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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

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. One said some firms could pay as much as $50 million. The SEC has previously negotiated two other large group settlements as part of its "off-channel" communications probe. In August, regulators fined nine Wall Street firms, including Wells Fargo (WFC.N) and Societe Generale (SOGN.PA), a combined $549 million over employees' use of personal messaging apps. In September 2022, it fined 16 firms, including Goldman Sachs, Morgan Stanley, Citigroup and Bank of America, $1.8 billion for similar lapses.

Persons: Jim Bourg, Spokespeople, Oppenheimer, Voya, Wells, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Chris Prentice, Carolina, Michelle Price, Jacqueline Wong Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, Reuters, Truist Financial Corp, US Bancorp, Voya Financial, LPL, Interactive, Oppenheimer, Fifth Third Bancorp, Fifth, Truist, Wall Street, Societe Generale, Citigroup, Bank of America, JPMorgan, Thomson Locations: Washington

☆ Regional bank yields have fallen but plenty are still paying more than 4%
▼ + stars: | 2023-07-21 | by ( Scott Schnipper | ) www.cnbc.com time to read: +3 min

Western Alliance Bancorporation of Phoenix left its dividend unchanged at 36 cents a share in May and yields 3%. As of Friday, the bank's common stock still yields 7.1%, albeit down from 8.5% as recently as May. Comerica Bank in Dallas pays a dividend equivalent to a 5.5% yield, down from 7.9% in May. The banks' yields have fallen as the stocks have recovered some of their losses from earlier in the year. To judge the safety of bank dividends, take a look at their dividend payout ratios , which measure the percentage of earnings paid out in dividends.

Persons: Janney Montgomery Scott, Janney, Daniel Cardenas, — CNBC's Michael Bloom Organizations: PacWest Bancorp, Western Alliance, Truist Financial Corp, Rhode, Financial, Valley Bank, First Republic Bank, Comerica Bank, Heritage Commerce, Northrim BanCorp, Financial of, National Bancorp of Locations: Phoenix, Charlotte , North Carolina, Cleveland, Dallas, 2H23, Los Angeles, San Jose , California, Alaska, Financial of Ohio, National Bancorp of New Jersey

☆ These are the 3 key things that will impact the stock market in the week ahead
▼ + stars: | 2023-07-15 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

A lot was riding on these important measures of inflation after the scorching-hot ADP jobs report last week. Here are 3 things you need to know for the week ahead: 1. Industrial production and capacity utilization, also out Tuesday, shines a light on manufacturing, which attributes about 12% to U.S. GDP. Six months is generally considered to represent a balance between supply and demand in the housing market. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, Morgan Stanley, Johnson, Jeff Miller, Lockheed Martin, Charles Schwab, JB Hunt, Goldman, Baker Hughes, Ally, Kinder Morgan, Zions, Philip Morris, Abbott, ABT, Jim Cramer's, Jim Cramer, Jim, Scott Olson Organizations: Nasdaq, Dow Jones Industrial, Housing, CPI, Halliburton, HAL, Johnson, of America Corp, Lockheed, Lockheed Martin Corp, Novartis International AG, PNC Financial Services Group, Inc, PNC, Charles Schwab Corp, Bank of New York Mellon Corporation, BK, Synchrony, Interactive, Goldman Sachs Group, U.S . Bancorp, ASML, Citizens Financial, T Bank Corp, Northern Trust Corporation, Horizon National Corp, Business Machines Corp, IBM, United Airlines, Netflix, Steel Dynamics, Alcoa, Discover Financial Services, Crown, International Corp, Equifax Inc, Las Vegas Sands Corp, Liberty Energy Inc, Philip Morris International Inc, Taiwan Semiconductor Manufacturing Company, American Airlines Group Inc, Travelers Companies, SAP, Nokia Corp, Truist Financial Corporation, Company, McLennan Companies, Infosys Technologies Ltd, Newmont Mining Corp, Fifth Third Bancorp, Pool Corporation, Alfa Laval, Webster Financial Corp, Blackstone, Financial Corp, PPG Industries, CSX Corp, CSX, Berkley Corp, Swift Transportation Holdings Inc, American Express Co, AutoNation Inc, Interpublic, of Companies, Autoliv Inc, Huntington Bancshares, Financial Corporation, Roper Technologies, Comerica, Jim Cramer's Charitable, CNBC, Getty Locations: U.S, Las, ZION, Horton, Freeport, Marsh, ALFVY, W.R, Lemont , Illinois

