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☆ Federal Reserve unveils toned-down banking regulations in victory for Wall Street
▼ + stars: | 2024-09-10 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Federal Reserve Board Vice Chair for Supervision Michael S. Barr testifies at a Senate Banking, Housing and Urban Affairs Committee hearing on "Recent Bank Failures and the Federal Regulatory Response" on Capitol Hill in Washington, March 28, 2023. Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would've boosted capital requirements for the world's largest banks by roughly 19%. The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution. "There are benefits and costs to increasing capital requirements. That would likely boost capital requirements by 3% to 4% over time, Barr said.

Persons: Michael S, Barr, Michael Barr, could've, Jamie Dimon Organizations: Banking, Housing, Urban Affairs, Federal, Fed, Federal Deposit Insurance Corp, Brookings Institution, JPMorgan Chase Locations: Washington, Basel

☆ U.S. airlines cool hiring after adding 194,000 employees in post-Covid spree
▼ + stars: | 2024-09-06 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +5 min

U.S. passenger airlines have added nearly 194,000 jobs since 2021 as companies went on a hiring spree after spending months in a pandemic slump, according to the U.S. Department of Transportation. It’s a departure from the previous years when airlines couldn’t hire employees fast enough. U.S. airlines are usually adding pilots constantly since they are required to retire at age 65 by federal law. Then, travel demand snapped back faster than expected, climbing in earnest in 2022 and leaving airlines without experienced employees like customer service agents. “We will be hiring for the foreseeable future at levels like that,” he said at the time.

Persons: Kit Darby, they’ll, Raymond James, Savanthi, Tammy Romo, Robert Isom, “, ”, Ken Byrnes Organizations: U.S . Department of Transportation, Airlines, Boeing, Airbus, U.S, American Airlines, United Airlines, Delta Air Lines, Southwest Airlines, JetBlue Airways, Spirit Airlines, Pratt & Whitney, Frontier Airlines, Dallas, ”, ” United Airlines, —, FedEx, UPS, American, Embry, Riddle Aeronautical University Locations: U.S, ” United

☆ Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company
▼ + stars: | 2024-08-23 | by ( Michael Wayland | ) www.nbcnews.com time to read: +8 min

So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. “We’re quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,” he told CNBC on Thursday. Gjaja’s comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. Gjaja said the decision wasn’t taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years. He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.

Persons: Marin Gjaja, We’re, “, Warren Buffett, Gjaja, Jim Farley, ” Farley, Ford, ” BofA’s John Murphy, John Lawler, Lawler, ” Gjaja, ” There’s, we’ve, ” Ford, Thursday, ” Organizations: DETROIT, Ford, CNBC, North America, EV, “, ICE, Wall Street, GM, General Motors Locations: U.S, Europe, North, California, China, ”

☆ Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company, investors
▼ + stars: | 2024-08-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNTA banner advertises the Ford Mustang Mach-E electric vehicle at a Ford dealership on August 21, 2024 in Glendale, California. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. "We're quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range," he told CNBC on Thursday. Gjaja's comments come a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. He said the Ford, in part, developed the "skunkworks" team to prove that Ford can compete against the Chinese automakers.

Persons: Mario Tama, Marin Gjaja, Warren Buffett, Gjaja, Jim Farley, Farley, Ford, BofA's John Murphy, John Lawler, Lawler, There's, we've, Michael Wayland Organizations: Ford, Getty, DETROIT, CNBC, North America, EV, Wall Street, GM, General Motors Locations: Glendale , California, U.S, Europe, North, California, China

☆ Greenlight's David Einhorn builds new stake in this gambling name. Here's what else he bought
▼ + stars: | 2024-04-24 | by ( Adam Jeffery | ) www.cnbc.com time to read: +2 min

Greenlight Capital's David Einhorn continued to pick up new stocks in the first quarter, including Penn Entertainment , as the longtime value investor struggles to find opportunities in the volatile market. He established the stake at an average cost of $22.69 per share, but the stock has fallen to $17.44 as of Wednesday. Still, Einhorn said sports betting, if executed right, could take the shares much higher. "Were the market to credit PENN with merely 15% of DraftKings' value, that segment alone would be worth $20 per share." Q4 buyer's strike Einhorn had stopped building new stock positions at one point in the fourth quarter, saying he was on a "buyer's strike" due to worries about intensifying geopolitical risks.

