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Factbox: Bank of America's next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.94   time to read: +1 min
(Reuters) - Bank of America Corp Chief Executive Brian Moynihan has been at the helm for more than a decade, having guided the bank out of a financial crisis and transformed it into a nimbler operation. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Last year, Bank of America promoted eight next-generation executives to senior management. Any of the 23 people on that team could, in theory, be the next CEO, though recruiters and insiders pointed to a handful as more likely than others. Others who were front-runners in past management shuffles are now likely too old to become CEO when Moynihan retires, the recruiters and insiders said.
Persons: Brian Moynihan, Carlo Allegri, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy Organizations: Reuters, Bank of America Corp, of America, REUTERS, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co Locations: Manhattan, New York City , New York, U.S, Wells
NEW YORK (Reuters) - When Brian Moynihan took the reins at Bank of America Corp in 2010, the U.S. bank was reeling. Since then, Moynihan, 61, has not just righted the ship, but transformed Bank of America, leaving analysts, industry people and some investors wondering what - and who - comes next. That leaves Moynihan with a new challenge over the next few years: determining who would best replace him, and marketing that person to the world without alienating other senior executives. Yet it leaves Moynihan as the longest-tenured CEO on Wall Street who has not offered a crisp idea of who is next, analysts said. “Now that he has four or five years of runway left, investors should be rightfully saying, ‘Hmmm,’” said one former bank employee.
Persons: Brian Moynihan, Shannon Stapleton, Moynihan, , , Sydney Finkelstein, Ken Lewis, Finkelstein, “ You’re, ” Moynihan, Piper Sandler, Jeffery Harte, , ’ ”, Raul Anaya, Dean Athanasia, Cathy Bessant, Steve Boland, Alastair Borthwick, Jim DeMare, Andy Seig, PNC’s Mike Lyons, Mark Chancy, Moynihan’s, Tom Montag, Montag, Warren Buffett, ” Buffett Organizations: YORK, Bank of America Corp, Bloomberg Global Business, REUTERS, of America, Bank of America’s, Dartmouth’s Tuck School of Business, Bank of America, Wall, Bank of, Justice Department Locations: U.S, New York City , New York, Bank
FACTBOX-Bank of America's next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.99   time to read: +1 min
Last year, Bank of America promoted eight next-generation executives to senior management. Any of the 23 people on that team could, in theory, be the next CEO, though recruiters and insiders pointed to a handful as more likely than others. Alastair Borthwick, president of global commercial banking and head of wholesale credit. Mark Chancy, formerly of SunTrust Banks Inc and now a Wells Fargo & Co director. Others who were front-runners in past management shuffles are now likely too old to become CEO when Moynihan retires, the recruiters and insiders said.
Persons: Brian Moynihan, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy Organizations: Bank of America Corp, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co Locations: Wells
Robinhood and Didi to Kick Off a Hot IPO Summer
  + stars: | 2021-06-10 | by ( Corrie Driebusch | ) www.wsj.com sentiment -0.91   time to read: +1 min
The IPO market is set to be scorching hot this summer. Public filings are looming for Chinese ride-sharing company Didi Chuxing Technology Co. and Robinhood Markets Inc., two of the most hotly anticipated initial public offerings of 2021, people familiar with the matter said. Fund managers, venture capitalists, bankers and lawyers said they are busier than they have been in decades at this time of year, which is usually quieter. Some bankers estimated that from June through August, U.S.-listed IPOs could raise upward of $40 billion. That doesn’t include money raised by special-purpose acquisition companies, or SPACs, which were going gangbusters earlier this year but have slowed.
Persons: Didi Chuxing, , Jim Cooney Organizations: Robinhood, Inc, Fund, IPOs, Bank of America Corp Locations: U.S
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. Bob Elfring is re-entering the M&A arena three years after leaving Bank of America where he led corporate and investment banking across EMEA between 2012 and 2018, according to a memo seen by Reuters. Elfring has extensive knowledge of the Dutch market having started his career at ABN AMRO (ABNd.AS) in the capital markets and syndicate group in Amsterdam. Before joining Bank of America, Elfring - who recently became an adviser to private equity firm CVC Capital Partners - worked at Credit Suisse (CSGN.S), where he was responsible for the investment banking coverage in Northern Europe and Benelux. At JPMorgan he will report to the bank's co-heads for EMEA investment banking, Dorothee Blessing and Conor Hillery.