NEW YORK, July 12 (Reuters) - Morgan Stanley (MS.N) has hired veteran investment banker Daniel Cohen from Truist Financial Corp (TFC.N), where he was the head of the firm's healthcare services advisory business, a person familiar with the matter said on Wednesday. In his new role, Cohen will continue to focus on dealmaking in the pharmaceutical services sector, the person said, requesting anonymity because the move is not yet public. Morgan Stanley declined to comment. Cohen's hire comes after veteran pharmaceutical industry bankers Arek Kurkciyan and Dennis Crandall left Morgan Stanley last year to join Moelis & Co (MC.N). Cohen spent just over one year at Truist, where he served as the head of pharmaceutical services investment banking and healthcare sponsor coverage, before being elevated as the head of the healthcare services unit, according to his LinkedIn profile.

Persons: Morgan Stanley, Daniel Cohen, Cohen, Arek Kurkciyan, Dennis Crandall, Morgan Stanley's, John Collins, Tom Miles, Brian Healy, Healy, David Carnevali, Svea, Bayliss, Emma Rumney Organizations: YORK, Truist Financial Corp, LinkedIn, Moelis, RBC Capital Markets, Oppenheimer Holdings Inc, JPMorgan Chase &, Catalent Inc, Svea Herbst, Thomson Locations: Truist, Americas, New York

☆ Factbox: Big banks stand strong against Fed's commercial real estate gloom
▼ + stars: | 2023-06-28 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

WASHINGTON, June 28 (Reuters) - Big U.S. banks' commercial real estate portfolios put in a surprisingly good performance during the Federal Reserve's annual health checks, with losses declining slightly on last year, the central bank said on Wednesday. With risks growing in the commercial real estate (CRE) sector globally, analysts and investors were looking to the Fed's "stress tests" for more insight on how exposed the country's lenders are to falling real estate prices. Commercial real estate (CRE), especially offices, has been hit by interest rates hikes and workers choosing to stay at home. The Fed's annual bank "stress tests" established following the 2007-2009 financial crisis probe how lenders would fare against an extreme scenario: a 40% decline in commercial real estate values. The average projected CRE loan loss rate across the group was 8.8% of average loan balances, compared with 9.8% last year, the Fed said.

Persons: Goldman Sachs, Morgan Stanley, Charles Schwab, Michelle Price, Pete Schroeder, Stephen Coates Organizations: Federal, Moody's Investors Service, Bank of America Corporation, of New York Mellon Corporation, Barclays US, BMO Financial Corp, Financial Corporation, Charles, Charles Schwab Corporation, Citigroup Inc, Financial Group, Inc, Suisse Holdings, DB USA Corporation, Goldman, Goldman Sachs Group, JPMorgan Chase & Co, T Bank Corporation, Northern Trust Corporation, PNC Financial Services Group, RBC US Group Holdings, Street Corporation, US Holdings, Truist Financial Corporation, UBS, Holding, . Bancorp, & Company, Thomson Locations: Big U.S

☆ Yellen to meet with Jamie Dimon and other bank CEOs on Thursday as debt ceiling crisis looms
▼ + stars: | 2023-05-16 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —With time running out to reach a deal on the debt ceiling, Treasury Secretary Janet Yellen plans to meet with bank CEOs on Thursday afternoon in Washington, sources tell CNN. JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser plan to attend the Yellen meeting, which will very likely include a focus on the debt ceiling as well as the banking crisis, people familiar with the matter told CNN. As the White House and Republican leaders struggle to reach a deal on the debt ceiling, Yellen has stepped up her warnings about the economic stakes. The debt ceiling is not necessarily the focus of the meeting, which will also include regional bank CEOs at a time when that industry is in turmoil. Yellen is also likely not the only figure from Washington who will speak before the bank CEOs this week.