Persons: Greenlight Capital's David Einhorn, Einhorn, PENN, he's, Greenlight, — CNBC's Leslie Picker Organizations: Penn Entertainment, CNBC, Barstool Sports, Cornell grad, Greenlight Capital, HP, Roivant Sciences, Liberty Global

☆ Tracy Britt Cool, who worked for Warren Buffett for 10 years, is making her name in midsized firms
▼ + stars: | 2024-03-14 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Tracy Britt Cool has been busy acquiring midsized companies — ones too small for her old boss Warren Buffett at Berkshire Hathaway — and now she wants to build a close-knit community for these smaller businesses. Unlike the Berkshire CEO's laissez-faire approach to managing his companies, however, Cool is more hands-on, guiding company leaders through hiring and developing strategies. "We want to be the trusted home for midsized companies," Cool said in an interview. Buffett influence Cool famously got a job working for Buffett as his financial assistant by sending the "Oracle of Omaha" a letter after graduating Harvard Business School. Cool declined to comment on her relationship with Buffett or her experience at Berkshire.

Persons: Tracy Britt Cool, Warren Buffett, Berkshire Hathaway —, Buffett, Charlotte, Kanbrick, Brian Humphrey, Cool, Kanbrick hasn't, Benjamin Moore, it's Organizations: Berkshire Hathaway, Elite, Cool, Harvard Business School, Oriental Trading Company, Systems Locations: Berkshire, Nashville, Kansas, Omaha, Pennsylvania

☆ Rivian shares surge as company reveals new EV models, $2.25 billion in cost savings
▼ + stars: | 2024-03-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Rivian CEO RJ Scaringe, in announcing the company's upcoming R2 SUV, also revealed two additional crossovers called the R3 and R3X, a performance variant. The Rivian R3 electric vehicle is unveiled at the Rivian South Coast Theater in Laguna Beach, California, on March 7, 2024. The Amazon -backed company has been burning through cash to improve current EV production and narrow losses. Shifting production of the R2 from the in-development plant in Georgia to the company's plant in Normal, Illinois, will save $2.25 billion, Rivian said in a press release. Rivian CEO RJ Scaringe speaks at an event to unveil a smaller R2 SUV during an event in Laguna Beach, California, U.S., March 7, 2024.

Persons: RJ Scaringe, Mike Blake, It's, Patrick T, Fallon, CNBC's Phil LeBeau, Scaringe, Rivian Organizations: Reuters, Rivian Automotive, Coast Theater, AFP, Getty Locations: Laguna Beach , California, U.S, Georgia, Normal , Illinois

☆ The fastest-growing hedge funds are now investing conglomerates. That's changing how investors judge the biggest firms.
▼ + stars: | 2024-02-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +7 min

The rise in multi-manager hedge funds over the past five years has forced allocators to create a separate due diligence model for the fastest-growing segment in the industry. Even an executive at a midsized multi-manager admits their firm and its peers are "more like corporations than hedge funds." AdvertisementA new type of hedge-fund kingsFounders were once simply the best traders and money-makers, spinning out of banks' trading desks and larger hedge funds. Bobby Jain, the former Millennium executive starting his own multi-billion hedge fund, hasn't traded in decades but was a part of the leadership team at one of the biggest hedge funds in the world. Jobs at multi-manager platforms are roughly a quarter of the industry's overall roles, despite these funds holding roughly 14% of the assets.

