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Retail sales fell 1.3 percent in May, a sign of a bumpy economic recovery.
  + stars: | 2021-06-15 | by ( Michael Corkery | ) www.nytimes.com sentiment -0.99   time to read: +1 min
“Consumer spending growth is shifting from goods to services as the economy reopens,” said Gus Faucher, chief economist at PNC Financial Services Group. Mr. Faucher had forecast that retail sales would rise less than 1 percent last month, with a large jump in restaurant spending being offset by a decline in auto sales brought on by a shortage of inventory. Retail sales have been a closely watched barometer of the economic recovery during the pandemic. Retail sales, which experienced a record drop at the start of the pandemic, have returned to prepandemic levels, though at times haltingly. Michelle Meyer, U.S. economist at Bank of America, said last month’s retail sales, if anything, “understate consumer strength.” She tracked credit card spending during the Memorial Day holiday, which was the final weekend of May.
Persons: , Gus Faucher, Faucher, , Michelle Meyer Organizations: PNC Financial Services Group, Bank of America
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
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
Factbox: Bank of America’s next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -0.91   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. 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. Reporting by Elizabeth Dilts Marshall and Jessica DiNapoli in New York Editing by Lauren Tara LaCapra and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Jim DeMare’s, Brian Moynihan, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy, Elizabeth Dilts Marshall, Jessica DiNapoli, Lauren Tara LaCapra, Matthew Lewis Organizations: Bank of America Corp, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co, Thomson Locations: Wells, New York
UPDATE 1-Old National, First Midwest to merge in $6.5 bln deal
  + stars: | 2021-06-01 | by ( Reuters Staff | ) www.reuters.com sentiment -0.65   time to read: +1 min
(Adds transaction details, background)June 1 (Reuters) - Old National Bancorp and First Midwest Bancorp Inc have agreed to merge in an all-stock deal valued at about $6.5 billion, creating a lender with $45 billion in assets. First Midwest investors will receive 1.1336 shares of Old National common stock for each unit held under the deal, the companies said in a joint statement on Tuesday. First Midwest shareholders are expected to own 44% of the combined company following the close of the deal, which is likely to happen in late 2021 or early 2022. The merger follows a clutch of deals in the sector after a loosening of financial regulations and lowering of corporate taxes under former U.S. President Donald Trump. Keefe, Bruyette & Woods, a Stifel company, served as the exclusive financial advisor to Old National, while J.P. Morgan Securities LLC advised First Midwest.
Persons: Donald Trump, Keefe Organizations: National Bancorp, Midwest Bancorp Inc, First, T Bank Corp, People’s United Financial Inc, Spain’s BBVA, PNC Financial Services, Inc, Morgan Securities LLC Locations: First Midwest
Fed approves acquisition of BBVA's U.S. banking arm by PNC
  + stars: | 2021-05-14 | by ( Pete Schroeder | ) www.reuters.com + 1.00   time to read: 1 min
The U.S. Federal Reserve said on Friday it had approved the acquisition of the U.S. operations of Spanish lender BBVA (BBVA.MC) by PNC Financial Services Group Inc (PNC.N), clearing the way for a deal first announced in November. The $11.6 billion cash acquisition will be the second largest since the 2008 financial crisis when completed, creating a bank with nearly $650 billion in assets spread across roughly two dozen U.S. states. Our Standards: The Thomson Reuters Trust Principles.
Organizations: U.S . Federal, BBVA, PNC Financial Services Group Inc, Thomson Locations: Spanish
New York Community Bancorp to buy Flagstar Bancorp for $2.6 billion
  + stars: | 2021-04-26 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
(Reuters) -New York Community Bancorp Inc agreed to buy Flagstar Bancorp Inc for $2.6 billion in an all-stock deal, as U.S. regional banks look to consolidate to compete better against larger lenders in a low interest rate environment. The banks said on Monday Flagstar shareholders would receive around 4.02 shares of New York Community for each share they own. As part of the deal, New York Community shareholders will own about 68% of the combined company after the transaction closes, while Flagstar shareholders will own the rest, the banks said. refini.tv/2QYISyOThomas Cangemi, the chief executive officer of New York Community, will lead the combined company and the deal has been unanimously approved by the board of directors of both companies, the banks said. Piper Sandler and Goldman Sachs served as financial advisors to New York Community, while Morgan Stanley and Jefferies acted as financial advisors to Flagstar.
