revenues Improve, Expenses Rise
Total income was £7.17 billion ($9.67 billion), up 9.5% year over year.
Operating expenses (excluding litigation and conduct costs) of £4.25 billion ($5.73 billion) increased 7.6% year over year.
The cost-to-income ratio was 63%, up from 61% in the year-ago period.
Barclays recorded credit impairment charges of £632 million ($852 million), surging 69% year over year.
Pre-tax income was £2.08 billion ($2.80 billion), up 6.9% from the prior-year quarter.
BCS’ Solid Balance Sheet
Total assets, as of Sept. 30, 2025, were £1,629.2 billion ($2,189.8 billion), up 7.3% from the Dec. 31, 2024, level.
Total risk-weighted assets fell marginally from the Dec. 31, 2024, level to £357.4 billion ($480.4 billion) as of Sept. 30, 2025.
As of Sept. 30, 2025, the Common Equity Tier 1 (CET1) ratio was 14.1% compared with 13.6% as of Dec. 31, 2024.
Update on Barclays’ Share Buyback Plan
Concurrent to the earnings release, the company announced its intention to bring forward a portion of its 2025 distribution plans, with a £500-million share buyback plan.
2025 Guidance
Management expects the loan loss rate to be 50-60 basis points through the cycle.
NII (excluding Barclays Investment Bank and Head Office) is expected to be more than £12.6 billion. Of this, Barclays UK is projected to generate NII of more than £7.6 billion.
The cost-to-income ratio is projected to be 61%, which includes £0.5 billion in gross efficiency savings.
The CET1 ratio is expected to be 13-14%.
Barclays expects to deliver a return on tangible equity (RoTE) of greater than 11%.
2026 Guidance
The company projects a total income of £30 billion.
Operating expenses are likely to be £17 billion, and the cost-to-income ratio is anticipated to be in the high 50s in percentage terms. This includes gross efficiency savings of £2 billion by 2026.
The loan loss rate is projected to be 50-60 basis points through the cycle.
The CET1 ratio is expected to be 13-14% and RoTE is estimated to be more than 12%.
Barclays Investment Bank RWAs are expected to be 50% of the Group RWAs. Further, the impact of regulatory change on RWAs will be in line with the company’s prior guidance of £19-26 billion.
In terms of capital returns, Barclays plans to return at least £10 billion between 2024 and 2026, through dividends and share buybacks, with a continued preference for buybacks. The company plans to keep the total dividend stable at the 2023 level in absolute terms, with progressive dividend per share growth driven through share count reduction as a result of increased share buybacks.
This multi-year plan is subject to supervisory and board approvals, and an anticipated financial performance.
Our View on Barclays
Given Barclays’ restructuring and business-simplification efforts, its operating efficiency is expected to improve in the quarters ahead. The company’s cost-saving efforts will likely keep aiding financials. Yet, uncertainties regarding the performance of capital markets businesses and a persistent rise in credit impairment charges are concerning.
Barclays PLC Price, Consensus and EPS Surprise
Currently, Barclays carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance & Expected Earnings Release Date of Barclays’ Peers
ICICI Bank Ltd.’s IBN profit after tax for second-quarter fiscal 2026 (ended Sept. 30, 2025) was INR123.6 billion ($1.42 billion), up 5.2% from the prior-year quarter.
IBN’s results benefited from growth in net interest income and non-interest income, along with lower provisions. The loan balance increased sequentially, which was another tailwind. However, an increase in expenses was the undermining factor for ICICI Bank.
Deutsche Bank DB is expected to report quarterly results on Oct. 29.
The Zacks Consensus Estimate for DB’s quarterly earnings has been unchanged at 81 cents per share over the past week. The figure implies a decline of 9% from the prior-year quarter.
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Barclays Q3 Earnings Dip Y/Y as Costs, Credit Impairment Charges Rise

Key Points
Citigroup analysts set a 12-month price target of $181,000 for Bitcoin.
The target is based largely on Bitcoin's potential as a form of digital gold.
Bitcoin still has to prove itself as a haven asset.