Persons: —, allocators, Griffin's, Izzy Englander's, Jack Springate, Allen Cheng, Cheng, Bobby Jain, hasn't, Michael Gelband, Dmitry Balyasny, Steve Cohen, Izzy Englander, Ajay, Kevin Lyons, Lyons, Springate Organizations: Service, Business, Fortune, Goldman Sachs Asset Management, Aon, Millennium, Treasury Locations: Schonfeld's

☆ Why do people keep uninsured money in banks?
▼ + stars: | 2024-02-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Somehow, the same issue plaguing last year’s failed banks is back in focus at the latest bank in crisis: massive loads of uninsured deposits. To be sure, the risk isn’t anywhere close to that of the banks that failed last year: About 94% of domestic deposits at Silicon Valley Bank were uninsured and 90% of Signature Bank’s deposits were uninsured, according to the Federal Reserve. The money is guaranteed by the Federal Deposit Insurance Corporation, which is funded by fees paid by major US banks. About 40% of all money in the US, or $8 trillion, sitting in banks is uninsured, said Lawrence White, a professor at New York University’s Stern School of Business. “It also risks violating the FDIC’s statutory requirement to resolve failed banks and protect insured depositors in the least expensive way possible.”Sometimes, he said, rescuing those uninsured depositors may be the cheapest way to protect insured depositors at banks.

Persons: NYCB, Brian Snyder, James Lee, David Wessel, Lawrence White, University’s, Banks, Ting Shen, ”, Kori Suzuki, JPMorgan Chase, Michael Ohlrogge, Maxine Waters, Elizabeth Warren, “ Organizations: New, New York CNN, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Bank, Xinhua, Federal Deposit Insurance Corporation, FDIC, Reuters, Brookings Institution, International Monetary Fund, University’s Stern School of Business, US Treasury, Bloomberg, Getty, Securities and Exchange Commission, Valley Bank, Signature Bank, JPMorgan, Bank of America, Citigroup, First Republic Bank, New York University’s School of Law, Financial Services, Banking Committee, CBS, Bank Coalition of America Locations: New York, Silicon, United States, New, ”, Washington , DC, San Francisco , California, Sen

DAVOS, Switzerland (AP) — Artificial intelligence is easily the biggest buzzword for world leaders and corporate bosses diving into big ideas at the World Economic Forum’s glitzy annual meeting in Davos. In a sign of ChatGPT maker OpenAI’s skyrocketing profile, CEO Sam Altman is making his Davos debut to rock star crowds, with his benefactor, Microsoft CEO Satya Nadella, hot on his heels. Illustrating AI’s geopolitical importance like few other technologies before it, the word was on the lips of world leaders from China to France. Here's a look at the buzz:OPENAI OPENING BIG AT DAVOSPolitical Cartoons View All 253 ImagesThe leadership drama at the AI world's much-ballyhooed chatbot maker followed Altman and Nadella to the swanky Swiss snows. China, one of the world’s centers of AI development, wants to “step up communication and cooperation with all parties” on improving global AI governance, Li said.

Persons: OpenAI’s, Sam Altman, Satya Nadella, Altman, Nadella, “, OpenAI, Klaus Schwab quizzed, Li Qiang, ”, Li, Ursula von der Leyen, Emmanuel Macron, Google's Bard, he's, can’t, Julie Sweet, Arvind Krishna, Yann LeCun, LeCun, ____ Chan, Matt O'Brien Organizations: Davos, DAVOS, Bloomberg, Microsoft, ”, European, EU, Accenture, AP Locations: DAVOS, Switzerland, Davos, China, France, Swiss, percolated, afterparties, Europe, Britain, Valley, London, Providence , Rhode Island

☆ Record thunderstorm losses and deadly earthquakes cost $250 billion in damages in 2023, report says
▼ + stars: | 2024-01-09 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Destructive thunderstorms in North America and Europe and a series of devastating earthquakes last year cost the world around $250 billion in damages, according to a new report from the world's largest reinsurance company. In Europe, thunderstorm losses amounted to $10 billion, of which $8 billion was insured. It said such high thunderstorm losses were unprecedented for the U.S. and Europe. Munich Re said that while the economic and insured losses from 2023 may not appear extraordinary, it marks another year of "extremely high" damages even without any so-called mega-disasters in industrialized countries. In 2022, for example, Hurricane Ian was found to have resulted in overall economic losses of a whopping $100 billion and insured losses of $60 billion.

