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Search resuls for: "Ronald O'Hanley"


5 mentions found


☆ U.S. bank CEOs expected to protest regulation push before Congress
  + stars: | 2023-12-04 | by ( Pete Schroeder | Thomson Reuters | Covers Financial Regulation | ) www.reuters.com   time to read: +4 min
Spokespeople for the banks declined to provide comment ahead of the hearing or did not respond to requests for comment. Kevin Fromer, president of the Financial Services Forum, which represents the CEOs, said he expected Basel to be a focus. Big bank CEOs have been appearing before Congress for several years after the 2007-09 financial crisis and subsequent scandals thrust the industry into Washington's crosshairs. Former Wells Fargo CEO Tim Sloan, meanwhile, resigned in March 2019 after stumbling during a hearing about the bank's regulatory woes. But after years of playing defense, the CEOs are expected to be more assertive, this time backed by Republicans critical of red tape.
Persons: Andy Cecere, William Demchak, Jamie Dimon, Jane Fraser ,, Brian Moynihan, William Rogers, Wells, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs, David Solomon, Morgan Stanley's James Gorman, Ronald O'Hanley, BNY Mellon's Robin Vince, Sherrod Brown, Brown, Kevin Fromer, Dimon, Elizabeth Warren, Tim Sloan, meanwhile, Tim Scott, Pete Schroeder, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: U.S . Bancorp, PNC Financial Services Group, JPMorgan Chase, Co, Citigroup, Jane Fraser , Bank of America, Truist Financial, JPMorgan, Bank of America, Bank of America's, Democratic, Silicon Valley Bank, Financial Services, Big, Former Wells, Republicans, Thomson Locations: WASHINGTON, Wells Fargo, Silicon, Basel, New York
☆ Here's how higher interest rates are pushing down State Street's earnings and stock price
  + stars: | 2023-04-17 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com   time to read: +2 min
State Street reported misses on the top and bottom lines for the first quarter. Analysts and State Street's management's drilled down on a small portion of the company's business during the conference call — noninterest-bearing accounts. While retail investors are likely more familiar with State Street's ETF arm, the company's business clients use State Street's custody services, which can include keeping cash in operational accounts that earn zero interest. That shift, even if the money goes into other State Street products, hurts the company's net interest income because customers are now getting a cut of the interest. State Street CEO Ronald O'Hanley said on the call that the shift away from noninterest-bearing accounts would cause no change in State Street's stock buyback plan.
☆ Simple fact that there's a Saudi-Iranian agreement 'makes the world safer': State Street CEO
  + stars: | 2023-03-15 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSimple fact that there's a Saudi-Iranian agreement 'makes the world safer': State Street CEORonald O'Hanley, State Street CEO, says "we're better off today than we were a week ago."
☆ Davos 2023: State Street CEO says had no idea about leverage in LDI funds
  + stars: | 2023-01-17 | by ( ) www.reuters.com   time to read: +1 min
LONDON, Jan 17 (Reuters) - State Street said on Tuesday it was unaware how much leverage was tied up in liability-driven investment (LDI) funds which came under extreme stress last year after British government bond yields rocketed. LDI funds are used by UK pension funds to help ensure they can pay pensions. "We had no idea how much leverage was in the system," State Street CEO Ronald O'Hanley told a panel at the World Economic Forum in Davos. State Street manages LDI products and provides collateral services for them, he said. "The challenge there wasn't the product, the challenge there was leverage and this is the problem," O'Hanley said.
☆ Goldman Sachs' humbling U-turn on its consumer banking ambitions
  + stars: | 2022-10-19 | by ( Jeffrey Cane | ) www.businessinsider.com   time to read: +5 min
Third-quarter results from the big Wall Street banks are now behind us, and they were … pretty good, all things considered? Goldman Sachs reported yesterday, and while it may not be the biggest nor the best bank (OK, No. Trading and dealmaking made the reputation of the 153-year-old Wall Street firm, but the spotlight lately has been on its struggling consumer banking unit, Marcus. The consumer business "doesn't make money at the moment," Solomon acknowledged, but he added: "The deposits are hugely valuable. From Wall Street darlings to prey.
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