☆ US regional lenders notch modest gains after two-day slump
▼ + stars: | 2023-05-03 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

PacWest Bancorp (PACW.O) shares gained 2.1% in early trading after tumbling 28% to close at their lowest level on record on Tuesday. The KBW Regional Banking Index (.KRX) rose 1% after closing at its lowest level since December 2020. Evercore ISI analysts lowered their 2023 earnings outlook for regional lenders. The brokerage now estimates a nearly 1%decline from a year earlier, compared to an already lowered expectations of a 4% growth, blaming it on intensifying funding cost pressures amid declining regional bank deposits. Meanwhile, short sellers have pocketed $1.2 billion in paper profits betting against regional lenders in the first two days of May, with Truist Financial Corp (TFC.N) and PacWest generating the highest gains, analytics firm Ortex said.

☆ First Republic collapse sparks sector-wide regional bank shares sell-off
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen on the window of a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf FahimMay 1 (Reuters) - Shares of regional lenders fell in morning trading on Monday following the collapse of First Republic Bank (FRC.N), the third major casualty of the biggest crisis to hit the U.S. banking sector since 2008. Among individual movers, Citizens Financial Group (CFG.N), PNC Financial Services Group (PNC.N), Truist Financial Corp (TFC.N) and U.S. Bancorp (USB.N) fell between 2.2% and 7%. While investors digested the quick deal for First Republic's assets with a pinch of salt, the regulator-engineered rescue effort sparked a sell-off in the mid-cap bank sector. Global banking has been rocked by the closure of Silicon Valley Bank and Signature Bank in March.

☆ Deposit flight at U.S. regional banks blights interest income gains
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

The flight of deposits at Fifth Third Bancorp (FITB.O), Comerica (CMA.N), Truist Financial Corp (TFC.N) and KeyCorp (KEY.N) dampened gains that the lenders made in their interest income benefiting from the U.S. Federal Reserve's aggressive monetary policy tightening through the past year. Only, Huntington Bancshares Inc (HBAN.O), among banks reporting on Thursday, managed to grow average total deposits by $472 million from the prior quarter. In the aftermath, the KBW Regional Banking Index (.KRX) has tumbled 19.4% this year, through previous close. Clients are expected to continue the shift toward other assets that bring in higher returns unless the banks increase returns, analysts have said. Citizens Financial (CFG.N) on Wednesday cut its forecast for net interest income, expecting an increase in the rate it pays out for deposits to clients.

Larger peers Bank of America (BAC.N), Goldman Sachs (GS.N) and JPMorgan Chase & Co (JPM.N) rose between 0.7% and 1%. "Markets are calmer as the tension of the banking situation is lessening. The CBOE volatility index (.VIX), known as Wall Street's fear gauge, fell to its lowest since March 9, reflecting easing investor anxiety. ET, Dow e-minis were up 216 points, or 0.66%, S&P 500 e-minis were up 32.5 points, or 0.81%, and Nasdaq 100 e-minis were up 114.25 points, or 0.9%. Reporting by Amruta Khandekar; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Larger peers Bank of America (BAC.N), Goldman Sachs (GS.N) and JPMorgan Chase & Co (JPM.N) rose between 0.7% and 1.6% in premarket trade. "Markets are calmer as the tension of the banking situation is lessening. A key inflation reading expected at the end of the week will provide more clues on the Fed's monetary tightening plans. ET, Dow e-minis were up 244 points, or 0.75%, S&P 500 e-minis were up 35.25 points, or 0.88%, and Nasdaq 100 e-minis were up 109.25 points, or 0.86%. Reporting by Amruta Khandekar; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Wells Fargo (WFC.N) and Bank of America (BAC.N) dropped more than 2% in premarket trade. Shares of regional lenders First Republic Bank (FRC.N), PacWest Bancorp (PACW.O), Western Alliance Bancorp (WAL.N) and Truist Financial Corp (TFC.N) fell between 2.1% and 2.8%. European banks also came under pressure, with a report of a U.S. probe on Credit Suisse and UBS (UBS.N) further souring the mood. ET, Dow e-minis were down 304 points, or 0.94%, S&P 500 e-minis were down 31.5 points, or 0.79%, and Nasdaq 100 e-minis were down 59 points, or 0.46%. Reporting by Amruta Khandekar and Ankika Biswas; Editing by Sriraj Kalluvila and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