Persons: Hurricane Ian, Ernst Rauch, Rauch Organizations: Munich Re, U.S, CNBC, videoconference Locations: North America, Europe, Munich

☆ Dud IPO market closes 2023 with a whimper for the second year in a row
▼ + stars: | 2023-12-08 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

Another year, another lousy IPO market. The 2023 IPO market is closing with a whimper, not a bang. You'd think the IPO market would be bubbling, but it's dead quiet. Source: Renaissance Capital For a good part of the year, the excuse was interest rates were rising, the market was too volatile, and the after market performance of 2023 IPOs was terrible. The November rally is too little too late to save the IPO market Unfortunately, it all came a little too late to rescue 2023.

Persons: Birkenstock, You'd, Rivian, Doordash, IPOs, Matt Kennedy, Don Short, you've, haven't, confidentially, Waystar, Kim Kardashian's, Musk, Howe Ng, Ng, Kyle Stanford, Instacart, it's, James Ulan, Stanford, Pitchbook, Greg Martin Organizations: Renaissance, That's, IPOs, Hertz, Sotera, ARM, Renaissance Capital, Klarna, Microsoft, Forge Global, Bloomberg, SpaceX, Nvidia, Rainmaker Securities Locations: Pitchbook

☆ These regional banks are at greatest risk of being taken over by rivals, according to KBW
▼ + stars: | 2023-11-27 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

A trio of regional banks face increasing pressure on returns and profitability that makes them potential targets for acquisition by a larger rival, according to KBW analysts. Banks with between $80 billion and $120 billion in assets are in a tough spot, says Christopher McGratty of KBW. The remaining lenders, including East West Bank, Popular Bank and New York Community Bank each have higher returns and could end up as acquirers rather than targets. "Not every bank is as profitable as others and there are scale demands you have to keep in mind." The moves broadly take measures that applied to the biggest global banks down to the level of institutions with at least $100 billion in assets, increasing their compliance and funding costs.

Persons: Banks, Christopher McGratty, McGratty, Zions Organizations: Comerica, Zions, Western Alliance, Webster, East West Bank, Popular Bank, New York Community Bank, Banking

Visitors look at a Toyota Camry car during the Bangkok Auto Salon 2019 in Bangkok, Thailand, July 4, 2019. The 2025 Camry will combine a 2.5-liter gasoline engine with an electric drive system tuned to deliver more power in both front-wheel drive and all-wheel drive versions of the car, Toyota said. The hybrid powertrain and a new electronic all-wheel drive system deliver 232 combined horsepower – nearly 15% more than the outgoing Camry with a mechanical all-wheel drive system, Toyota said. The cheapest Camry hybrid model currently sells for about $2,400 more than the most inexpensive combustion Camry. A current Camry hybrid is rated at 52 miles (84 km) per gallon in combined city and highway driving, compared with a 32-mpg rating for the conventional four-cylinder Camry.

Persons: Athit, David Christ, Christ, Sienna, Joe White, Matthew Lewis Organizations: Toyota Camry, Bangkok Auto, REUTERS, Rights DETROIT, Toyota, Reuters, Los Angeles Auto, Camry, General Motors, Chevrolet Malibu, Honda, Hyundai, Tesla, Car Dealers Association, Thomson Locations: Bangkok, Thailand, U.S, North America, Los Angeles, Detroit, California

People visit the LG display at the international consumer technology fair IFA in Berlin, Germany September 2, 2022. Mobile display panel orders are concentrated in the second half of the year, when panels for Apple's latest mobile products are produced before the holiday season. Shares in LG Display rose as much as 8% after the earnings result, versus a 0.7% drop in the wider market (.KS11). "LG Display made it clear it will turn to profit. LG Display posted an operating loss of 662 billion won ($491.11 million) for the July-September quarter versus a loss of 759 billion won a year earlier.