There's been a growing sense of optimism around Bitcoin (CRYPTO: BTC) this year. The lead cryptocurrency set a string of new highs as confidence grew and institutional investment poured in. One big driver has been its potential as a form of digital gold -- a store of value in uncertain times.
However, last week the industry set a very different record. On Oct. 10, at least $19 billion in crypto was wiped out in what CoinGlass says was the largest liquidation in crypto history. Prices fell as markets reacted to the potential of new tariffs and trade kerfuffles with China. Although Bitcoin has recovered some of those losses since, it's understandable for investors to wonder where it might be heading next.
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Analysts at Citigroup think Bitcoin has room to grow almost 60% in the next 12 months. Let's take a deeper look at this forecast.
Citigroup analysts set $181,000 price target for Bitcoin
In an October report, Citi set a 12-month target of $181,000 for Bitcoin. The target represents a 57% upside from Oct. 12's close of $115,190. The team also slightly reduced its year-end expectations for Bitcoin from $135,000 to $133,000.
The analysts highlighted the popular cryptocurrency's potential to act as a form of digital gold, as well as significant inflows to Bitcoin exchange-traded funds (ETFs). The Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January 2024, and they now hold more than $160 billion in assets. It isn't clear what impact the approval of other crypto ETFs will have on Bitcoin's dominance, which measures the coin's overwhelming weight in the crypto market.
In the near term, increased clarity and pro-crypto approaches from key regulators like the SEC could boost the cryptocurrency industry even further. Continued Federal Reserve rate cuts could also help, as they often increase investor appetite for risk.
But rate cuts can't be viewed in a vacuum. If cuts come alongside economic weakness -- including a slowdown in the jobs market -- investors may instead become more risk-averse.
Is Bitcoin digital gold?
The U.S. dollar index is down about 8.5% so far this year, which is one reason that gold and Bitcoin have both soared to new highs. Investors are looking for alternatives to try to protect their investments against both inflation and increasing global uncertainty. The difficulty is that Bitcoin hasn't yet lived up to its haven asset billing.
Cryptocurrency advocates have long trumpeted Bitcoin's potential as a form of digital gold. Bitcoin's scarcity, durability, and global recognition all support this argument. Similar to gold, only a fixed amount of Bitcoin will ever be produced. It is independent of central governments. Plus, it's easier to store and move around than gold.
However, Bitcoin is still a relatively new and volatile asset, with limited price history. The World Gold Council tracks gold prices back as far as 1970. Bitcoin was launched in 2009 and has only really started to be taken seriously as an investment in the past five years.
It is true that Bitcoin is maturing. In addition to increasing institutional demand, we've seen a boom in Bitcoin corporate treasuries as companies add crypto to their balance sheets.
Finally, several countries, including the U.S., have included the grandaddy of crypto in their reserves. Deutsche Bank predicts that Bitcoin will join gold in many central bank reserves by 2030.
Although dramatic price swings are still an issue, as demonstrated by last week's crash, Bitcoin is becoming less volatile. Deutsche Bank analysts point out that its volatility dropped to historic lows in August and suggests this will continue. Increased regulatory clarity and deeper liquidity will both contribute to improved price stability.
However, for Bitcoin to work as a haven asset or uncertainty hedge, it needs to behave more like gold than a tech stock. The jury's still out on this.
Take Friday's crash. It wasn't only the magnitude of it that spooked investors. More worrying was that gold prices rose while Bitcoin fell alongside stocks. That undermines the digital gold narrative -- and may pour cold water on various analyst predictions.
Viewing Bitcoin in the long term
This has been extraordinary year for the crypto industry, particularly Bitcoin. However, it is important not to allow its recent successes to create a false sense of security. Sure, Bitcoin is maturing and becoming more mainstream, but it isn't there yet. In the meantime, investment diversification is key.
If you're thinking of adding crypto to your portfolio, make sure it represents only a small part of your wider investments. Try to think beyond this year and consider what it might do in the coming five years or more. That may include increased institutional adoption and a stronger role as an international digital currency.