Persons: Morgan Chase, Mike Segar JPMorgan, Bob Elfring, Cassander Verwey, Elfring, Amsterdamse, Lehman, Conor Hillery Organizations: Co, New York City, REUTERS, Mike Segar JPMorgan Chase &, Bank of America Corp, Bank of America, Reuters, ABN AMRO, Rabobank, Prosus NV, Tencent Holdings, HK, Capital Partners, Credit Suisse, Lehman Brothers, JPMorgan, Thomson Locations: New York, Europe, East, Africa, Britain, Benelux, Netherlands, Amsterdam, Northern Europe, Switzerland
Formed in 1994, One Treasure Island is part of an effort to build about 8,000 new homes on its namesake island, including about 2,000 affordable-housing units. One Treasure Island is part of an effort to build about 8,000 new homes on its namesake island, including about 2,000 affordable-housing units. Reporting the theft as soon as she found out about it didn’t get results for Ms. Williams. Of the $650,000 missing, One Treasure Island has recovered around $37,000 from the frozen account. “Ultimately, I was discouraged by our trip because I didn’t feel like we accomplished very much,” Ms. Williams said.
Persons: Sherry Williams, hadn’t, Alain McLaughlin, , Williams, Kelvin Coleman, Eric Risberg, Federal Bureau of Investigation didn’t, Al Drago, FBI hasn’t, Doree Friedman, “ We’ve, John Bennett, Kroll, Bennett, Shmuel Thaler, Sounil Yu, Yu, didn’t, Vinicio Castro, Cengiz Yar, Castro, Frost, Ms, Joseph Neumann, Friedman, ” Ms, , James Rundle Organizations: Navy, Federal Bureau of, Colonial Pipeline Co, SolarWinds Corp, Microsoft Corp, FBI, National Cyber Security Alliance, Press, Frost Bankers Inc, Federal Bureau of Investigation, Bloomberg, Kroll Inc, Authorities, Associated, JupiterOne Inc, Bank of America Corp, Odessa Police Department, Frost Bank, Coalfire Systems Inc Locations: San Francisco Bay, Treasure, Bay, Odessa , Texas, California, Odessa, San Francisco, Cullen, Texas, New Mexico, U.S, james.rundle
Meme stocks got the name because their explosion in trading volume stems from interest and promotion on social media. Some Wall Street banks, including Bank of America Corp, Citigroup Inc and Jefferies Financial Group LLC, have tightened their rules for who can bet against some meme stocks, Bloomberg reported Friday, citing people familiar with the moves. read moreSECOND SHARE OFFERINGMeanwhile, several AMC executives on Friday reported personal stock sales totaling more than 88,0000 shares after the close of trading. "We expect significant volatility in shares of AMC to continue, driven by trading momentum unrelated to AMC's fundamentals," Reese said. Shares of meme stocks GameStop and Koss Corp (KOSS.O) were down 3.8% and 12.6%, respectively.
Persons: Dennis Dick, Ihor Dusaniwsky, Carlo Allegri Read, Ameritrade, Alicia Reese, Reese, Organizations: AMC Entertainment, AMC, Bright Trading, GameStop, S3 Partners, Bank of America Corp, Citigroup Inc, Jefferies Financial, Bloomberg, REUTERS, AMC Entertainment Holdings, BlackBerry, Koss Corp, Thomson Locations: Manhattan, New York City , New York, U.S
Morgan Stanley Expands Use of Cloud in Tech Modernization
  + stars: | 2021-06-02 | by ( Sara Castellanos | ) www.wsj.com + 0.00   time to read: +4 min
Morgan Stanley is shifting some of its core workloads to Microsoft Corp.’s Azure cloud platform as part of a move to accelerate the modernization of its information technology environment. Morgan Stanley said it would move some compute-intensive applications to the cloud, such as risk systems that perform billions of calculations daily. For example, they will work to develop higher levels of encryption for Azure’s data lake, which is a centralized repository for storing data, Mr. Rooney said. “For us to take the next big step, [cloud services providers] are not fully there,” Mr. Rooney said. Though Mr. Silva doesn’t see banks migrating all of their workloads to cloud: “But they will create operating environments that span on-premise, private, and public cloud, probably with multiple cloud services providers,” he said.