Persons: Lisi Niesner, Sung, Kim, Jeff Kim, midsized, Max, 1,347.9600, Joyce Lee, Heekyong Yang, Clarence Fernandez, Jamie Freed, Lincoln Organizations: LG, IFA, REUTERS, Wednesday, Apple, KB Securities, Analysts, Thomson Locations: Berlin, Germany, SEOUL, Korean

☆ JPMorgan Chase is set to report third-quarter earnings — here’s what the Street expects
▼ + stars: | 2023-10-13 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Jamie Dimon, chairman and CEO of JPMorgan Chase, at the U.S. Capitol for a lunch meeting with the New Democrat Coalition in Washington, D.C., June 6, 2023. JPMorgan Chase is scheduled to report third-quarter earnings before the opening bell Friday. The 10-year Treasury yield, a key figure for long-term rates, jumped 74 basis points in the third quarter. Shares of JPMorgan have climbed 8.7% year to date, far outperforming the 19% decline of the KBW Bank Index. Bank of America and Goldman Sachs report Tuesday, and Morgan Stanley discloses results on Wednesday.

Persons: Jamie Dimon, JPMorgan Chase, Dimon, Goldman Sachs, Morgan Stanley Organizations: JPMorgan, U.S, Capitol, New Democrat Coalition, Washington , D.C, LSEG, Bank, Federal Reserve, Treasury, Banks, KBW, Wells, Citigroup, Bank of America Locations: Washington ,, Wells Fargo

☆ Bank earnings kick off with JPMorgan, Wells Fargo amid concerns about rising rates, bad loans
▼ + stars: | 2023-10-12 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

Just as they did during the March regional banking crisis, higher rates are expected to lead to a jump in losses on banks' bond portfolios and contribute to funding pressures as institutions are forced to pay higher rates for deposits. The issue constrains the bank's interest revenue and has made the lender the worst stock performer this year among the top six U.S. institutions. Expectations on the impact of higher rates on banks' balance sheets varied. Still, others including KBW and UBS analysts said that other factors could soften the capital hit from higher rates for most of the industry. There's also concern that higher interest rates will result in ballooning losses in commercial real estate and industrial loans.

Persons: Jamie Dimon, Marco Bello, Christopher McGratty, David Konrad, McGratty, Morgan Stanley, Betsy Graseck, Konrad, Gerard Cassidy Organizations: JPMorgan Chase &, Reuters, JPMorgan Chase, Citigroup, Bank, Silicon Valley Bank, First, Bank of America, Comerica, Fifth Third Bank, KeyBank, UBS, RBC Locations: Miami , Florida, U.S, Wells Fargo, Silicon, First Republic

UAW President Shawn Fain plans to update the union's 150,000 members at Ford, General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) on Friday, a person briefed on the union's plans said. In addition to Ford, talks with Chrysler parent Stellantis (STLAM.MI) and other automakers and the UAW have been active in recent days, sources said. Ford Chief Financial Officer John Lawler said Friday the automaker's retirement offer would assure UAW workers could retire with $1 million in savings. The targeted strike against the Detroit Three automakers began on Sept. 15 and is now in its 20th day. Rival Ford Motor (F.N) secured a $4 billion line of credit in August, ahead of the Sept. 14 UAW contract expiration.