Citigroup's predictions are based on the top cryptocurrency's potential as a form of modern gold. Unfortunately, that's not yet a certainty. Right now, the high levels of risk and volatility still undermine its potential as a haven asset. We may look back and point to this year as a turning point for Bitcoin. But until we have the benefit of hindsight, it's important to manage the risks.
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Before you buy stock in Bitcoin, consider this:
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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $657,979!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,122,746!*
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Citigroup is an advertising partner of Motley Fool Money. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Prediction: Bitcoin Will Be Worth $181,000 in 1 Year

Key Points
The chipmaker's stock fell as much as 5% on Monday.
A major bank trimmed enthusiasm by reiterating a hold rating alongside a $30 price target.
After a strong multiweek run on policy support and partner headlines, some cooling off looks normal.
Shares of Intel (NASDAQ: INTC) fell as much as 5% on Monday and, as of this writing, were down only about 3.2%. There didn't appear to be any new company-specific announcement driving the move. Rather, the decline appears to be a breather after a sharp September rally.
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Analyst caution meets a hot tape
One fresh input was a tempered analyst view for the stock: An analyst from Deutsche Bank reiterated a hold rating while setting a $30 price target (up from his previous target but still lower than where shares trade today). With the target below the current stock price, that stance can temper near-term enthusiasm and invite some profit-taking.
It comes on the heels of a powerful run fueled by policy support and high-profile partnership headlines (including a planned major investment by Nvidia) that raised hopes for an accelerated turnaround. After a burst like that, a giveback day like this is not unusual.
Valuation and the long view
Following the rally, shares no longer look cheap on near-term numbers. The stock's price-to-sales ratio is close to 3, up from about 1.8 a year ago. But if Intel performs a successful turnaround, shares aren't necessarily overvalued, either.
The longer-term case, therefore, still hinges on product road-map progress and the foundry strategy delivering competitive performance and better economics.
Still, with the stock up meaningfully in recent weeks, patience -- or at least a tighter margin of safety -- appears reasonable for investors weighing new positions.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Intel Stock Slipped on Monday

UBS Group AG UBS has agreed to pay €835 million ($986.8 million) to resolve a long-running French tax case concerning its cross-border business activities between 2004 and 2012.
On Sept. 23, 2025, the bank announced that it would pay a €730 million ($862.7 million) fine and €105 million ($124.1 million) in civil damages to the French state. UBS stated that the matter is fully provisioned and its resolution is consistent with the company’s strategy of addressing legacy issues in the best interests of its stakeholders.
History of UBS’s French Tax Case
The French tax case dates back more than a decade. In February 2019, a French trial court found UBS guilty of illicit client solicitation and laundering the proceeds of tax fraud. The bank was ordered to pay a record €3.7 billion ($4.4 billion) fine and €800 million ($945.4 million) in civil damages. UBS strongly contested the ruling, claiming the conviction lacked evidence and the court applied French law to activities that took place in Switzerland.
In December 2021, the Paris Court of Appeal upheld the guilty verdict but reduced some penalties. The fine was lowered to €3.75 million ($4.43 million), while the court added €1 billion ($1.18 billion) in confiscations and kept the €800 million ($945.4 million) in damages. UBS appealed this ruling. In November 2023, the French Supreme Court definitively confirmed the guilty verdict for unlawful solicitation and aggravated money laundering. The matter was then sent back to the Paris Court of Appeal for reassessment, which ultimately led to the 2025 settlement.
Other Regulatory Probes Faced by UBS
Apart from the French tax case, UBS has also settled other regulatory matters in recent years. In August 2025, UBS agreed to pay $300 million to the U.S. Department of Justice (DOJ) to settle a legacy matter tied to Credit Suisse’s mortgage-backed securities business. Earlier, in May 2025, UBS paid $511 million to resolve a DOJ tax probe into Credit Suisse’s role in helping U.S. clients evade taxes through offshore accounts.
Separately, in August 2023, UBS itself paid $1.44 billion to settle mortgage-related misconduct linked to the 2008 financial crisis. Thus, UBS needs to keep improving its compliance practices as it is still dealing with heavy legal costs from Credit Suisse.