Persons: Morgan Stanley, Rob Rooney, Mr, Rooney, ” Mr, Banks, , Jason Malo, , Scott Guthrie, Jerry Silva, Silva, — Angus Loten Organizations: Microsoft Corp, Engineers, Gartner Inc, Microsoft, International Data Corp, Bank of America Corp, Business Machines Corp
Wall Street bank chiefs touted the role their institutions have played in getting the pandemic-hit U.S. economy back on track and in promoting diversity and racial justice as they appeared before Congress on Wednesday. More than a decade after the 2008 financial crisis, the chief executives believe they have a good story to tell after getting $69 billion of COVID-19 aid to 850,000 struggling small businesses. Senator Sherrod Brown, a Wall Street critic who became chair of the Committee following Democratic gains during the 2020 election, signaled he would not go easy on the Wall Street lenders, saying their success navigating the pandemic was not enough. "Under the current system, Wall Street profits no matter what happens to workers, because those profits now come at the expense of workers," he told the CEOs in his opening remarks. Lawmakers are also likely to seek answers on evidence that lenders discriminated against some borrowers when distributing pandemic aid, whether Wall Street's wealthy pay enough taxes, and to justify stock buy backs.
Persons: Wells, Goldman, Morgan Stanley, Jamie Dimon, Jane Fraser, Fraser, Morgan Stanley's James Gorman, Fargo's Charles Scharf, Bank of America's Brian Moynihan, Goldman Sachs, David Solomon, Sherrod Brown, Wall, Patrick Toomey Organizations: Banking, JPMorgan Chase &, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs, JPMorgan, Citigroup, Bank of America's, Democratic, Republican, Thomson
Wall Street bank chiefs were grilled by lawmakers over worker pay, executive compensation, climate change, wealth inequality, racial justice and the broader economy as they appeared before Congress on Wednesday during a frequently hostile hearing. In their opening testimonies, the CEOs were quick to highlight their pandemic relief efforts, their institutions' resilience, and initiatives' to address diversity and inequality. Citigroup chief Jane Fraser, the first woman to become a Wall Street bank CEO, acknowledged the pressing need to address "systemic inequities" including racial injustice and wealth inequality. Senator Sherrod Brown, a Wall Street critic who became chair of the Committee following Democratic gains during the 2020 election, took a tough line on the Wall Street bosses, saying their success navigating the pandemic was not enough. It's a bunch of baloney," she told Dimon in a fiery exchange for which the Massachusetts Senator has become renowned during hearings.
Persons: Wells, Goldman, Morgan Stanley, MS.N, Jamie Dimon, Jane Fraser, Fraser, Morgan Stanley's James Gorman, Fargo's Charles Scharf, Bank of America's Brian Moynihan, Goldman Sachs, David Solomon, Sherrod Brown, Dimon, Elizabeth Warren, Wall, Patrick Toomey Organizations: JPMorgan Chase &, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs, Committee, JPMorgan, Citigroup, Bank of America's, Democratic, Street, Republican, Thomson Locations: Massachusetts, Georgia
Wall Street bank chiefs were grilled by lawmakers over worker pay, executive compensation, climate change, wealth inequality, racial justice and the broader economy as they appeared before Congress on Wednesday during a frequently hostile hearing. The bank CEOs performed well enough." Citigroup chief Jane Fraser, the first woman to become a Wall Street bank CEO, acknowledged the pressing need to address "systemic inequities" including racial injustice and wealth inequality. Senator Sherrod Brown, a Wall Street critic who became chair of the Committee following Democratic gains in the 2020 election, took a tough line on the Wall Street bosses, saying their success navigating the pandemic was not enough. The CEOs also got heat from progressive lawmakers over evidence that lenders discriminated against some borrowers when distributing pandemic aid and continued charging customers fees even as the lenders were enjoying federal regulatory breaks.