Persons: Rebecca Cook, Shawn Fain, Fain, Ford, Stellantis, John Lawler, Paul Jacobson, JP Morgan, Joe White, David Shepardson, Mark Porter, Nick Zieminski, Matthew Lewis, Anna Driver Organizations: General Motors, REUTERS, Rights, United Auto Workers, Ford, Detroit Three, Wednesday, UAW, Chrysler, Detroit automakers, GM, CNBC, Citibank, Chevrolet, GMC, GMC Yukon, Cadillac, Motor Equipment Manufacturers Association, Thomson Locations: Detroit , Michigan, U.S, Wentzville , Missouri, Kansas, Ohio, Indiana, Detroit

Virginie Viard’s spring collection emerged as a sun-drenched ode to liberty and movement, inspired directly from the villa’s gardens. This was Viard's Chanel: clothes that seemed relaxed and with nothing to prove. Viard’s Chanel feels less about dazzling the onlooker and more about connecting with her. While Lagerfeld’s Chanel was an aspiration, Viard’s is becoming a reflection. Last month, Cruz alongside her sister, Mónica Cruz, unveiled a fashion collection on Instagram, hinting at her deep-seated respect for the craft.

Persons: Noailles, Man Ray, Dali —, Karl Lagerfeld —, Virginie Viard’s, Gigi Hadid, Penélope Cruz, VIARD, CHANEL, ” Viard, chicness —, Viard's, impeccably, Chanel, Viard’s Chanel, Lagerfeld’s Chanel, Chanel relatable, she’s, CRUZ, poignantly, “, ” Cruz, Cruz, ”, Mónica Cruz, “ I’ve Organizations: PARIS, Associated Press Locations: Paris, France, Manton, Manila, Manton di Manila, Chanel

☆ The crashing office market will deepen the economic 'doom loop' for America's cities, economist says
▼ + stars: | 2023-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Some of America's largest cities risk falling into an economic "doom loop." Midsized cities could see higher tax rates and plunging property values as office demand falls. That's thanks to work-for-home trends, which have battered the commercial real estate market in hubs like Atlanta, Chicago, and Denver. "The problem that smaller cities have is that, often, there's not a whole lot of other things that cities have to offer in their downtown areas besides the commercial office district. Experts have warned for months of trouble in the overarching commercial real estate sector, which has struggled to bounce back from the pandemic.

Persons: Stijn Van Nieuwerburgh, Nieuwerburgh, Nieuwerburg, there's Organizations: Service, Columbia School of Business, National Association of Realtors, CNBC Locations: America's, Columbia, Wall, Silicon, Atlanta , Chicago, Denver

☆ Here are Tuesday's biggest analyst calls: Nvidia, Apple, Disney, Walmart, Lowe's, Alphabet and more
▼ + stars: | 2023-09-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

TD Cowen upgrades Domino's to outperform from market perform TD said in its upgrade of the stock that it sees upside to same-store sales. Bernstein reiterates Apple as market perform Bernstein said similarities exist between IBM 10 years ago and Apple today. Morgan Stanley reiterates Walmart as overweight Morgan Stanley sees an attractive risk/reward for Walmart shares. RBC upgrades American Express to outperform from sector perform RBC said the credit card company is "best positioned" to outperform. Jefferies reiterates Alphabet as buy The firm is more bullish on Alphabet shares after the company's recent Google Cloud event.

Persons: TD Cowen, Woodward, Uber, Cantor Fitzgerald, Wells, Bernstein, Morgan Stanley, Goldman Sachs, Lamb Weston, Stryker, Baird, Wolfe, Stifel, Jefferies, GOOGL's, We've Organizations: DIS, Media, Apple, IBM, Walmart, Bank of America, of America, Citi, Technologies, UBS, RBC, Dine Brands, Susquehanna, Barclays, Oracle, Vail Resorts, MTN, Google, Nvidia Locations: U.S, North America

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. Country Garden, China's largest private developer by sales, did not immediately respond to Reuters request for comment. Lower deposit rates will partially offset various pressures on banks' narrowing net interest margins - a key gauge of profitability, said Nicholas Zhu, a banking analyst at Moody's. "The impact of the deposit rate cut is material, given that close to three-quarters of Chinese banks' liabilities are deposits," Zhu said. China's mortgage loans totalled 38.6 trillion yuan ($5.29 trillion) at the end of June, representing 17% of banks' total loan books.