UBS’s Zacks Rank and Price Performance
Over the past six months, UBS Group shares have gained 25.0% outperforming the industry’s 22.4% growth.
Image Source: Zacks Investment Research
UBS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Legal Issues Faced by Other Finance Firms
In August 2025, Deutsche Bank AG DB was fined HK$23.8 million ($3.05 million) by Hong Kong’s Securities and Futures Commission (SFC) for multiple regulatory breaches, including fee overcharging, misclassification of product risk and failure to disclose investment banking relationships in research reports.
The disciplinary action stems from investigations triggered by DB’s self-reports submitted between December 2020 and December 2023. The SFC found that between November 2015 and November 2023, the bank overcharged clients approximately $39 million in management and custodian fees. These overcharges resulted from failure to apply discounted fee rates and misstatements in fund valuations.
In the same month, JPMorgan Chase & Co. JPM agreed to pay $330 million to settle ongoing and potential claims associated with the 1MDB sovereign wealth fund.
The settlement was announced as Swiss regulators, in a separate action, found JPM guilty and imposed a fine for its failure to prevent money laundering in transactions associated with 1Malaysia Development Berhad.
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UBS Resolves Legacy French Tax Matter With Nearly $987M Settlement

Capital One COF has settled a lawsuit by social media creators who claimed that the bank’s free browser extension deprived them of commissions on sales generated through their content.
Capital One and creators collectively filed a settlement notice in the Alexandria, VA, federal court, with preliminary approval expected by Nov. 17. This was first reported by Reuters.
The company refused to admit any wrongdoing in the settlement over its browser extension, Capital One Shopping, and stated that consumers would not see any changes. It noted that the extension adheres to industry standards and remains aligned with its advertising partners.
Details of the Lawsuit Against Capital One
The lawsuit concerns affiliate marketing, a system in which creators promote content on their platforms and social media channels in exchange for commission-based earnings from online retailers and third-party marketers.
According to creators, the Capital One Shopping browser extension, which has more than 10 million users, is used to discover discounts. It erroneously reflected Capital One as the source of referral traffic at checkout, making it appear as if consumers had clicked the bank’s referral links before making purchases.
The creators alleged that this enabled Capital One to collect millions of dollars in commissions that rightfully belonged to bloggers, influencers, YouTubers and other content creators.
In June 2025, U.S. District Judge Anthony Trenga ruled that influencers presented a plausible case that Capital One’s browser extension redirected their commissions by overriding tracking codes. Claims of unjust enrichment, contract interference and violation of the federal Computer Fraud and Abuse Act were pursued, while a conversion claim and four state-level claims were dismissed.
Capital One has faced several regulatory challenges of late. Earlier this month, it sued the Federal Deposit Insurance Corp. over a $474.1 million special assessment to refill the Deposit Insurance Fund after the 2023 collapse of Silicon Valley Bank and Signature Bank. In May, it agreed to pay $425 million to settle nationwide claims that it misled online savings account customers to avoid interest payments.
Capital One’s Price Performance & Zacks Rank
In the past six months, COF shares have risen 26.2% compared with the industry’s growth of 49.8%.
Image Source: Zacks Investment Research
Currently, Capital One carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Regulatory Probes Faced by Other Banks
Last month, Deutsche Bank AG DB was fined HK$23.8 million ($3.05 million) by Hong Kong’s Securities and Futures Commission (SFC) for multiple regulatory breaches, including fee overcharging, misclassification of product risk and failure to disclose investment banking relationships in research reports.
The disciplinary action stems from investigations triggered by Deutsche Bank’s self-reports submitted between December 2020 and December 2023. The SFC found that between November 2015 and November 2023, the bank overcharged clients approximately $39 million in management and custodian fees. These overcharges resulted from failure to apply discounted fee rates and misstatements in fund valuations.
Similarly, JPMorgan JPM agreed to pay $330 million to settle ongoing and potential claims associated with the 1MDB sovereign wealth fund.