Persons: Wells, Goldman, Morgan Stanley, MS.N, Seiberg, Jamie Dimon, Jane Fraser, Fraser, Morgan Stanley's James Gorman, Fargo's Charles Scharf, Bank of America's Brian Moynihan, Goldman Sachs, David Solomon, Sherrod Brown, Dimon, Elizabeth Warren, Warren, Wall, Patrick Toomey Organizations: JPMorgan Chase &, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs, Committee, Cowen Washington Research Group, JPMorgan, Citigroup, Bank of America's, Democratic, Street, Republican, Thomson Locations: Georgia
JPMorgan collected more overdraft fees than its immediate competitors, Warren said. It's a bunch of baloney," Warren told Dimon in a fiery exchange during which the pair, at times, spoke over each other. Dimon responded that JPMorgan waived overdraft fees for customers who asked. When Warren asked Dimon if the bank would refund the fees, he flatly said, "No." REUTERS/File Photos Read More"We believe this exchange only improves the prospects that the (Consumer Financial Protection Bureau) will look at further limits on overdraft fees," wrote Jaret Seiberg, an analyst at Cowen Washington Research Group.
Persons: Elizabeth Warren, Jamie Dimon, Warren, Dimon, Brian Moynihan, Jane Fraser, Wells, Charles Scharf, David Solomon, Morgan Stanley, James Gorman, Banks, JPMorgan, Goldman Sachs, Seiberg, Sherrod Brown Organizations: Wednesday, JPMorgan Chase &, Senate, JPMorgan, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs, CNBC, JPMorgan Chase, Bank of America, Reuters, Consumer Financial, Cowen Washington Research Group, Financial, Democratic Party, Street, Democratic, Thomson Locations: Warren, Wells Fargo, Citigbank, Georgia
Bank CEOs Navigate Partisan Strife Over Voting Rules, Climate Change
  + stars: | 2021-05-26 | by ( Andrew Ackerman | Orla Mccaffrey | ) www.wsj.com sentiment -0.98   time to read: +1 min
WASHINGTON—The chief executives of the six largest U.S. banks drew fire from both Republicans and Democrats at a Senate hearing that highlighted challenges facing corporate leaders seeking to navigate partisan strife over hot-button issues including voting rules, climate change and racial justice. In sometimes tense exchanges Wednesday before the Senate Banking Committee, CEOs including JPMorgan Chase & Co.’s Jamie Dimon, Citigroup Inc.’s Jane Fraser and Wells Fargo & Co.’s Charles Scharf were criticized by Democrats for perceived faults, including excessive executive compensation and overdraft fees. Mr. Dimon pushed back against criticism over his $31.7 million compensation package in 2020. “My compensation is set by the board; they look at multiple factors,” he said. He defended worker pay, saying his firm takes “very good care of our people” in terms of training, healthcare and retirement benefits.
Persons: WASHINGTON —, Jamie Dimon, , Jane Fraser, Wells, Charles Scharf, Sherrod Brown, Dimon, , , Brian Moynihan Organizations: Republicans, Democrats, Senate, Banking, JPMorgan Chase &, Citigroup Inc, Wells Fargo & Co, JPMorgan, Bank of America Corp Locations: , Ohio
Morgan Stanley boss acknowledges slow progress on diversity
  + stars: | 2021-05-25 | by ( Matt Scuffham | ) www.reuters.com sentiment -0.94   time to read: +2 min
James Gorman, chairman & CEO of Morgan Stanley, testifies before a House Financial Services Committee hearing on "Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 Years After the Financial Crisis" on Capitol Hill in Washington, U.S., April 10, 2019. read moreAhead of the hearing, Morgan Stanley was asked to assess its successes and failures recruiting a diverse workforce generally and at the senior executive level specifically. "I acknowledge that progress in this area has been slow for us and we can and should do better," Gorman said. Morgan Stanley faced criticism from some advocacy groups last week following a reshuffle of senior management which positioned four white men as potential successors to Gorman, who has run the bank since 2010. read moreAchieving greater diversity remains a key priority for Morgan Stanley, Gorman said. The Senate Banking and House Financial Services committees will hear from the chief executives of JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N), Citigroup, Wells Fargo & Co (WFC.N), Goldman Sachs Group (GS.N) and Morgan Stanley on Wednesday and Thursday.