Persons: 2QYISyO Thomas Cangemi, Piper Sandler, Goldman Sachs, Morgan Stanley, Jefferies Organizations: Reuters, York, Bancorp Inc, Flagstar, Inc, New York Community, BancShares Inc, PNC Financial Services, Spain’s BBVA, New Locations: New York
Capital Calls: U.S. bank mergers
  + stars: | 2021-04-26 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
New York Community Bancorp’s (NYCB.N) $2.6 billion acquisition of Flagstar Bancorp (FBC.N) isn’t usually the kind of deal that draws scrutiny in Washington. But Senate Banking Chairman Sherrod Brown is part of a group of Democrats who want regulators to crack down on consolidation. Bancorp and Flagstar are among the medium-sized firms that have struggled in the near-zero interest rate environment. That’s why there has been a rash of tie-ups after a pause post-2008 financial crisis. Last September, the Justice Department under Donald Trump signaled it could loosen bank merger reviews.
Persons: Carlo, Sherrod Brown, Donald Trump, Gina Chon Organizations: New York Stock Exchange, REUTERS, New, New York Community, Flagstar Bancorp, JPMorgan, CIT, PNC Financial Services, U.S, Spain’s BBVA, Department, Democrats, Westpac Locations: New York City, New York, Washington
Stocks Rise After S&P 500 Hits Record
  + stars: | 2021-04-16 | by ( Joe Wallace | ) www.wsj.com + 0.99   time to read: +1 min
U.S. stocks continued to make gains for major indexes already at record highs, amid another volley of blue-chip earnings. The S&P 500 ticked up 0.4% after the benchmark stocks gauge posted its 22nd all-time closing high of 2021 on Thursday. The Dow Jones Industrial Average, which also hit a record on Thursday, rose 0.5%. Shares of Morgan Stanley dropped 0.4% despite the investment bank reporting that profit more than doubled in the first quarter. Citizens Financial Group , Bank of New York Mellon , PNC Financial Services Group and custodian and fund manager State Street also posted quarterly results.
Persons: Morgan Stanley, Remi Olu Organizations: Dow Jones, Nasdaq, Citizens Financial Group, Bank of New York Mellon, PNC Financial Services Group, State
Stock Futures Steady After S&P 500 Hits Record
  + stars: | 2021-04-16 | by ( Joe Wallace | ) www.wsj.com + 0.99   time to read: +1 min
U.S. stock futures were mostly steady ahead of another volley of earnings from blue-chip companies. Futures tied to the S&P 500 ticked down 0.1% after the benchmark stocks gauge posted its 22nd all-time closing high of 2021 on Thursday. Contracts for the Dow Jones Industrial Average, which also hit a record, were relatively flat. Earnings from Morgan Stanley , Bank of New York Mellon , Citizens Financial Group and PNC Financial Services Group are due before the opening bell. Fund manager and custodian State Street is also scheduled to publish results, as is railroad Kansas City Southern .
Persons: Morgan Stanley, Remi Olu Organizations: Futures, Dow Jones, Nasdaq, Bank of New York Mellon, Citizens Financial Group, PNC Financial Services, Kansas City Southern Locations: Kansas
Inflation Likely Accelerated in March as Economic Recovery Gained Steam
  + stars: | 2021-04-13 | by ( Gwynn Guilford | ) www.wsj.com sentiment -0.99   time to read: +1 min
U.S. consumer prices likely picked up sharply in March as the economic recovery gained momentum, partly reflecting higher gasoline prices, according to economists surveyed by The Wall Street Journal. The economists forecast that the so-called core price index, which excludes the often-volatile categories of food and energy, climbed 1.5% over the prior year, and was up 0.2% in March from February. “Inflation in March 2021 is still under control,” said Gus Faucher, chief economist at the PNC Financial Services Group. “It takes time for inflationary pressures to build in the economy.”March’s reading will likely mark the start of what many economists expect to be a monthslong upswing in prices, after nearly a year of muted overall inflation as the Covid-19 pandemic doused consumer spending. Whether this rise proves temporary is one of the key questions for markets and the U.S. recovery over the next year or so, as the Biden administration, Congress and the Federal Reserve continue to provide financial support for the economy.
