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☆ How a boutique bank that rode last year's healthcare M&A streak into the big leagues plans to continue to compete with the JPMorgan's of the world
▼ + stars: | 2024-03-13 | by ( Reed Alexander | ) www.businessinsider.com time to read: +9 min

It was more than double the value of the next-largest deal, a Japanese healthcare merger that clocked in at $22 billion. And, for its part, Seagen tapped advisors at two boutique firms: Centerview and MTS Health Partners. "We want to be the preeminent healthcare bank. Last year, during a healthcare M&A boom that's expected to continue this year, the bank onboarded 14 new staffers, including the partners, a company spokesperson said. Advertisement"We are absolutely in growth mode looking to have high-quality bankers who are capable of generating business off of this platform without all the accoutrements of a big bank," Weisenfeld continued.

Persons: Seagen, Andrew Weisenfeld, Goldman Sachs, Morgan Stanley, Dealogic, Weisenfeld, —, Curtis Lane, Bear, Daun Chung, Ryan Stewart, Reed Alexander Organizations: Service, Pfizer, Guggenheim, Centerview, MTS Health Partners, MTS, Goldman, JPMorgan, Bank of America, Partners, CTI, New, Bear Stearns, London Stock Exchange, Seagen, Medicines, Novartis, Chase Securities, Health Partners, Guggenheim Securities, Triple, SVB Securities, Solomon Partners, Citigroup Locations: Wall, New York City, Seattle

☆ These 28 regional and community banks exceed regulators' threshold for high commercial real estate concentration risk: here's what's really at stake.
▼ + stars: | 2024-03-09 | by ( Laila Maidan | ) www.businessinsider.com time to read: +12 min

But where banks' exposure to commercial real estate is concerned, locating that fire may be difficult. Rising interest rates quickly increased the cost of borrowing for investors in commercial real estate, including offices and multifamily homes. It doesn't reveal details such as borrowers' track records, said Mark Hillis, a former chief risk officer for commercial real estate at JPMorgan. There's also varying concentration risk: the largest banks with commercial real estate exposure are more diversified, meaning that any losses won't be as devastating, Baker said. "We think very few banks will run into issues just from their commercial real estate exposure," Reidy said.

Persons: Michael Barr, Jerome Powell, Todd Baker, Mark Hillis, Clifford Rossi, Robert H, Rossi, Baker, There's, Hillis, multifamily, haven't, You'll, Banks, you'll, Rebel Cole, NYCB, Matt Reidy, Reidy, Cole Organizations: Federal Reserve, Business, York Community Bank, SEC, Richman Center for Business, Law, Columbia University, JPMorgan, Smith, Smith School of Business, University of Maryland, Mortgage Banker's Association, Bank, Signature Bank, First, Countrywide Bank, Washington Mutual, Citigroup, multifamily, Florida Atlantic University, Federal, Regulators, TCRE, Equity RCRE, Community Bank, Provident Bank NJ, Merchants Bank of Indiana, Apple Bank for Savings, Oceanfirst Bank, Independent Bank, Lakeland Bank NJ, Ozk, Washington Federal Bank WA, Axos Bank, Sandy Spring Bank, Columbia Bank NJ, Farmers, Merchants Bank of CA, Popular Bank, Pacific Premier Bank, United Bank, Trust, Rockland Trust, Umpqua Bank, ServisFirst Bank, Bell Bank, Stellar Bank, National Bank of, National Bank of Florida FL, New York Community Bank Locations: multifamily, Basel, CRE, California, Rockland, National Bank of Florida