The settlement was announced as Swiss regulators, in a separate action, found JPMorgan guilty and imposed a fine for its failure to prevent money laundering in transactions associated with 1Malaysia Development Berhad.
The $330 million payout will contribute to Malaysia’s Assets Recovery Trust Account and comes “without admission of liability” from the bank. As part of the settlement, JPMorgan and Malaysia will withdraw all pending appeals connected with the lawsuit.
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COF Reaches Settlement With Influencers Over Affiliate Marketing Clash

Key Points
The pet supplies company was the beneficiary of not one but two analyst upgrades.
It was raised to a buy in both instances.
Usually, a stock that gets an analyst recommendation upgrade also gets a share price pop. On Thursday, Chewy (NYSE: CHWY) was fortunate enough to be the beneficiary of two such moves, and as a result its shares closed the day almost 3% higher in price. This was during a trading session when the S&P 500 index mustered a relatively low 0.9% increase.
Barking up the right tree
The first of the two upgrades was made by Seaport Global Securities's Aaron Kessler. That morning, Kessler upped his recommendation to buy from the previous neutral, at a price target of $47 per share. That's 30% above the company's most recent closing stock price.
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The analyst's move came a day after Chewy reported its second-quarter results. According to reports, Kessler waxed bullish in his update about the company's strong year-over-year revenue growth of nearly 9%, accompanied by quite robust gross margins.
Chewy was actually punished by the market for its performance during the period, and Kessler clearly feels this is unjustified. In his view, the negative reaction stemmed from increased selling, general, and administrative costs, plus higher investments anticipated in the second half of this year. However, he wrote that these investments are strategic and should boost fundamentals.
Promising programs
A bit later that morning, Deutsche Bank's Leo Horowitz also upgraded Chewy to buy from neutral, upping his price target to $45 per share from $38 in the process. Among other factors, according to reports, Horowitz flagged appealing company initiatives such as the Chewy+ Membership program as likely growth drivers.
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Before you buy stock in Chewy, consider this:
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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $672,879!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,086,947!*
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chewy. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Chewy Stock Ticked Higher on Thursday

Key Points
Sentiment on the stock was still quite positive after Monday's explosive announcement.
The company made an 11-figure deal to divest spectrum licenses.
On Tuesday, EchoStar (NASDAQ: SATS) was still basking in the glow of the $19 billion spectrum license deal it signed with Elon Musk's extraterrestrial exploration company SpaceX. Investors continued to be drawn to EchoStar's star power after announcing the purchase Monday. What also helped were several positive analyst upgrades on the company's stock.
By the end of the day, EchoStar had risen again, closing the day almost 4% higher. That compared most favorably to the 0.3% increase of the bellwether S&P 500 index.
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Only the beginning?
One of the more bullish adjustments from a researcher was delivered Tuesday by Deutsche Bank. The lender's analysts cranked their EchoStar price target a robust 52% higher to $102 per share from $67.
Deutsche's new take was, naturally, based largely on the blockbuster deal. According to reports, the European bank calculates that the company will reap $14.4 billion after taxes from the arrangement. This is to be paid in a 50/50 mix of cash and SpaceX equity.
The pundits also speculated that this won't be the last spectrum sell-off from EchoStar. They wrote that divestments from the company's Advanced Wireless Services-3 (AWS-3) portfolio could be worth $9.9 billion. It flagged telecom giant Verizon Communications as a potential buyer, given that company's smaller collection of spectrum assets compared to rivals.
A shift might be coming
If EchoStar's SpaceX deal is indeed a harbinger of things to come, the company stands in front of significant revenue-generating opportunities. Yet the sell-off of its spectrum raises questions about its future business direction; investors should keep their ears to the ground and listen for management's comments about changes in business strategy.
Should you invest $1,000 in EchoStar right now?
Before you buy stock in EchoStar, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and EchoStar wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $671,288!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,031,659!*
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why EchoStar Stock Popped Again Today

In order to expand its affluent client base, Bank of America’s BAC subsidiary, Bank of America Private Bank, has introduced the Alts Expanded Access Program in collaboration with Merrill Wealth Management. This program will be available in fall 2025, specifically to ultra-high-net-worth (UHNW) clients with a net worth of $50 million or more.