Persons: , Gus Faucher, Biden Organizations: Wall Street, Labor Department, , PNC Financial Services, Federal Reserve Locations: U.S
Slattery is expected to report to David Lomas , a managing director and global head of the unit, Insider reported this week. Slattery is expected to report to , a managing director and global head of the unit, Insider reported this week. At Goldman, Potter was a managing director, according to his LinkedIn page. Her functions will temporarily be taken over by interim chief risk officer Joachim Oechslin and interim global head of compliance Thomas Grotzer . , an asset manager, announced that is joining the company as its new chief people officer, overseeing human resources efforts.
Persons: Stephanie Smith, Edwin Conway, Smith, Goldman Sachs, Todd Slattery, Slattery, David Lomas, Jason Hill, Hill, Travis Potter, Potter, Brian Chin, Christian Meissner, Lara Warner, Joachim Oechslin, Thomas Grotzer, Paul Galietto, Houlihan Lokey bulked, Paul Tomasic, Andrew Murray, Tomasic, Houlihan, Lyon, Federico Pavia Ghione, Owen Richards, Zofia Duffy, Alfredo Barreto , Jr, Barreto, Wood, Morgan Stanley, SVB, Andrew Fineberg, Dan Dubin, Finberg, SVB Leerink, Jack Bannister, Bannister, Rahul Chaudhary, Justin Schmidt, Schmidt, Ivan Saval, Saval, Werner Kruger, Kruger, Klarna, Davidson, Eric Stetler, Caitlin McLaughlin, McLaughlin, Ramesh Parameswar, Patrick Neuman, David Kim, Kim, Jason Kaplan, Kaplan, Bear Sterns, Ian Singer, Singer, Zimmer Lucas, Gregory Reiss, Reiss, Stephens, Brett Huff, Huff, Shannen Balogh, Dakin Campbell, Dan DeFrancesco, Carter Johnson, Meredith Mazzilli, Alex Morrell, Bradley Saacks, Rebecca Ungarino Organizations: intel, BlackRock, Goldman, BAI, LinkedIn, Management, Suisse, Capital Management, Lyon, RBC Capital Markets, Murray, JMP Securities, JMP, Area, Wood Warren & Co, Group, JPMorgan Securities, MTS Health Partners, Roth Capital Partners, National Securities Corporation, UK, PNC Financial Services Group, PNC, Citigroup, Investment, Artist Capital, Trend Capital Management, Trailmark Inc, Citadel, Bank of America, JPMorgan Chase, Point72, NWI Management, Millennium Management, Zimmer Lucas Partners, Verition Fund Management, Centenus Global Management, Deutsche Bank Locations: New York City, London, San, New York, Bloom, Montana, Chicago, Baird, Lafayette, Little Rock
U.S. bank stocks drop broadly after default by stock fund manager
  + stars: | 2021-03-29 | by ( David Henry | ) www.reuters.com sentiment -1.00   time to read: +1 min
The front facade of the New York Stock Exchange (NYSE) is seen in New York City, U.S., March 29, 2021. The KBW Nasdaq Bank stock index fell as much as 3.4% before paring losses to 2% at mid-afternoon. Bank stocks have gained largely on rising bond yields, which could boost net interest income. On many days this year bank stocks have gone up or down with the 10-year U.S. Treasury note yield, said Marinac. Late Monday morning bank stocks began to rise from their initial lows after the 10-year yield rose to 1.70% from Friday’s 1.66%.