☆ The 4 most important things we're watching in the stock market this coming week
▼ + stars: | 2024-01-20 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Fortunately, we'll get useful information in the coming weeks as earnings season ramps up and updated inflation data is released. We really want to see more supply come into the market to provide some relief on shelter costs. Looking to next week, we'll get a several key economic updates and a ramp up of earnings releases. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Morgan Stanley, we'll, Procter & Gamble, we've, We're, we're, We'll, Forex, Brown, BRO, Zions, CrossFirst, Johnson, Lockheed Martin, Horton, ERIC, Baker Hughes, Abbott, ABT, Clark, BOK, Monro, Simmons, United Community Banks, Lam, Ethan Allen Interiors, Raymond James Financial, Sherwin, Williams, Northrop, Murphy, Arthur J, Levi Strauss, LEVI, Booz Allen, Jim Cramer's, Jim Cramer, Jim, John Gress Organizations: Nasdaq, Microsoft, Nvidia, Tesla, Apple, Bank of America, Reserve, Procter, Gross, Citigroup, of Hawaii, United Airlines, Logitech International S.A, AGNC Investment, Agilysys Inc, Great Southern Bancorp, Enterprise Financial Services, Independent Bank, Home Bancorp, RBB Bancorp, TrustCo Bank Corp, Gamble Co, Verizon Communications, 3M Company, General Electric Co, GE, RTX Corporation, Halliburton Company, HAL, Lockheed, Ericsson, Bank, GATX Corporation, MakeMyTrip, National Bancorp, Synchrony, Webster, Atlantic Union Bankshares Corporation, Invesco PLC, Peoples Bancorp Inc, Sandy Spring Bancorp, Netflix, Texas Instruments Incorporated, Steel Dynamics, Canadian National Railway Company, NBT Bancorp, East West Bancorp, Covenant Logistics Group, Inc, Hanmi, National Bank Holdings Corporation, Premier Financial, QCR Holdings, Renasant Corporation, Triumph, Veritex Holdings, ASML, SAP, Textron, Oriental Education, Technology Group, First BanCorp, General Dynamics, OFG Bancorp, Prosperity, TE Connectivity, United Community, Blue Foundry Bancorp, Capitol Federal, HBT, Teledyne Technologies, Business Machines, IBM, Las Vegas Sands Corp, Lam Research, United Rentals, Berkley Corp, Crown, International, Packaging Corporation of America, Seagate Technology plc, CACI, Swift Transportation Holdings, Ameriprise Financial, Concentrix Corporation, First Bank, Liberty Energy, Pathward Financial, Columbia Banking, CSX, American Airlines Group, NextEra Energy Inc, Alaska Air Group, Dow Chemical Co, Valero Energy, Southwest Airlines Co, Nextera Energy, Williams Co, Union Pacific, Applied Industrial Technologies, Mobileye, Northrop Grumman, Comcast, Nokia, TAL Education, McCormick & Company, Intel, Visa Inc, Gallagher, Co, KLA Corporation, Western Alliance, Mobile, L3Harris Technologies, Western, Olin Corporation, American Express Co, Booz, Booz Allen Hamilton Holding, Colgate, Palmolive Co, Norfolk Southern Corporation, Jim Cramer's Charitable, CNBC, Gamble's Locations: Procter &, U.S, China, ZION, Freeport, Kimberly, Las, W.R, Chicago

☆ UK inflation has halved this year but economic growth remains elusive
▼ + stars: | 2023-11-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —UK inflation plunged to its lowest level in two years in October, allowing Prime Minister Rishi Sunak to declare victory on his pledge to halve the rate of price increases this year. Services inflation fell but remained high, at 6.6%. “The UK economy is still very much facing stagflation and, in our view, the road ahead will likely continue to be bumpy,” said Julien Lafargue, chief market strategist at Barclays Private Bank. Stagflation refers to a toxic mix of high inflation and low, or no, economic growth. There is also evidence that higher interest rates are placing an increasing strain on the economy.

Persons: Rishi Sunak, “, ” Sunak, Gary Smith, GMB, ”, Andrew Bailey, Alex Veitch, Sunak’s, —, Julien Lafargue, ” Ewan Mackay, Jeremy Hunt, Veitch Organizations: London CNN —, National Statistics, Bank of England, Chambers of Commerce, “, Barclays Private Bank, NatWest, Accenture, P, British Chambers of Commerce Locations: United Kingdom, Ireland, British

Tucker told officials an "ice-breaking" spirit adopted by British businesses historically would help the UK and China overcome challenges and geopolitical tensions, a bank statement published on Wednesday said. HSBC will make key investments in its asset management arm in China this year, including launching new teams dedicated to green assets and fixed income, the first of the two sources and a third source with knowledge of the matter said. HSBC has stepped up expansion in China despite criticism from some lawmakers in the West of the bank's conduct in the region. HSBC said last week it was "open to opportunities" to expand its businesses in China, after its local partner put a 31% stake in its HSBC Jintrust Fund Management joint venture on the block. HSBC's green finance push builds on its acquisition of Hong Kong-based specialist asset manager Green Transition Partners in January, when the bank said it planned to grow its green infrastructure services across the Asia-Pacific region.