The fresh price falls in Europe came as investors were looking to see how far U.S. authorities would go to shore up the banking sector, particularly fragile regional lenders. REUTERS/Dado Ruvic/Illustration/File Photo 1 2CDS surge on banking sector turmoilUBS CHALLENGESThe global banking sector has been shaking since the sudden collapse this month of SVB and Signature Bank. But the worries spread quickly, and on Sunday UBS (UBSG.S) was rushed into taking over Swiss rival Credit Suisse after it lost the confidence of investors. Separate sources told Reuters that UBS has promised retention packages to Credit Suisse wealth management staff in Asia to stem a talent exodus. Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday the wipeout of Credit Suisse bondholders had "profound" implications for global bank regulations.

Bank of America (BAC.N) and UBS (UBS.N) now see the Fed funds rate target peaking at 5-5.25% in May compared to earlier forecasts of 5.25-5.5%. Nvidia Corp (NVDA.O) rose 1.9% after Needham raised its price target on the chipmaker on likely benefit from near-term data center strength. ET is expected to show a rise in jobless claims last week, hinting at some cooling in labor demand. Regeneron Pharmaceuticals Inc (REGN.O) jumped 8.6% on promising results on its blockbuster asthma drug Dupixent from a lung disease trial. Reporting by Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Savio D'Souza and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Sens. Booker, Warnock press big bank CEOs to pause overdraft fees after SVB failure
▼ + stars: | 2023-03-22 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Cory Booker and Raphael Warnock have urged the CEOs of 10 major banks to waive overdraft and nonsufficient fund fees that could cost some Americans more than $100 a day in the wake of the failures of Silicon Valley Bank and Signature Bank. The letters went to the CEOs of Wells Fargo , U.S. Bank , Truist Financial Corp ., TD Bank , Regions Financial Corp ., PNC Bank , JPMorgan Chase , Huntington National Bank , Citizens Bank and Bank of America . Regulators shuttered New York-based Signature Bank days later in an effort to stall a potential banking crisis. Booker and Warnock said banking customers whose paydays fell between March 10 and March 13 were unable to receive or deposit checks from payroll providers banking with SVB and Signature Bank. Treasury Secretary Janet Yellen on Tuesday said the department is prepared to guarantee all deposits for financial institutions beyond SVB and Signature Bank if the crisis worsens.

☆ First Republic shares fall on fresh liquidity fears as peers rebound
▼ + stars: | 2023-03-20 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

March 20 (Reuters) - Shares of First Republic Bank (FRC.N) slumped 13.1% on Monday, after a report the regional bank could raise more money fanned worries about its liquidity despite a $30 billion rescue last week. Shares of some of the big banks involved in the unprecedented support rose, reversing premarket losses. "Even though First Republic Bank says that they have the financial backing to survive, investors are concerned that they too will have to be taken over," said Jason Pride, chief investment officer of private wealth at Glenmede. The S&P 1500 regional banks index (.SPCOMBNKS) added nearly 4%, outperforming S&P 500 banks' (.SPXBK) 2.6% rise. A U.S. official told Reuters on Sunday that the deposit outflows that left many regional banks reeling in the wake of Silicon Valley Bank's failure had slowed and in some cases reversed.

☆ First Republic shares fall as private placement report stirs fresh liquidity fears
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

March 20 (Reuters) - Shares of First Republic Bank (FRC.N) slumped 16% on Monday, leading losses among U.S. lenders in premarket trading, after a report the regional bank could raise more money fanned worries about its liquidity despite a $30 billion rescue last week. S&P Global downgraded the bank deeper into junk status on Sunday and said the recent cash infusion from 11 large U.S. banks may not solve its liquidity problems. Shares of the banks involved in the unprecedented support also fell. On Sunday, Reuters reported that the lender was still trying to put together a capital raise but that no deal was imminent. PacWest Bankcorp (PACW.O) climbed 5.9% after the bank said deposit outflows had stabilized and its available cash exceeded total uninsured deposits.