This program offers greater diversification benefits and complements the existing Alternative Investments platform. The key features include tailored access to emerging themes, supported recommendations, and client-directed due diligence.
Bank of America has been aiming to expand its market share to capitalize on the rising demand for alternative assets among UHNW clients. According to a Bank of America Private Bank study in 2024, 93% of the young HNW investors plan to increase their allocation to alternatives in the coming years.
In January 2025, Merril Wealth Management introduced its UHNW advisory group to offer comprehensive wealth and investment solutions for UHNW clients. Additionally, BAC launched Premium Access Strategies in 2022, a dual contract investment advisory program to cater to UHNW clients, which has grown to more than $60 billion in client assets in just three years. Furthermore, BAC announced plans to open 40 new financial centers in 2025, with an additional 70 in 2026, aiming to tap into growing markets such as UHNW.
Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank, stated, “This program is part of our broader commitment to meet the evolving needs of UHNW clients with increasingly complex financial goals.”
Other Major Banks Pushing for Affluent Clients
Alongside Bank of America, other major banks like Deutsche Bank DB and Barclays PLC BCS have been accelerating their plans to boost private banking and wealth management divisions to gain affluent clients.
In July 2025, Deutsche Bank announced the restructuring of its Wealth Management unit to drive growth and efficiency. As part of the restructuring, Deutsche Bank will streamline its offerings within the Wealth Management division to better serve a broad spectrum of clients, from digitally savvy individuals seeking convenient investment tools to HNW entrepreneurial families requiring complex, personalized advisory services.
In December 2024, Barclays’ CEO Sasha Wiggins shared plans to accelerate growth in its Private Banking and Wealth Management segment by increasing its headcount and hiring up to 100 advisers. “The UK is a large market with client investable assets totaling some £3.5 trillion ($4.45 trillion), split across digital investing, affluent and private banking segments,” Wiggins stated, signaling Barclays’ intent to capitalize on the rising affluent market.
BAC’s Price Performance, Valuation & Estimates
So far this year, shares of Bank of America have gained 13.2% compared with the industry’s 22% growth.
YTD Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, BAC trades at a price-to-tangible book ratio of 1.84, well below the industry average of 2.86.
Price-to-Tangible Book Ratio
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BAC’s 2025 and 2026 earnings indicates year-over-year growth rates of 12.2% and 16.1%, respectively. Earnings estimates have remained unchanged for both years over the past month.
Expected Earnings Growth
Image Source: Zacks Investment Research
Currently, Bank of America carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

BAC & Merrill Expand Private Markets Access: A Push for UHNW Clients?

Key Points
After nearly doubling off its post-Liberation Day lows, Royal Caribbean stock has little margin for error.
The shares are richly valued relative to the stock's history and the broader cruise line peer group, and comps are getting tough to beat.
The recent rally by the shares and lofty multiples, coupled with a challenging macroeconomic environment, could conspire to keep a near-term lid on Royal Caribbean stock.
Following a mid-2022 fleet redeployment, Royal Caribbean (NYSE: RCL) has been a juggernaut among cruise line stocks, surging more than sevenfold over the past three years and more than doubling for the fiscal year ending Aug. 21.
Undoubtedly, those are impressive data points, but the second-largest cruise operator by revenue could succumb to waning momentum over the near term as tough year-over-year comparisons and macroeconomic headwinds take hold.
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Royal Caribbean's positive attributes
"Don't fight the tape" is an old investing pearl of wisdom, meaning investors are better off riding trends than fighting them. The saying is relevant in discussing Royal Caribbean because the stock has had momentum on its side. Looked at differently, simply because the cruise giant could be a pullback candidate doesn't imply that the retrenchment -- if it materializes at all -- will be deep or that market participants should aggressively short the stock.
Those are risky bets to place because Royal Caribbean has plenty of favorable arrows in its quiver. On Wall Street, the company is widely regarded as one of the best executors in the cruise industry, and its loyalty program differs from hotel peers in that it encourages repeat visitation rather than the earning and burning of points.
