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That makes the business less than half the size of Bank of America Corp's (BAC.N) Merrill Wealth Management arm, the $18-billion behemoth Sieg ran until he left last month. Another challenge is that Citi has historically been undersized and a bit of a laggard in the space...especially in the wealth business where it’s all about existing relationships." In some ways, Citigroup is playing catchup after selling its old wealth business, Smith Barney, a decade ago to Morgan Stanley, which then leaned heavily into wealth management. That bet paid off - Morgan Stanley's wealth unit, led by Andy Saperstein, brought in record revenue last year. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth division.

☆ Take Five: How bad is it?
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +5 min

China and Britain release key economic data and officials from the Group of Seven nations talk climate goals. 1/ EARNINGS RECESSIONU.S. earnings season goes up a gear and the outlook is gloomy due to the regional banking crisis and the most aggressive monetary policy tightening in decades. Analysts expect Q1 S&P 500 earnings to fall 5.2% from the year-ago period, Refinitiv I/B/E/S data as of April 7 showed. In a sign of which way the authorities want lending rates to head, smaller regional banks have already cut deposit rates. China GDP vs 1-year MLF rate4/ NO ALARMS, NO SURPRISESIt's a big week for UK data, with February jobs figures on Tuesday and March inflation numbers Wednesday.

☆ BBVA, Santander, Bank of America want to back Mexico's $6 billion power deal, Bloomberg reports
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid, Spain, May 23, 2018. REUTERS/Sergio Perez/File PhotoApril 13 (Reuters) - Banco Bilbao Vizcaya Argentaria (BBVA.MC), Banco Santander SA (SAN.MC) and Bank of America Corp (BAC.N) together plan to fund Mexico's $6 billion deal to purchase power plants from Spain's Iberdrola (IBE.MC), Bloomberg News reported on Thursday citing people familiar with the talks. The three lenders are among a consortium looking to finance the deal, the report said, with local banks such as Grupo Financiero Banorte and billionaire Carlos Slim's Grupo Financiero Inbursa also interested. The Bank of America declined to comment on the report, while Banco Bilbao Vizcaya Argentaria, Banco Santander SA and Iberdrola did not immediately respond to Reuters' requests for comment. Reporting by Nilutpal Timsina in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ L&G's fund arm to back climate votes at U.S., Canadian banks
▼ + stars: | 2023-04-13 | by ( Simon Jessop | ) www.reuters.com time to read: +2 min

LGIM, insurer Legal & General's (LGEN.L) fund arm, which manages more than $1.5 trillion, said it was going public ahead of the banks' meetings as part of an escalation strategy after backing several climate votes last year. "Accordingly, we believe our support of many of these resolutions – depending always on the specifics of their drafting language and advisory or binding nature – is warranted." It would also back votes calling for a report on how the bank is aligning its financing activities with its 2030 targets at Toronto-Dominion Bank (TD.TO), Bank of America, Wells Fargo, Goldman Sachs, JPMorgan Chase and Morgan Stanley. "We believe detailed information on how a company intends to achieve the 2030 targets they have set... can further focus the board's attention on the steps and timeframe involved and provides assurance to stakeholders," LGIM said. ($1 = 0.7993 pounds)Reporting by Simon Jessop Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ For some US banks, it’s still a wonderful life
▼ + stars: | 2023-04-13 | by ( John Foley | ) www.reuters.com time to read: +7 min

Bank customers are still sitting on a pile of savings manufactured by pandemic-era government stimulus and curtailed consumption. Among all banks, deposit balances have fallen 5% year-on-year; to get back to their pre-Covid trend, they’d need to fall 20%. What of small banks that can’t match either advantage? Better placed within communities to soothe the nerves of mostly local customers, small banks can instill trust and loyalty while allaying fears. This edge for small banks should also insulate them from the worst effects of a deposit price war.