Persons: James Gorman, Morgan Stanley, Aaron P, Bernstein Morgan Stanley's, Gorman, Jane Fraser, Wells, Goldman Organizations: Financial, REUTERS, Congress, Citigroup Inc, Banking, House Financial, JPMorgan Chase &, Bank of America Corp, Citigroup, Wells Fargo & Co, Goldman Sachs, Thomson Locations: Washington , U.S, Street
U.S. business borrowings jump 19% in April - ELFA survey
  + stars: | 2021-05-25 | by ( Reuters Staff | ) www.reuters.com + 0.99   time to read: +1 min
REUTERS/Jeenah Moon(Reuters) - U.S. companies borrowed $9.8 billion for capital investments in April, up 19% from a year earlier, benefiting from an economic recovery triggered by mass COVID-19 vaccinations and easing restrictions, the Equipment Leasing and Finance Association (ELFA) said. Washington-based ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 76.3% in April compared with 77% in March. ELFA’s leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing and Finance Foundation, ELFA’s non-profit affiliate, reported a monthly confidence index of 72.1 in May, compared with April’s reading of 76.1. A reading of above 50 indicates a positive business outlook.
Persons: , , Ralph Petta Organizations: New York Stock Exchange, REUTERS, Equipment Leasing, Finance Association, Bank of America Corp, Caterpillar Inc, Dell Technologies Inc, Siemens AG . Washington, Leasing, Finance Foundation Locations: Manhattan, New York City, U.S, United States
Wednesday’s hearing is the first time the CEOs of the nation’s largest banks have testified before the Senate Banking Committee since the aftermath of the 2008 financial crisis. Democratic gains in the 2020 election handed control of that panel to Senator Sherrod Brown, a fierce Wall Street critic. INDUSTRY WATERSHEDThe CEOs are also likely to extol their banks’ efforts to promote diversity and inclusion both externally and internally. In that regard, Wednesday will mark a watershed for the industry with Citigroup’s Jane Fraser, the first female CEO of a Wall Street bank, making her Capitol Hill debut. “Diversity, equity, inclusion – these banks have a great story to tell on these issues,” said Richard Hunt, chief executive of the Consumer Bankers Association.
Persons: Wells, Morgan Stanley, Sherrod Brown, ” Isaac Boltansky, , Kevin Fromer, Citigroup’s Jane Fraser, JPMorgan’s Jamie Dimon, Morgan Stanley’s James Gorman, Fargo’s Charles Scharf, Bank of America’s Brian Moynihan, Goldman Sachs, David Solomon, , Richard Hunt, Wall, Banks Organizations: Banking, Financial, JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group, Committee, Democratic, Compass Point Research, Trading, Financial Services, Capitol, Bank of America’s, Consumer Bankers Association, Locations: Washington
Former Aviva CFO Stoddard joins BofA as investment banking vice chair
  + stars: | 2021-05-25 | by ( ) www.reuters.com sentiment -0.85   time to read: +1 min
A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo AllegriFormer Aviva Plc (AV.L) Chief Financial Officer Tom Stoddard joined Bank of America Corp (BAC.N) as vice chairman of investment banking, according to an internal memo, returning to his advisory roots after a stint in the insurance industry. A Bank of America spokesman confirmed the appointment. Stoddard was group CFO at Aviva between 2014 and 2019, where he helped the UK insurer improve ratings and restructure businesses. After leaving Aviva, Stoddard worked as interim group CFO at Athora and senior adviser at McKinsey & Co.Before moving to the insurance industry, Stoddard worked on deals and financing transactions at firms including Blackstone Group Inc (BX.N) and Credit Suisse Group AG (CSGN.S).
Persons: Carlo Allegri, Tom Stoddard, Stoddard Organizations: of America, REUTERS, Aviva Plc, Bank of America Corp, American, Group, Bank of America, Aviva, McKinsey & Co, Blackstone Group Inc, Credit Suisse Group AG, Blackstone, AIG, AIA, Prudential Plc, Thomson Locations: Manhattan, New York City , New York, U.S, New York
India’s Covid-19 Crisis Tests the World’s Back Offices
  + stars: | 2021-05-22 | by ( Newley Purnell | ) www.wsj.com sentiment -0.98   time to read: +1 min
India’s giant outsourcing firms are facing a two-front challenge: protecting the health of millions of employees as the nation suffers the world’s worst Covid-19 crisis, and ensuring that their work continues as usual for the big Western companies on their client lists. “I don’t think anyone can downplay the challenge,” said Sandip Patel, International Business Machines Corp.’s managing director for India. IBM is working to vaccinate its 100,000-plus staff in India, and providing them with services such as medically supervised quarantining in hotels. “What we’re going through right now has no management or operational playbook,” Mr. Patel said. India has logged more than 25 million Covid-19 infections and over 280,000 deaths; months earlier, it appeared the nation had contained a first surge of the virus.