Persons: Brendan McDermid, Christopher Marinac, Janney Montgomery Scott, Banks, , Marinac Organizations: New York Stock Exchange, REUTERS, Nasdaq Bank, Financial, PNC Financial Services Group, Nomura Holdings Inc, Credit Suisse Group AG, . Bank, Treasury Locations: New York City, U.S, financials
Digital banking startup Greenwood raises $40 million from big banks
  + stars: | 2021-03-25 | by ( Anna Irrera | ) www.reuters.com + 0.81   time to read: +2 min
March 25 (Reuters) - Atlanta-based Greenwood, a digital banking startup designed for Black and Latino consumers and businesses, said on Thursday that it had raised $40 million from a host of U.S. financial institutions. They included Truist Financial Corp, JPMorgan Chase & Co, Bank of America Corp , Wells Fargo & Co and Citigroup Inc. First announced in October, Greenwood was created to provide online banking services to help close the wealth gap faced by Black and Latino communities in the United States. Greenwood is one of several digital banks that have emerged over the past year focused on communities, a sector traditionally underserved by the mainstream financial sector. Other online banking startups include First Boulevard, Daylight and Cheese.
Persons: Wells, Ryan Glover, Greenwood, Glover, Andrew J . Young, Michael “, Mike ”, , Anna Irrera, Susan Fenton Organizations: Truist Financial Corp, JPMorgan Chase & Co, Bank of America Corp, Wells Fargo & Co, Citigroup Inc, PNC Financial Services Group Inc, Mastercard Inc, Visa Inc, Banco Popular, Black, Civil, Truist Ventures Locations: Atlanta, United States, Greenwood
With millions of Americans expected to be fully vaccinated by the summer, pharmacies and medical clinics have been on hiring sprees for what people may have thought of as temporary jobs. It also found hundreds of job postings for vaccine clinic clerks and managers and program coordinators. About 90 percent of these jobs are full time, with about half of the jobs advertised as temporary or contractor positions, ZipRecruiter found. Hopeful signsIt is promising that companies are hiring workers for jobs to vaccinate people against the coronavirus, Rose said. “For the longer run, the new vaccine-related jobs won't make a difference in the overall economy,” he said.
Persons: sprees, ZipRecruiter, , , Julia Pollak, Brian Rose, Rose, Gus Faucher Organizations: CVS Health, Walgreens, Rite Aid, Kroger, UBS Financial Services, Bureau of Labor Statistics, PNC Financial Services Group, , Federal Reserve, Bloomberg
ET High Jobless Claims Pose a Test for the Biden Administration: Live Business Updates RIGHT NOW Higher rates signal optimism but may hurt the housing market. On the other hand, the passage of a $900 billion stimulus package late last year and the prospect of more aid under the Biden administration have allayed fears of a double-dip recession. “If Biden gets his way with more stimulus, there will definitely be more concern about the pace of Treasury bond issuance. The New Yorker Union decided on a walkout on Thursday after a recent round of negotiations with management failed. The New Yorker Union is part of the NewsGuild of New York, which represents employees at The New York Times, Reuters, The Daily Beast and other news outlets.
Persons: Alex Welsh, Biden, , Rubeela Farooqi, “ It’s, Carl Tannenbaum, John Raoux, coronavirus, , ” Mr, Tannenbaum, Clinton, Scott Anderson, Gus Faucher, Mr, Faucher, Toby Melville, ” Robert Buckland, it’s, Caroline Simmons, Natalie Meade, Meade, ” “, ” Ms, Condé Nast, Elizabeth Warren, Alexandria Ocasio, Johannes Eisele, Biden’s, Dave Clark, Jay Inslee, Brian Huseman, Clark, Lauren Hirsch, Kai Pfaffenbach, Christine Lagarde, Lagarde, Ms, “ I’m, Sebastian Hidalgo, Scott Kirby, United Organizations: Biden Administration, Dow, The New York, Labor Department, Northern Trust, Biden, Bank of, PNC Financial Services, Federal, European Union, FTSE, Citigroup, UBS Global Wealth Management, New Yorker Union, The New Yorker Union, Yorker, New, The, New Yorker, , The New York Times, Reuters, Daily, Amazon, Agence France, White, Washington, Centers for Disease Control, European Central Bank, Bank’s, United Airlines, Continental Airlines, Siemens, Siemens Energy, The New York Times United Airlines, Airlines, United, Delta Air Lines Locations: San Bernardino, Calif, Chicago, San Francisco, Pittsburgh, Britain, Europe, Massachusetts, Cortez, New York, Tennessee, Washington, Frankfurt, United States, Paris, Spanish
ET Biden Seeks New Covid Guidelines for Workplaces: Live Business Updates RIGHT NOW Higher rates signal optimism but may hurt the housing market. S&P 500 - % Dow - % Nasdaq - %President Biden will ask for new workplace coronavirus protections. The agency declined to do so under Mr. Trump, but Mr. Biden supported this approach during the campaign. In his letter to Mr. Biden, Mr. Clark said that Amazon could help with “operations, information technology and communications capabilities,” though he didn’t specify what that would entail. President Biden has recommitted the United States to the Paris climate agreement and pledged to spend heavily on the development of alternative energy.