Persons: Florence Lo, Nicholas Zhu, Zhu, Ziyi Tang, Ryan Woo, Wang Jing, Davide Barbuscia, Anne Marie Roantree Organizations: REUTERS, HK, Industrial, Commercial Bank of China, China Construction Bank Corp, Agricultural Bank of China, Reuters, Industrial Bank Co Ltd, China Bohai Bank Co Ltd, Thomson Locations: BEIJING, Beijing, China, Washington, Guangzhou, Shenzhen, New York, Lincoln

☆ Regional banks face another hit as regulators force them to raise debt levels
▼ + stars: | 2023-08-29 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

Saul Loeb | AFP | Getty ImagesU.S. regulators on Tuesday unveiled plans to force regional banks to issue debt and bolster their so-called living wills, steps meant to protect the public in the event of more failures. Higher funding costsThe requirements will create "moderately higher funding costs" for regional banks, the agencies acknowledged. Still, the industry will have three years to conform to the new rule once enacted, and many banks already hold acceptable forms of debt, according to the regulators. They estimated that regional banks already have roughly 75% of the debt they will ultimately need to hold. Analysts have focused on the debt requirements because that is the most impactful change for bank shareholders.

Persons: Martin Gruenberg, Saul Loeb, Banks, Gruenberg, What's, Morgan Stanley, Manan Gosalia Organizations: Federal Deposit Insurance Corporation, Banking, Urban Affairs, Capitol, AFP, Getty, Treasury Department, Office, Currency, Federal Reserve, Federal Deposit Insurance Corp, FDIC, Brookings Institution, Silicon Valley Bank, Regulators, Analysts, T Bank, Citizens Financial, Northern Trust, Fifth Third Bancorp, Bank Locations: Washington , DC, Silicon

☆ Key San Francisco Fed official who oversaw supervision of SVB will retire
▼ + stars: | 2023-08-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Azher Abbasi, head of supervision at the Federal Reserve Bank of San Francisco — and a key official with direct oversight over failed Silicon Valley Bank — will retire at the end of October, the regional reserve bank announced this week. Abbasi and Mary Daly, president of the San Francisco Fed, came under scrutiny after a post-mortem report undertaken by the Federal Reserve found problems with how SVB was supervised. The San Francisco Fed declined to share additional details with CNN about Abbasi’s departure. Outside of the report, there have been concerns about potential conflicts of interest regarding Greg Becker, the former CEO of SVB, serving as a director on the San Francisco Fed board, potentially having a say over how SVB was supervised. Willardson previously worked at the Minneapolis Fed in a variety of positions from 1990 to 2022, including as senior vice president for supervision, regulation and credit for eight years.

Persons: New York CNN — Azher Abbasi, Federal Reserve Bank of San Francisco —, Abbasi, Mary Daly, SVB, San Francisco Fed, Greg Becker, Niel Willardson, Willardson Organizations: New, New York CNN, Federal Reserve Bank of San, San Francisco, Federal Reserve, Fed, CNN, San Francisco Fed, Minneapolis Fed, Deposit Insurance Corporation Locations: New York, Federal Reserve Bank of San Francisco, San Francisco Fed, midsized

☆ 'Beat factor': Bank of America names top out-of-consensus global stocks to buy. Here are 12 of them
▼ + stars: | 2023-08-17 | by ( Lucy Handley | ) www.cnbc.com time to read: +1 min

Bank of America named a number of buy-rated European stocks its analysts are most positive on. The bank ranked stocks based on "beat factor" — its analysts' most out-of-consensus stock ideas based on price objectives and earnings estimates — in its Aug. 11 research note. The bank is 6% above consensus on the company, in terms of earnings per share for the 2023 fiscal year. Banks on BofA's beat list include Dutch firm ING and French company BNP Paribas . Small and midsized companies BofA also named several small-to-midsized firms on a list of European Beat Factor Top 10 stocks, all of which it is buy-rated on.

Persons: Banks, BofA Organizations: of America, Defense, Thales, ING, French, BNP, Smiths Group, Logitech, Wizz

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