Persons: , Sandip Patel, Mr, Patel Organizations: Companies, Infosys Ltd, Wipro Ltd, Tata Consultancy Services Ltd, TCS, Bank of America Corp, Citigroup Inc, , Citibank, Vanguard Group, International Business Machines Corp, India, IBM Locations: India
FILE PHOTO: TD bank ATM machines are seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File PhotoTORONTO (Reuters) - Toronto-Dominion Bank agreed to pay $41.5 million (C$49.93 million) to settle a U.S. class action lawsuit for charging excess insufficient funds fees on customer accounts, court documents showed. The settlement includes $20.75 million in cash and an equal amount in debt forgiveness. TD, Canada’s second largest lender with large operations in the United States, also agreed to pay $500,000 in expenses, the papers showed. On May 14, court documents showed Bank of America Corp agreed to pay $75 million to settle a similar lawsuit.
Persons: Robert Allen Stanford Organizations: REUTERS, TORONTO, Dominion Bank, TD, Bank of America Corp Locations: New York City, U.S, Toronto, Canada’s, United States, Ontario, Antigua, Texas
U.S. Bank Stocks Shine as Investors Bet on an Economic Recovery
  + stars: | 2021-05-18 | by ( David Benoit | ) www.wsj.com sentiment -0.96   time to read: +1 min
Investors, eager to get exposure to an economic recovery, are pouring into bank stocks like never before, putting the stocks on track for what could be their best year on record compared with the S&P 500. The KBW Nasdaq Bank Index is up about 37% this year, while the S&P 500 is up 11%. Smaller regional banks are doing even better, with the KBW Nasdaq Regional Banking Index up 38%. It underperformed the S&P 500 by 30 percentage points, even worse than its showings in 2007 and 2009. About $32 billion has been poured into broad financial stocks this year, according to Bank of America strategists, already setting a full-year record in less than five months.
Organizations: Investors, Bank of America Corp, JPMorgan Chase & Co, Nasdaq, KBW Nasdaq, Banking, Bank of America Locations: underperformance
Berkshire sheds nearly all of Wells Fargo, a holding since 1989
  + stars: | 2021-05-17 | by ( Jonathan Stempel | ) www.reuters.com sentiment -1.00   time to read: +2 min
Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska May 3, 2015. Berkshire began investing in San Francisco-based Wells Fargo in 1989, and spent at least $12.7 billion on its shares, building a 10% stake. And if that had happened, Wells Fargo shareholders would be a lot better off." Last November, the U.S. Securities and Exchange Commission charged two former top Wells Fargo executives with misleading investors about its financial results. Wells Fargo remains under a February 2018 Federal Reserve directive barring asset growth until it makes sufficient improvements.
Persons: Warren Buffett, Rick Wilking, Wells, Buffett, Wells Fargo Organizations: Berkshire Hathaway, REUTERS, Rick Wilking Berkshire Hathaway Inc, Wells Fargo & Co, U.S, Berkshire, CNBC, Bank of America Corp, Apple Inc, U.S . Securities, Exchange Commission, Wells Fargo, Wells, Thomson Locations: Berkshire, Omaha , Nebraska, Rick Wilking Berkshire, Wells Fargo, San Francisco
Bank of America reaches $75 mln settlement over excessive fees
  + stars: | 2021-05-14 | by ( Jonathan Stempel | ) www.reuters.com sentiment -1.00   time to read: +2 min
A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Customers said Bank of America often charged multiple $35 fees for insufficient funds or overdrafts on a single transaction, sometimes reflecting the bank's repeated unsuccessful attempts to process it. Banks have faced many lawsuits over the years claiming they sought to illegally maximize overdraft fees. U.S. banks took in $11.68 billion of overdraft fees in 2019, according to the Center for Responsible Lending, even before the COVID-19 pandemic left millions in financial distress. The case is Morris et al v. Bank of America NA, U.S. District Court, Western District of North Carolina, No.