Persons: Biden, Carolina Sanchez, David Zalubowski, Donald J, Trump, , ” Rory Gamble, Alex Welsh, , Greg Daco, hasn’t, Rubeela Farooqi, “ It’s, allayed, Daco, Farooqi, Carl Tannenbaum, John Raoux, coronavirus, ” Mr, Tannenbaum, Clinton, Scott Anderson, Gus Faucher, Mr, Faucher, Johannes Eisele, Biden’s, Dave Clark, Jay Inslee, Brian Huseman, Clark, Lauren Hirsch, Natalie Meade, Meade, ” “, ” Ms, Condé Nast, Elizabeth Warren, Alexandria Ocasio, Ints Kalnins, carmakers, Matthias Schmidt, Kai Pfaffenbach, Christine Lagarde, Lagarde, Ms, “ I’m Organizations: Biden, Dow, Occupational Safety, Health Administration, Associated Press, United Automobile Workers, The New York Times, The Labor Department, Oxford Economics, Labor Department, Northern Trust, Bank of, PNC Financial Services, Federal, Amazon, Agence France, White, Washington, Centers for Disease Control, New Yorker Union, The New York, The New Yorker Union, Yorker, New, The, New Yorker, , Reuters, Daily, Volkswagen, Reuters Volkswagen, Union, European Central Bank, Bank’s, United Airlines, Continental Airlines, Siemens, Siemens Energy Locations: Denver, Covid, San Bernardino, Calif, Washington, Chicago, San Francisco, Pittsburgh, Tennessee, Massachusetts, Cortez, New York, Europe, United States, Berlin, Frankfurt, Britain, Paris, Spanish
ET China Did Not Fulfill Trade Promises, Report Says: Live Business Updates RIGHT NOW Higher rates signal optimism but may hurt the housing market. S&P 500 - % Dow - % Nasdaq - %China falls short on its trade deal promises, posing a test for President Biden. The shortfall poses a challenge for President Biden as he seeks to reorient the United States’ relationship with China. “President Biden has said that he is not going to make any immediate moves on the current China tariffs,” she wrote. The New Yorker Union decided on a walkout on Thursday after a recent round of negotiations with management failed.
Persons: Biden, Donald J, Trump, Kia Johnson, Janet L, Yellen, Biden’s, Mr, , Peterson, Parler, Barbara J, Rothstein, Parler “, Judge Rothstein, Jeffrey Wernick, , John Raoux, coronavirus, Carl Tannenbaum, ” Mr, Tannenbaum, Clinton, Scott Anderson, Gus Faucher, Faucher, Johannes Eisele, Dave Clark, Jay Inslee, Brian Huseman, Clark, Lauren Hirsch, Natalie Meade, Meade, ” “, ” Ms, Condé Nast, Elizabeth Warren, Alexandria Ocasio, Ints Kalnins, carmakers, Matthias Schmidt, Kai Pfaffenbach, Christine Lagarde, Lagarde, Ms, “ I’m Organizations: Dow, Reuters, United, Peterson Institute for International Economics, Trump, Senate Finance Committee, The New York Times, Amazon, Capitol, United States, Court, Western, of, Twitter, Northern Trust, Biden, Bank of, PNC Financial Services, Federal, Agence France, White, Washington, Centers for Disease Control, New Yorker Union, The New York, The New Yorker Union, Yorker, New, The, New Yorker, , Daily, Volkswagen, Reuters Volkswagen, Union, European Central Bank, Bank’s, United Airlines, Continental Airlines Locations: China, Iowa, Reuters China, United States, Beijing, of Washington, Chicago, San Francisco, Pittsburgh, Tennessee, Washington, Massachusetts, Cortez, New York, Europe, Berlin, Frankfurt, Britain, Paris
Alejandro Mayorkas, who is President-elect Joe Biden's pick to lead the Department of Homeland Security, made $3.3 million at WilmerHale last year, higher than the average compensation reported by its partners. Clients listed include Airbnb, a Twitter executive, Blackstone, PNC Financial Services Group, Cisco Systems, the Clorox Co., T-Mobile, Intuit, and MGM Resorts or their affiliates. Alejandro Mayorkas, who is President-elect Joe Biden's pick to lead the Department of Homeland Security, made $3.3 million at WilmerHale last year advising clients like Blackstone Group, Airbnb, T-Mobile and PNC, according to a newly filed ethics disclosure. They include Airbnb, Blackstone, PNC Financial Services Group, Cisco Systems, the Clorox Co, T-Mobile, Intuit, and MGM Resorts or their affiliates, among many other well-known consumer brands and financial firms. He also reported compensation by Twitter to represent Gabriel Strickler, its former chief communications officer.