Persons: Mark Tucker, Tucker, Xi Jinping, HSBC's Tucker, Noel Quinn, Iain Withers, Sinead Cruise, Selena Li, Mark Potter Organizations: HSBC, Ping An Insurance, Morningstar, Beijing, Credit Suisse, UBS, Reuters, HSBC Jintrust Fund Management, Green Transition Partners, Hong, Thomson Locations: HONG KONG, China, Beijing, Asia, Western, West, Hong Kong, Pacific, London

☆ UK govt says country's banking system safe and sound, after First Republic collapse
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: 1 min

LONDON, May 1 (Reuters) - Britain's finance ministry said on Monday that the country's banking system remained safe, sound and well capitalised, after First Republic Bank (FRC.N) became the third major U.S. bank to fail in two months. "As the independent Bank of England has confirmed, the UK banking system remains safe, sound and well capitalised," a spokesperson for the Treasury said via e-mail. The spokesperson also said First Republic was "a matter for U.S. authorities". Reporting by Muvija M; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ What’s next for troubled First Republic Bank
▼ + stars: | 2023-04-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —First Republic Bank is still an independent bank. The FDIC had already done so with two other similar sized banks just last month — Silicon Valley Bank and Signature Bank — when runs on those banks by their customers left the lenders unable to cover customers’ demands for withdrawals. Nervous major depositorsThe financial report showed depositors had withdrawn about 41% of their money from the bank during the first quarter. In its earnings statement, the bank said insured deposits declined moderately during the quarter and have remained stable from the end of last month through April 21. So when customers lose confidence in a bank and rush to withdrawal their money, what is known as a “run on the bank,” it can cause even an otherwise profitable bank to fail.

LONDON, March 30 (Reuters) - A suspension of Kurdistan's oil exports has halted repayments via crude cargoes of $6 billion owed to energy traders including Vitol and Petraco by the semi-autonomous Iraqi region, trading sources told Reuters. The suspension means Kurdistan cannot repay debts with crude oil supplies and alternative schemes have not been put in place. "Let's work out a breakthrough to the oil exports issue and then other issues could be addressed under less pressure," he said. An Iraqi oil ministry legal adviser familiar with the discussions with Kurdistan said Baghdad wants to run oil exports via its state marketing firm SOMO and wants oil sales revenues to be deposited in an independent bank account. Another Iraqi oil ministry official said no progress has been yet made on the debt issue.

☆ UBS's Credit Suisse deal was the best solution says Swiss gov't
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

Keller-Sutter, who said she held a Credit Suisse bank account, said the worst case had been avoided. This is a commercial solution because UBS is taking over Credit Suisse," she told a press conference in Bern. "The bankruptcy of Credit Suisse would have had a huge collateral damage - on the Swiss financial market also internationally," she said. He said it was far too early to discuss job cuts at Credit Suisse, but he was very positive about Credit Suisse's Swiss business. His upbeat tone contrasted with Credit Suisse Chairman Axel Lehmann, who was emotional when he spoke about the demise of 167-year-old Credit Suisse as an independent bank.

Feb 27 (Reuters) - Three banks agreed to pay $1.35 billion to resolve litigation by former Allen Stanford investors who accused them of contributing to the imprisoned financier's massive Ponzi scheme. Canada's Toronto-Dominion Bank <TD.TO> will pay $1.205 billion, HSBC Holdings Plc (HSBA.L) will pay $40 million and Independent Bank Group Inc (IBTX.O) , formerly Bank of Houston, will pay $100 million. They avert a trial that had been scheduled for Monday in Houston federal court, where TD, HSBC and Independent Bank were the last remaining defendants. Two other defendants, France's Societe Generale SA (SOGN.PA) and Mississippi-based Trustmark Corp (TRMK.O), settled for a respective $157 million and $100 million earlier this year. Independent Bank expects to recognize a $100 million first-quarter expense for its settlement, a regulatory filing shows.