March 16 (Reuters) - First Republic Bank's (FRC.N) shares fell 17% in extended trading on Thursday, despite an unprecedented show of support in the bank from nearly a dozen of the world's largest financial institutions. The bank's shares, which had closed 10% higher after a volatile day that saw trading halted 17 times, slumped in after-market trading. Jason Ware, chief investment officer for Albion Financial Group, said the Dimon-led banking sector intervention on Thursday was a "shot in the arm of the system" but likely more was needed. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. The bank's shares have been hit hard in recent days in the aftermath of the collapse of Silicon Valley Bank.

☆ CD&R to take Focus Financial private in over $7 bln deal
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Feb 27 (Reuters) - Focus Financial Partners Inc (FOCS.O) has agreed to be taken private by affiliates of buyout firm Clayton, Dubilier & Rice (CD&R) in an all-cash transaction valued at more than $7 billion including debt, the companies said on Monday. The buyout firm's offer highlights how private equity firms are pouncing on the plunge in valuations to snap up companies. CD&R and Stone Point will fund the deal, which is expected to close in the third quarter of this year, with fully-committed equity financing. Stone Point and fellow private equity firm KKR & Co (KKR.N) owned New York-based company Focus prior to its listing in 2018. Jefferies LLC and Goldman Sachs are financial advisers to Focus, while Moelis & Co, Truist Securities Inc and BofA Securities are among advisers to CD&R.

☆ Exclusive: Black Knight to shed unit in bid to save $13 bln sale to ICE -sources
▼ + stars: | 2023-02-09 | by ( David French | ) www.reuters.com time to read: +3 min

ICE's takeover of Black Knight would follow its $11 billion purchase of Ellie Mae, another mortgage software company, in 2020. ICE provided its consent to Black Knight going ahead with the move, the sources added. It could not be learned if Black Knight is carrying out the sale process for Empower in co-ordination with the FTC. Black Knight and Truist did not respond to requests for comment. Holly Vedova, director of the FTC's Bureau of Competition, said in a speech last week, without addressing the Black Knight deal specifically, that the agency was not inclined to approve mergers on the basis of divestitures.

☆ Futures fall as weak data fuel recession worries, Fed comments on tap
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures down: Dow 0.52%, S&P 0.54%, Nasdaq 0.61%Jan 19 (Reuters) - U.S. stock index futures fell on Thursday after weak economic data fueled recession worries, while investors await comments from more Federal Reserve officials for clues on the central bank's path of monetary tightening. "For once bad news really was bad news because of the implications it might have for interest rates. Weak retail sales suggested consumers' resilience may have been pushed beyond breaking point," said Russ Mould, investment director at AJ Bell. Analysts now expect year-over-year earnings from S&P 500 companies to decline 2.6% for the quarter, according to Refinitiv data, compared with a 1.6% decline in the beginning of the year. ET, Dow e-minis were down 173 points, or 0.52%, S&P 500 e-minis were down 21.25 points, or 0.54%, and Nasdaq 100 e-minis were down 69.5 points, or 0.61%.

☆ Cybersecurity Tops the CIO Agenda as Threats Continue to Escalate
▼ + stars: | 2022-10-17 | by ( Steven Rosenbush | ) www.wsj.com time to read: +6 min

Cyber and information security has been at the top of their agenda since 2020. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. Gartner forecasts that worldwide information security and risk-management spending by end-users will reach $188.336 billion in 2023, up 11.3% from the current year. It’s what boards are talking about,” said Truist Financial Corp. Chief Information Security Officer Howard Whyte. He and Truist CIO Scott Case work closely to understand the Charlotte, N.C.-based bank’s changing attack surface and cybersecurity risk.

☆ Factbox: Meet the big bank CEOs set to be grilled by Congress
▼ + stars: | 2022-09-20 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

In his prepared testimony, Moynihan touted the firm's focus on "responsible growth" as critical to its stability and strength. CITIGROUP INCJane Fraser, the first woman to lead a major Wall Street bank, was appointed in March 2021. In her prepared testimony, Fraser said the bank had made "significant progress" in divesting from those areas, while supporting institutional clients. U.S. Bancorp is currently the fifth largest bank in the U.S. with $582 billion in assets, and the largest bank outside of the "globally systemic" firms. Rogers describes the bank as "purpose-driven" in his prepared testimony, and highlighted efforts to boost investment in lower income and majority-minority communities.

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