Persons: Alejandro Mayorkas, Joe Biden's, Abt, Gabriel Strickler, Northrup Grumman, Mayorkas, Obama Organizations: Department of Homeland Security, Blackstone, PNC Financial Services Group, Cisco Systems, Mobile, Intuit, MGM Resorts, PNC, Biden, Big Law, American Lawyer, Airbnb, Harmony Gold USA, Abt Associates, Twitter, Leidos Holdings, Support, DHS Locations: WilmerHale, Blackstone
For decades banks have been merging, partnering, and expanding—so much so that the top four banks now account for 50% of all US banking assets. Bank of America's digital-only services Zelle and Erica have also re-defined what the company offers its retail banking customers. Wells Fargo & Co. - $1.75 TrillionWells Fargo is following the lead of top competitors by targeting millennials through mobile banking services. With Facebook, Amazon, Apple, and Google all announcing their desire to launch banking services, U.S. Bancorp decided to improve its own technology. Breaking into the digital banking industry is key for smaller firms looking to become major US banks.
Persons: JPMorgan Chase, , Erica, Wells, Terry Dolan –, U.S . Bancorp –, fintechs inorder, Eno, Bank of America's Erica –, BNY Mellon, Chris Britt, Ryan Organizations: JPMorgan, Intelligence, Federal, JPMorgan Chase, Bank of America, of America, Bank of America's, Android Community Bank of America, & Co, Citigroup, Citibank, Bank for High, Worth, Kiplinger's, Finance, Citi, U.S . Bancorp, U.S . Bank National Association, Facebook, Apple, Google, Insider Intelligence, Truist Financial, Branch Banking, Trust Company, D.C, PNC Financial Services, PNC Bank, PNC, Visa, TD Bank, Bank, fintech, Bank of New York Mellon Corp, of New York Mellon, BNY, The Bank of New, Mellon Financial Corporation, BNY Mellon, Banking Locations: U.S, Washington, Canada, United States, The Bank of New York, San Francisco
The rate of jobless claims has been rising as coronavirus cases remain high across the country. Indoor dining was halted on Monday in New York City, paralleling new limits in California and other large states. Without action, two key programs for unemployed workers will expire this month, underscoring the predicament of the jobless. Mr. Faucher expects economic growth to be weak for the next few months before picking up later in 2021. “Until we get a lot of people vaccinated, the economy will face a difficult test,” he said.
Persons: Maddie McGarvey, , Gus Faucher, Faucher, Organizations: The New York Times, PNC Financial Services, Republican, Democratic Locations: Columbus , Ohio, New York City, California,
ET Biden Transition Live Updates: $900 Billion Stimulus Compromise Appears Within Reach An emerging plan, which lawmakers were expected to keep working out on Thursday, would provide a one-time payment of about $600, jobless aid and rental assistance. In fact even as lawmakers moved toward striking an elusive deal, the package pointed to troubles on the horizon for Mr. Biden. “While you are entitled to your own opinions, Ms. Powell,” the company wrote, “you are not entitled to your own facts.” Ms. Powell did not immediately respond to requests for comment about Dominion’s letter. During the last recession — which Mr. Biden and then-President Barack Obama inherited in 2009 — drops of wages and salaries took years to recover. The New York Times reported in 2018 that Mr. Trump had changed his domicile to Mar-a-Lago, in part for tax purposes.