☆ TD Bank reaches $1.2 billion settlement in Ponzi scheme lawsuit
▼ + stars: | 2023-02-27 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —TD Bank will pay $1.2 billion to settle a lawsuit alleging its involvement in an infamous $7 billion Ponzi scheme orchestrated by disgraced financier Allen Stanford more than a decade ago. The lawsuit claimed TD Bank collected these deposits in US and Canadian dollar values and continuously ignored red flags about the Antigua-based bank over the years. “TD provided primarily correspondent banking services to Stanford International Bank Limited and maintains that it acted properly at all times,” the bank said. Additionally, HSBC will pay $40 million and Independent Bank, formerly Bank of Houston, will pay $100 million, the receivership’s counsel confirmed. Societe Generale reached a settlement of $157 million and Trustmark agreed to pay $100 million earlier this year.

Feb 21 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $157 million to settle a lawsuit accusing the French bank and several other banks of contributing to imprisoned Ponzi schemer Allen Stanford's estimated $7.2 billion fraud. The payout was disclosed on Tuesday in a filing in Houston federal court, and requires a judge's approval. Societe Generale denied wrongdoing, and settled to avoid the burden, "very substantial expense" and risk of litigation, settlement papers show. The banks have denied wrongdoing, saying they provided routine services to Stanford's bank and did not know about his fraud. Another bank, Mississippi-based Trustmark Corp (TRMK.O), reached a $100 million settlement of similar claims.

☆ Boies, co-counsel move to grab control of all private FTX cases
▼ + stars: | 2023-02-13 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Judicial Panel on Multidistrict Litigation, that the judge overseeing their Miami cases, U.S. District Judge Michael Moore, has already proven in their brand ambassador cases that he can steer FTX cases quickly and efficiently. Not everyone pursuing claims on behalf of FTX customers agrees with Boies and Moskowitz. (To be clear, these private cases are different from cases that could be brought by a court-appointed receiver or trustee in FTX’s Chapter 11 bankruptcy.) If the cases go to California, the California slate is a likelier candidate. It will be a few months before any ruling on the Boies and Moskowitz consolidation petition.

The U.S. Department of Justice's bankruptcy watchdog has urged U.S. Bankruptcy Judge John Dorsey, who is overseeing FTX's Chapter 11, to appoint an independent examiner to investigate allegations of "fraud, dishonesty, incompetence, misconduct, and mismanagement" that are "too important to be left to an internal investigation." FTX says an examiner would merely duplicate work already being done by FTX, its creditors, and law enforcement agencies. FTX's founder Sam Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his Alameda Research hedge fund, has pleaded not guilty to fraud charges. FTX's official creditors committee has sided with FTX, saying the proposed investigation is redundant. State securities regulators in Texas, Vermont and Wisconsin supported the Justice Department's bid, saying a neutral report would benefit creditors and customers.

☆ Alex Murdaugh's banker convicted for role in alleged scheme to steal money from clients' legal settlements
▼ + stars: | 2022-11-23 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

Former Palmetto State Bank CEO Russell Laffitte was allowed to remain free on bail as he awaits sentencing at a later date. Former Palmetto State Bank CEO Russell Laffitte exits federal court in Charleston, S.C. on Sept. 6. Laffitte loaned Murdaugh and himself money from those settlements, diverting that money from personal injury or death cases. An employee at Laffitte’s bank testified she confronted Murdaugh about missing fees from one of his cases hours before the killings. More than a third of the witnesses in Laffitte’s trial were his relatives, with most of them testifying for prosecutors.

☆ A blue-collar worker who retired early thanks to real estate investing bought his first rental property by taking out a home equity line of credit. Here's how HELOCs work and how they can be used to b
▼ + stars: | 2022-10-15 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +9 min

A home equity line of credit lets you borrow against your home's most current appraised value. To fund his very first investment property — a $100,000 single-family home in Shenandoah Valley, Virginia — he took out a home equity line of credit (HELOC). How HELOCs workA home equity line of credit lets you borrow against your home's most current appraised value to access cash. Using a HELOC to build wealthAs previously mentioned, you can use HELOC money to finance anything. Bryce DeCora, a 30-year-old Washington-based real estate investor, took out a home equity line of credit to expand his property portfolio and ended up becoming an "Airbnb millionaire."

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