☆ Buffett: Do not panic about U.S. banking industry
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Warren Buffett on Wednesday said people should not be panicked about the banking industry or the safety of U.S. bank deposits, despite the recent failures of Silicon Valley Bank and Signature Bank. People "do not need to be panicked" about the banking industry and "shouldn't be worried about deposits they have in an American bank," a message that has recently gotten "confused" and "mixed up," Buffett said. "It does really, really affect the system when people lose confidence in banks," he said. Silicon Valley Bank collapsed on March 10 after losses on fixed-income investments left it short of capital, triggering a bank run. Buffett was speaking from Tokyo, where he was visiting five large Japanese trading houses in which Berkshire has investments.

☆ U.S. banks that shored up First Republic pushed to boost reserves - Bloomberg News
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Several major U.S. banks who contributed a significant portion of the $30 billion in deposits to aid First Republic Bank (FRC.N) last month, are now planning to bolster their reserves by setting aside around $100 million each, Bloomberg reported. Banks' decision to strengthen their reserves is driven by accounting regulations that require provisions to be set aside for potential losses across various assets, the report addded. First Republic, Citi Bank and JPMorgan declined to comment on the report. Bank of America and Wells Fargo did not immediately respond to Reuters' requests for a comment. Eleven lenders, including the eight members of the Financial Services Forum, threw First Republic a lifeline of a combined $30 billion in deposits last month.

April 11 (Reuters) - Banks that contributed the bulk of $30 billion in deposits to First Republic Bank (FRC.N) plan to set aside about $100 million each in first-quarter earnings in case of potential losses, two sources with direct knowledge of the matter said. The sources declined to be identified because of the sensitivity of the situation. The banks declined to comment. The four largest U.S. banks were among a group of 11 lenders that bolstered First Republic after its shares plunged during the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank. Major U.S. banks will begin reporting first-quarter earnings from Friday.

☆ Premarket stocks: Main Street investors bet on comeback for regional banks
▼ + stars: | 2023-04-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Forget the banking crisis — Main Street’s retail investors have barreled into embattled bank stocks. At the same time, he said, institutional investors, the so-called “smart money,” have been trading out of volatile regional bank stocks. That could mean bad news for those who are betting they’ll see big returns on regional bank stocks. This is a risky move for retail investors, said Iachini, and a speculative play. We’re not seeing a meaningful recovery, at least yet, for regional bank stocks, he said.

☆ Buffett: Do not panic about U.S. banks and deposits
▼ + stars: | 2023-04-12 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Warren Buffett said people should not be panicked about the banking industry or the safety of U.S. bank deposits, despite the recent failures of Silicon Valley Bank and Signature Bank. "People shouldn't be worried about losing their money and their deposits they have in an American bank, but the message has gotten very confused," Buffett, 92, said on CNBC. Berkshire's equity portfolio includes several banks, including a $34.2 billion year-end stake in Bank of America Corp (BAC.N). Buffett says banks have "mismanaged" assets and liabilities for a long time, and "every now and then it bites them in a big way." Buffett also said he would bet $1 million that no American depositor would lose money from a bank failure in the next year.

When we've been awake for a long time, our sleep drive kicks in and tells us we need to sleep. During REM sleep, the cortex – responsible for cognition and emotion-processing – is activated in some regions and deactivated in others. After cycling through non-REM and REM sleep around 4 to 5 times, the basal forebrain and other structures receive signals to start exiting sleep. WHEN SLEEP GOES WRONGIn the U.S. alone, 50 to 70 million people experience some type of chronic sleep disorder, according to the American Academy of Sleep Medicine (AASM). In the United States, a list of board-certified sleep medicine physicians and accredited sleep disorders centers is available from the American Academy of Sleep Medicine.

☆ Analysis: Gloomy U.S. bank sector could yield payoff for contrarian options bets
▼ + stars: | 2023-04-10 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

While the S&P 500 index (.SPX) has advanced 6% since mid-March, when the failure of Silicon Valley Bank (SVB) sparked tumult in the banking sector, investors have been more wary of financial stocks. The S&P 500 Banks Group (.SPXBK) is up just 3% from its March low and remains down 14% for the year. The pervasive gloom around financial stocks has increased the cost for investors betting on more downside while making it relatively inexpensive to bet on a rebound. For investors who believe financial earnings and guidance will come in better than expected, Elevation Securities recommended buying Financial Select Sector SPDR Fund (XLF.P) call options at the 33 strike. "Given how beaten up bank stocks are, buying calls into earnings can make sense," said Michael Purves, chief executive officer at Tallbacken Capital Advisors.

