CINCINNATI--(BUSINESS WIRE)--Nov 21, 2024--
Fifth Third Bank directors Laurent Desmangles and Linda W. Clement-Holmes have been named to Savoy Magazine’s2024 Most Influential Corporate Directors list.
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Published in Savoy Magazine ’s Fall/Winter edition, the list is comprised of executives, influencers and achievers who serve on the boards of the world’s leading corporations and organizations. Clement-Holmes was also named to the list in 2021.
With a career spanning more than 30 years, Desmangles is a retired senior partner and managing director at Boston Consulting Group and a former director of financial institutions at Oliver Wyman. He has extensive experience in advising large financial services organizations on corporate strategy, large scale transformation, digital and analytics innovation and change management.
Desmangles sits on Fifth Third’s nominating and corporate governance, risk and compliance, and technology committees. He is also a member of the Board of Advisors of the International Rescue Committee and Vice Chair of Let’s Get Ready.
Clement-Holmes is recognized as a leader in information technology, information security and digital and IT strategy as well as a pioneer in diversity and inclusion. She serves on Fifth Third’s board as a member of the audit, human capital, compensation, and technology committees.
As the retired chief information officer at The Procter & Gamble Company, Clement-Holmes has been listed in Computerworld's Premier 100 IT Leaders, Uptown Professional's Top 100 Executives, and Black Enterprise magazine's Top Executives. A fellow at the IT Senior Management Forum, she is a recipient of numerous awards, including the Howard University Global Visionary Leadership Award. In addition to serving on Fifth Third’s board, she serves on the board of Cincinnati Financial Corporation.
The full 2024 Most Influential Corporate Directors list is available online at SavoyNetwork.com.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies ® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
About Savoy Magazine
Savoy Magazine is a leading publication celebrating the African American lifestyle and culture. Covering a wide range of topics from business and politics to entertainment and style, Savoy serves as a critical platform for showcasing the richness of the Black experience. Distributed globally through subscriptions and newsstands, Savoy is a key influencer in driving meaningful discourse in the African American community.
Linda W. Clement-Holmes (Photo: Business Wire)
Laurent Desmangles (Photo: Business Wire)
NEW YORK (AP) — U.S. stocks are holding relatively steady Thursday after market superstar Nvidia and another round of companies said they’re making fatter profits than expected.
The S&P 500 was 0.1% higher, as of 9:35 a.m. Eastern time. The Dow Jones Industrial Average rose 63 points, or 0.1%, and the Nasdaq composite gained 0.1%. The moves were part of a busy day for financial markets worldwide, as crude oil prices continued to rise and bitcoin broke above $98,000.
Nvidia rose 1.6% after yet again topping analysts’ estimates for profit and revenue thanks to voracious demand for its chips used in artificial-intelligence technology. It also gave a forecast for revenue in the current quarter that topped most analysts’ expectations.
Its stock initially sank in afterhours trading late on Wednesday after Nvidia released its results, which some investors said might be because the market was looking for its revenue forecast to top analysts’ median estimate by even more. But its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another “flawless” performance by Nvidia and CEO Jensen Huang, whom Ives calls “the Godfather of AI.”
How Nvidia’s stock performs has tremendous impact on indexes because it’s grown into Wall Street’s most valuable company at nearly $3.6 trillion. That means a 1% move for it packs more weight on the S&P 500 than a 1% move for any other stock.
Its huge gains, with its stock roughly tripling so far this year, also leave it open to criticism that its price has climbed too much, too quickly and become too expensive.
The frenzy around AI is sweeping up other stocks, not just Nvidia, and Snowflake jumped 28%, after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected.
BJ’S Wholesale Club added 0.3% after likewise delivering a bigger profit than expected. That may help calm worries about how strong U.S. shoppers can remain, given high prices across the economy and still-high interest rates. A day earlier, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart, which gave a much more encouraging outlook.
Helping to keep Wall Street in check was Google’s parent company, Alphabet. It fell 3.8% after U.S. regulators asked a judge to break up the tech giant by forcing it to sell its industry-leading Chrome web browser. In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine.
Regulators stopped short of demanding Google sell Android but left the door open to it if the company’s oversight committee continues to see evidence of misconduct.
Drops for other Big Tech stocks also weighed on the overall market, including slides of 0.9% for Apple, 1% for Amazon and 1.2% for Meta Platforms.
In the oil market, a barrel of benchmark U.S. crude rose 1.6% to bring its gain up to 4.2% for the week. Brent crude, the international standard, climbed 2%.
Oil has been rising amid escalations in the Russia-Ukraine war. After the Biden administration allowed Ukraine to attack Russia with longer-range American-made ATACMS missiles, Russian President Vladimir Putin lowered the threshold for using his nuclear arsenal, with the new doctrine announced this week permitting a potential nuclear response by Moscow even to a conventional attack on Russia by any nation that is supported by a nuclear power.
In stock markets abroad, Shares of India’s Adani Enterprises plunged nearly 23% Thursday after the U.S. charged founder Gautam Adani, 62, in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The Indian businessman and one of the world’s richest people is accused of duping investors by concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme.
Indexes elsewhere in Asia and Europe were mixed.
In the crypto market, bitcoin is trading around $97,500 after eclipsing $98,000 for the first time. It’s more than doubled this year so far, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin.
In the bond market, Treasury yields were holding relatively steady. The yield on the 10-year Treasury edged down to 4.40% from 4.41% late Wednesday.
AP Business Writers Matt Ott and Yuri Kageyama contributed.
FILE - People walk under a sidewalk shed near the New York Stock Exchange on Oct. 30, 2024. (AP Photo/Peter Morgan, File)
The facade of the New York Stock Exchange is illuminated on Tuesday, Nov. 19, 2024. (AP Photo/Peter Morgan)
People walk by monitors showing Japan's Nikkei 225 index and Japan's foreign exchange rate against the U.S. dollar at a securities firm in Tokyo, Thursday, Nov. 21, 2024. (AP Photo/Hiro Komae)
Travelers walk by monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Thursday, Nov. 21, 2024. (AP Photo/Hiro Komae)
A woman covering herself from the rain walks by monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Thursday, Nov. 21, 2024. (AP Photo/Hiro Komae)
People walk by monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Thursday, Nov. 21, 2024. (AP Photo/Hiro Komae)
A woman walks by a monitor showing Japan's foreign exchange rate against the U.S. dollar at a securities firm in Tokyo, Thursday, Nov. 21, 2024. (AP Photo/Hiro Komae)