Additionally, consumers consider Royal Caribbean one of the premium names in the cruise line space. The company's recently launched Coco Cay destination and the Royal Beach Club in Nassau, coming online later this year, could be additive to demand.
Fundamentals? Check. Analysts expect Royal Caribbean to notch earnings before interest, taxes, depreciation, and amortization (EBITDA), free cash flow, and revenue growth this year and in 2026, cementing the notion that this is a structurally sound operator. The company's recent earnings per share (EPS) trajectory is impressive, as the recently completed fiscal second quarter represented the 13th consecutive period in which sell-side EPS forecasts were topped.
Looking further out, Royal Caribbean's knack for topping EPS estimates could continue, but it won't be easy because analysts are calling for earnings growth in the current quarter and three subsequent periods. The higher the bar is set, the harder it could be to clear if the macroeconomic environment doesn't cooperate.
Why Royal Caribbean could face stormy seas
Royal Caribbean has easily outpaced the S&P 500 this year, but that may be a case of the market focusing more on longer-ranging fundamentals than the specter of pullbacks in consumer discretionary spending and personal leisure budgets.
As for the factors that could become anchors on Royal Caribbean's ascent, they're not hard to find. This is a heavily indebted company. At the end of the second quarter, its outstanding liabilities stood at $19 billion, compared to cash and cash equivalents of $735 million, indicating high sensitivity to interest rate changes. Heavily indebted firms are often levered to Federal Reserve policy because high rates elevate their financing costs, which can sap profits, while making it harder to procure new capital. The problem is the Federal Reserve isn't guaranteed to cut rates, particularly if inflation remains sticky.
In fairness to Royal Caribbean bulls, Fed Chairman Jerome Powell recently signaled that the central bank could consider more accommodative monetary policy. That doesn't necessarily mean Royal Caribbean stock will come up aces.
One of the primary reasons central banks lower rates is to support a slack economy or stave off more weakness. In other words, a Fed rate reduction could be interpreted as an acknowledgment that the economy isn't where it needs to be, which could invite concern about stocks sensitive to consumer spending trends. Royal Caribbean checks that box.
As it is, plenty of leisure and hospitality stocks have already been bitten by that bug. If consumer sentiment and spending weaken, it's difficult to imagine Royal Caribbean sailing through that scenario unscathed. There's evidence that belt-tightening is already at play with cruise customers. Deutsche Bank's (NYSE: DB) second-quarter cruise survey indicates that travelers in the 55 and up age group expect to spend 4% less on their next cruise.
Paying up for risk with Royal Caribbean stock
Another oft-used investing saying is that valuation alone isn't a reason to buy or sell a stock. There's no getting around the fact that the market is littered with expensive names that have continually surged. Nvidia (NASDAQ: NVDA), anyone?
On the other hand, Royal Caribbean's status as an expensive stock shouldn't be ignored. It trades at 17 times earnings, compared to 10x to 13x for its peer group, according to Jefferies. That may be one reason investors are focusing on other cruise names. They want a bargain, or the perception of one, and Royal Caribbean isn't it.
Investor interest in other cruise equities is relevant for another reason. Historically, market participants, even some pros, have shown reluctance to own all of the big three cruise stocks -- Carnival (NYSE: CCL), Norwegian Cruise Line Holdings (NYSE: NCLH), and Royal Caribbean -- at once. Throw in Viking Holdings (NYSE: VIK), which went public in May 2024, and there are more options for investors to evaluate, potentially making Royal Caribbean's elevated cost of admission look all the more unappealing.
At the end of the day, Royal Caribbean is a difficult name on which to be overtly bearish or call a clear "sell," but like its peers, it's beholden to consumer sentiment and macroeconomic data. That could be a sign that a better port of call will avail itself, opening the door for investors to get involved ahead of 2026 ship debuts and further out additions to the company's roster of land-based destinations.
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Todd Shriber has no position in any of the stocks mentioned. The Motley Fool recommends Carnival Corp. and Viking. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.