Persons: Carlo Allegri, Banks, Morris Organizations: of America, REUTERS, Bank of America Corp, U.S, Bank of America, Center for Responsible, Bank of America NA, Western District of, Thomson Locations: Manhattan, New York City , New York, U.S, Charlotte , North Carolina, Western District, Western District of North Carolina
New generation of digital banks bets on minority markets
  + stars: | 2021-05-13 | by ( Anna Irrera | Maria Caspani | ) www.reuters.com + 0.00   time to read: +8 min
It is among a cohort of new digital banks in the United States targeting communities where many people say their needs have not been met by mainstream lenders. “Historically, community banks have focused on cheaper customer acquisition by focusing on an underserved geography,” said Ian Kar, founder and CEO of research firm Fintech Today. The company began by offering financial services to the Nigerian community in Houston, later expanding to Cubans in Miami. CEO Magnus Larsson said many migrants go to physical stores in their communities to access basic financial services. This year Lian co-founded Cheese Financial, a digital banking service for the 21 million Asian Americans.
Persons: Billie Simmons, Zhen Wang, Ken Lian, Qingyi Li, Simmons, hasn’t, , , Ian Kar, George Floyd’s, Donald Hawkins, Prentiss Earl, he’d, ” Earl, Amy Nauiokas, Sarah Kocianski, Magnus Larsson, Lian, ” Lian Organizations: YORK, Financial, Handout, REUTERS, Greenwood, Black, Cheese, , Truist Financial Corp, JPMorgan Chase & Co, Bank of America Corp, GAP Kansas, Federal Reserve, Association for Enterprise Opportunity, Barclays Plc, Anthemis, Washington DC Locations: United States, Greenwood, U.S, Prentiss, Kansas City, It’s, Houston, Stockholm, Miami, Ghana, Kenya, Ethiopia, Washington, China
It is among a cohort of new digital banks in the United States targeting communities where many people say their needs have not been met by mainstream lenders. “Historically, community banks have focused on cheaper customer acquisition by focusing on an underserved geography,” said Ian Kar, founder and CEO of research firm Fintech Today. YAWNING WEALTH GAPKansas City-based First Boulevard, founded in the wake of George Floyd’s murder last year, says it aims to help customers build wealth and reinvest in the Black community. First Boulevard is launching on Juneteenth - an annual holiday on June 19 commemorating the abolition of slavery in the United States - and says it has a waiting list of 200,000 users. This year Lian co-founded Cheese Financial, a digital banking service for the 21 million Asian Americans.
Persons: Billie Simmons, Simmons, hasn’t, , , Ian Kar, George Floyd’s, Donald Hawkins, Prentiss Earl, he’d, ” Earl, Amy Nauiokas, Sarah Kocianski, Magnus Larsson, Ken Lian, Lian, ” Lian, Anna Irrera, Maria Caspani, Pravin Char Organizations: Black, Greenwood, Cheese, , Truist Financial Corp, JPMorgan Chase & Co, Bank of America Corp, GAP Kansas, Federal Reserve, Association for Enterprise Opportunity, Barclays Plc, Anthemis, Washington DC Locations: United States, Greenwood, U.S, Prentiss, Kansas City, It’s, Houston, Stockholm, Miami, Ghana, Kenya, Ethiopia, Washington, China, London, New York
Libor Replacement Race Heats Up
  + stars: | 2021-05-13 | by ( Julia-Ambra Verlaine | ) www.wsj.com sentiment -0.99   time to read: +1 min
New contenders are emerging in the race to get rid of the London interbank offered rate by year-end. Bank of America Corp. and JPMorgan Chase & Co. traded the first complex derivative using a Bloomberg index crafted to replace Libor, exchanging $250 million worth of an interest-rate swap earlier this month. The Bloomberg Short Term Bank Yield Index competes with the alternative preferred by regulators including the Federal Reserve Bank of New York. Libor underpins trillions of dollars worth of financial contracts and is scheduled for replacement at the end of 2021 in the wake of a manipulation scandal. Bankers said clients are using the Bloomberg index because the ARCC has been slow to roll out those forward-looking reference rates.
Persons: Libor, Fannie Mae Organizations: London, Bank of America Corp, JPMorgan Chase & Co, Bloomberg, Federal Reserve Bank of New, New York Fed, Bankers Locations: Federal Reserve Bank of New York
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