☆ Why fighting the urge to sleep may be bad for our health
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +17 min

What happens when we sleep Sleep itself has cycles, in which the brain and body move through phases, marked by varying brain activity. Moving into REM sleep A region in the upper brainstem kickstarts the move into REM sleep. Waking up After cycling through non-REM and REM sleep around 4 to 5 times, the basal forebrain and other structures receive signals to start exiting sleep. Then we transition back to lighter sleep, into REM sleep and back down again, and so on until we wake up. Tips for better sleep Good sleep habits can contribute to better sleep, studies have found.

☆ Take Five: An uneasy calm
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +5 min

Kazuo Ueda takes over the helm at the Bank of Japan while U.S. bank earnings kick off and Switzerland's parliament debates the UBS-Credit Suisse tie up. 1/ BANKS' BOTTOM LINESThe uneasy calm that has settled over the U.S. banking sector after the collapse of Silicon Valley Bank will be tested as U.S. financials kick off their earnings season. S&P 500 earnings are predicted to fall 5.0%, I/B/E/S data from Refinitiv showed. Reuters Graphics5/ SPRING MEETINGSPolicymakers and investors head to Washington for the World Bank and International Monetary Fund Spring meetings starting on Monday. It will be the first meeting for Ajay Banga, U.S. nominee to run the World Bank and sole contender for the job.

Of the 11 S&P 500 sector indexes, seven declined, led lower by industrials (.SPLRCI), down 2.25%, followed by a 1.72% loss in energy (.SPNY). The S&P 500 declined 0.58% to end the session at 4,100.68 points, closing lower for the first time in a week. The Nasdaq declined 0.52% to 12,126.33 points, while the Dow Jones Industrial Average declined 0.59% to 33,403.04 points. REUTERS/Brendan McDermidHealthcare (.SPXHC) and utilities (.SPLRCU), which many investors expect to hold up better during an economic slowdown, were among the few S&P 500 sector indexes gaining on Tuesday. The S&P 500 posted 14 new highs and one new lows; the Nasdaq recorded 64 new highs and 238 new lows.

☆ Swiss mega-bank has scope to shrink to greatness
▼ + stars: | 2023-04-05 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

In UBS (UBSG.S), which is rescuing Credit Suisse (CSGN.S) in a government-brokered deal, they almost have one. The combined Swiss mega-bank will start out with a $1.7 trillion balance sheet, making it the 10th largest Western bank, based on Refinitiv data. Credit Suisse was in the process of running down, selling or carving out trading and investment-banking businesses with risk-weighted assets (RWAs) of $68 billion. Credit Suisse CEO Ulrich Körner was hamstrung by large losses, which drained capital and limited how quickly he could shrink. The emergency combination of UBS and Credit Suisse has created a banking giant.

☆ JPMorgan's Dimon says US banking turmoil not over, sees long repercussions
▼ + stars: | 2023-04-04 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +3 min

And the banking system is under renewed stress after the failure of Silicon Valley Bank and Credit Suisse's rescue by UBS last month. "The market's odds of a recession have increased," Dimon wrote. "And while this is nothing like 2008, it is not clear when this current crisis will end. Even so, it is unclear whether the disruptions will slow the consumer spending that drives the U.S. economy, Dimon wrote. Any new regulations in response to the latest turmoil should be "thoughtful," including clearer rules for dealing with failed banks, Dimon wrote.

☆ JPMorgan's Dimon says US banking crisis not over, sees long repercussions
▼ + stars: | 2023-04-04 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +3 min

NEW YORK, April 4 (Reuters) - The U.S. banking crisis is ongoing and will have effects for years to come, JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon wrote in a letter to shareholders on Tuesday. "The market's odds of a recession have increased," Dimon wrote. "And while this is nothing like 2008, it is not clear when this current crisis will end. Even so, it is unclear whether the disruptions will slow the consumer spending that drives the U.S. economy, Dimon wrote. Any new regulations in response to the latest turmoil should be "thoughtful," including clearer rules for dealing with failed banks, Dimon wrote.