Persons: Trump’s, Sidney Powell, Nancy Pelosi, Anna Moneymaker, , Chuck Schumer, Mitch McConnell, Joseph R, Biden, foreshadow, Emily Cochrane, Elijah Nouvelage, Ms, Powell, Trump, John Poulos, Hugo Chavez, Chavez, Dominion, , Michael T, Flynn, Rudolph W, Giuliani, Powell’s, Barack Obama, , hasn’t, Maddie McGarvey, Rubeela Farooqi, “ It’s, Gregory Daco, Gus Faucher, Carlos Barria, Biden . Jr, Reginald Stambaugh, ” Mr, Stambaugh, Brenda Mallory, Brenda Mallory President, Mallory, Obama Organizations: Mar, Dominion, Capitol, The New York Times, Congress, Democratic, Republican, Republicans, Voting Systems, Trump, Reuters, Fox, Rush, , ” Dominion, City, Times, Black, Consumption, Labor Department, Oxford Economics, , PNC Financial Services, Secret, Mr, Marine, The Times, Environmental, Grand Teton, Southern Environmental Law, . Credit, Biden, Interior Department, Environmental Protection Agency, White, Yale University, Columbia Law School, Council Locations: Palm Beach, New York, Kentucky, Washington, Michigan, Venezuela, Georgia, , Russia, Detroit, U.S, Columbus , Ohio, Mar, Lago, Fla, Florida, The, Wyoming
Bad news for holiday shopping: Retail sales dropped in November
  + stars: | 2020-12-16 | by ( Nathaniel Meyersohn | Cnn Business | ) edition.cnn.com sentiment -1.00   time to read: 1 min
New York (CNN Business) Retail sales dropped last month, signaling the consumer recovery is stalling out as the pandemic worsens in the United States. Sales were expected to be down 0.3% month-over-month in November, according to a survey of analysts compiled by Refinitiv. Clothing stores, restaurants, electronics stores and gas stations led the sales decline while spending at grocery stores and online retailers ticked up. Overall, retail sales are up 4.1% from last year. Spending at online retailers is up 29.2% from the same time last year.
Persons: Refinitiv, Gus Faucher, Read Organizations: CNN, Commerce Department, PNC Financial Services Group Locations: York, United States
A Reckoning Looms for Commercial Real Estate—and Its Lenders
  + stars: | 2020-12-14 | by ( Brian Graham | ) www.wsj.com + 0.00   time to read: +4 min
But the commercial real-estate sector may never get back to normal, and that could spell trouble for banks. Banks hold half of all commercial real-estate loans. But some more-permanent shifts in the commercial real-estate market are only beginning to emerge, driven by the acceleration of pre-existing trends. The decadeslong shift to online retail went to warp speed this year, with severe implications for traditional retail properties. Today, banks are in good shape and their large commercial real-estate exposure is not yet a problem.
Persons: Banks, Neiman Marcus, it’s, , William S, Demchak, , Graham Organizations: Citigroup, PNC Financial Services, Klaros Locations: New York, San Francisco, Boston, Seattle, Suburban
(Reuters) -U.S. regional lenders Huntington Bancshares Inc and TCF Financial Corp have entered an all-stock deal to create a company worth about $22 billion in market value, the companies said on Sunday. The merger will create a combined holding company and a bank that would operate under the name of Huntington. The companies did not provide a value for the merger, but Huntington expects the deal to add 18% to its earnings per share in 2022. Huntington Bancshares has a market value of $13.15 billion, while TCF Financial’s market capitalization is $5.3 billion, according to Refinitiv data. Huntington Chief Executive Officer Stephen Steinour will remain as the chairman, president and CEO of the combined holding company.
Persons: Huntington, Trump, Huntington Bancshares, Stephen Steinour Organizations: Reuters, Huntington Bancshares Inc, TCF Financial Corp, JPMorgan Chase & Co, Wells Fargo & Co, Spain’s BBVA, PNC Financial Services, Inc, TCF, Huntington Locations: Huntington, U.S
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