Despite a rebound in fundraising and block trading activity, year-to-date IPO volumes came in at their lowest level since 2019. Equity capital markets (ECM) advisers, however, are optimistic of a recovery in listing activity in the latter part of the year. In the United States, IPO volumes jumped more than 50% from the fourth quarter of 2022, but were still 11% down from the same period last year. IPOs briefly flickered back to life in February, as companies including solar tech firm Nextracker (NXT.O) and Chinese sensor maker Hesai Group (HSAI.O) pushed ahead with their listings. RECOVERY DELAYEDIn Europe, investment bankers said the market volatility spurred by the banking crisis is likely to affect the pipeline of deals.

March 30 (Reuters) - Citigroup Inc (C.N) hired Andy Sieg to lead its global wealth arm, the lender said on Thursday, from Bank of America Corp (BAC.N), where he led the Merrill Wealth Management unit. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth management divisions. Fraser signaled the bank's intention to become a global leader in wealth management at its investor day last year. "This is a fantastic opportunity to build a leading wealth management business at the world's most global bank at a time of massive wealth creation," he said in a statement. Sieg's departure prompted the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement.

And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). M&A volumes dropped 44% to $282.7 billion in the U.S. and 70% to $81.87 billion in Europe. Reuters Graphics"Having a well-functioning financing market is a critical ingredient for M&A. Global M&A volumes in Q1 2023LACK OF CONFIDENCEThe depressed market valuations also presented an opportunity for prominent activist investors to launch new proxy fights, with dealmakers anticipating a boost to M&A volumes from activist campaigns in the coming quarters. "Inflationary pressures aren't subsiding as fast as people expected; there's still a lot of geopolitical tensions, and in a lot of ways, the disruption in the financing market is intensifying," Langston said.

☆ Premarket stocks: The FDIC could ask big banks to clean up $23 billion mess
▼ + stars: | 2023-03-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

While regional and mid-sized banks are behind the recent turmoil, it appears that large banks may be footing the bill. Ultimately, that means higher fees for bank customers and lower rates on their savings accounts. The law also gives the FDIC the authority to decide which banks shoulder the brunt of that assessment fee. Passing it on: Regardless of who’s charged, the fees will eventually get passed on to bank customers in the end, said Isaac. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city.

☆ Here are Friday's biggest analyst calls: Boeing, Tesla, Disney, Generac, Wells Fargo, Alphabet & more
▼ + stars: | 2023-03-31 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

UBS reiterates Wells Fargo and Bank of America as buy UBS said it sees a re-rating for bank stocks such as Wells and Bank of America. Morgan Stanley names Mercadolibre a top pick Morgan Stanley said it sees multiple growth drivers for the LatAm e-commerce company. Deutsche Bank reiterates Charles Schwab as buy Deutsche said it's standing by its buy rating on shares of Charles Schwab. UBS reiterates Disney as buy UBS said it thinks Disney will take a 100% ownership stake in Hulu and integrate it with Disney+. Morgan Stanley reiterates elf Beauty as overweight Morgan Stanley said it sees a long-term growth opportunity for the beauty company.

☆ Jeremy Grantham's GMO says now is the time to jump into bank stocks as failures ravage the sector. Here are 2 banks it says are trading at valuations 90% cheaper than historical norms.
▼ + stars: | 2023-03-30 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

Big bank stocks have rarely been cheaper, says GMO's asset allocation team. Two GMO is most bullish on are JPMorgan and Bank of America. Financials-sector stocks have gotten hammered in March amid the failures of institutions like Silicon Valley Bank and Signature Bank, and as UBS hastily acquired a troubled Credit Suisse. The eight GSIBs include: JPMorgan, Bank of America, Citi, Goldman Sachs, BNY Mellon, Morgan Stanley, State Street, and Wells Fargo. While GMO said it couldn't comment on which seven banks it likes, it said they include JPMorgan (JPM) and Bank of America (BAC).

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