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☆ Three takeaways from Fed Chair Powell following July hike decision
▼ + stars: | 2023-07-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Roughly every six weeks Federal Reserve Chair Jerome Powell delivers a report card that rates the economy’s future performance. This comes along with each decision the central bank makes on interest rates. The latest move — to raise interest rates by a quarter point — came on Wednesday. That’s generally been difficult because the higher interest rates go, the higher the unemployment rate goes, which increases the likelihood of a recession. Powell often gets asked questions that aim to get some clarity on what Fed officials would need to see to start cutting interest rates.

Persons: New York CNN —, Jerome Powell, —, Powell, “, Powell doesn’t, ”, ” Powell, he’d Organizations: New, New York CNN, Fed, Bank Locations: New York, Silicon

Media and entertainment deal-making has slowed, but private equity players are still betting big on the space. Middle Eastern sources are still providing funding to media, which could fuel deals in the months ahead. Media deal volume has actually increased, just not as fast; PwC recorded media deals rose 3% (to 326) in the six months through May, down from a 7% increase in the previous six months. And beyond private equity, legacy players could shed properties they consider non-core: Paramount is trying to offload BET while Warner Bros. Insider's list of top private equity players in media and entertainment highlights 17 firms, from heavy hitters to smaller upstarts, based on our reporting and conversations with investors and insiders.

Persons: PwC, Hollywood —, Ryan, Morgan Stanley, Sherrese Clarke Soares Organizations: Media, Hollywood, RedBird Capital Partners, NFL, Company, Qatar Investment Authority, Yahoo, ESPN, Paramount, BET, Warner Bros, Discovery, Equity Partners Locations: Providence, BlackRock

☆ Banc of California and PacWest Bancorp will merge into a new bank holding $36 billion in assets
▼ + stars: | 2023-07-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Banc of California and PacWest Bancorp shares surged after announcing an all-stock merger. The new bank will have $36 billion in assets and $30.5 billion in total deposits. Banc of California shares jumped 8.4% to $15.85 apiece in after-hours trade, extending gains from an 11% rise on Tuesday. The all-stock deal will result in a new bank with $36 billion in combined assets, Banc of California and PacWest announced on Tuesday. It will have $25.3 billion in total loans and $30.5 billion in total deposits.

Persons: PacWest, Jared Wolff, Warburg Pincus, Wolff, We've, Timothy Coffey, Janney Montgomery Scott Organizations: PacWest Bancorp, Morning, Warburg, Centerbridge, Reuters, Silicon Valley Bank, Signature Bank, JPMorgan, First Republic Bank, First Citizens Bank, New York Community Bancorp Locations: California, Banc, Silicon, Signature Bank , New York

☆ Key U.S. credit metrics that will inform the Fed's policy moves
▼ + stars: | 2023-07-26 | by ( Safiyah Riddle | ) www.reuters.com time to read: +4 min

Just how freely credit is flowing - and is likely to flow in the near term - is a key input. A valuable guide to that is the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), a quarterly survey of commercial banks that Fed officials consider as they debate policy moves. The Fed's SLOOS splits credit demand into several main categories, including firms of varying sizes for commercial and industrial loans, commercial and residential real estate and other consumer loans such as credit cards and auto loans. Demand for commercial real estate loans plummeted as remote work diminished the value of office space. By contrast, demand for credit card lending dropped more modestly, propped up by robust consumer spending and healthy household balance sheets.

Persons: Safiyah Riddle, Dan Burns Organizations: Federal Reserve, Senior, Bank Lending, Fed, Silicon Valley Bank, Securities, Dallas Fed, Thomson Locations: Silicon, U.S

Republicans and Democrats in Congress have pledged tighter oversight of banking regulators following the collapse of Silicon Valley Bank and Signature Bank. Some in Congress are concerned that the Federal Reserve's current inspector general is not independent enough to serve as a check on the central bank. Unlike the Pentagon and other big agencies, the Fed's internal IG, currently Mark Bialek, reports directly to the Fed board. Under the Senators' plans, the holder of the role would instead be appointed by the President and confirmed by the Senate. Specifically, they objected to having the IG's salary tied to the compensation of Fed officials who the IG is tasked with investigating.

Persons: Elizabeth Warren, Evelyn Hockstein, Rick Scott, Democrat Elizabeth Warren, Mark Bialek, Warren, Scott, Bialek, David Morgan, Costas Pitas, Paul Thomasch, Stephen Coates Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, WASHINGTON, Democrat, Reuters, Republicans, Democrats, Congress, Silicon Valley Bank, Signature Bank, Federal, Pentagon, Fed, Senators, Thomson Locations: Washington , U.S, Silicon, Congress

That special fee, which the FDIC proposed in May, would be assessed based on their uninsured deposits at the end of 2022. The regulator said some banks were "not reporting estimated uninsured deposits in accordance with the instructions." A July 6 report by S&P Global noted 55 banks restated their fourth-quarter uninsured deposits in FDIC reports, more than twice the norm. Specifically, the FDIC reminded banks they must report uninsured deposits backed by pledged assets as well as uninsured deposits held at their own subsidiaries. “Earlier this year, we identified certain internal or intra-bank accounts that shouldn’t have been reported,” Bank of America spokesman Bill Halldin said.

Persons: Zions, Paul Burdiss, Bill Halldin, Bank spokespeople, Niket, Pete Schroeder, Tatiana Bauzer, Shweta Agarwal, Megan Davies Organizations: U.S, Federal Deposit Insurance Corporation, Valley Bank, FDIC, P Global, Bank of America, ” Bank of America, P, Huntington National Bank, Bank, Bank Policy Institute, Thomson Locations: Bengaluru, Washington

☆ Banc of California set to merge with rival PacWest
▼ + stars: | 2023-07-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —PacWest Bancorp (PACW) is set to merge with Banc of California in a $400 million equity deal, according to a joint announcement the banks released Tuesday afternoon, ahead of their second-quarter earnings results. The move aims to restore confidence in the sector after the collapse of three regional banks earlier this year. Banc of California reported a much smaller decline in net income of $2.4 million last quarter. PacWest has been under considerable pressure after Silicon Valley Bank failed in March, sending shock waves across regional banks in the United States. Once the deal closes, PacWest shareholders are set to receive 0.66 of a share of Banc of California for each share they own.

Persons: “, ”, Jared Wolff, Wolff, PacWest, SVB, Warburg Pincus Organizations: New, New York CNN — PacWest, Western Bank, Beverly, Santa, Bank, Federal Reserve, Centerbridge Partners, Wall Locations: New York, Banc, California, Santa Ana, United States

☆ Bank of America, Huntington National Stand Out for Large Reductions in Uninsured Deposits
▼ + stars: | 2023-07-24 | by ( Jonathan Weil | Shane Shifflett | ) www.wsj.com time to read: 1 min

The Federal Deposit Insurance Corporation is doing what it was designed to do when banks like Silicon Valley and Signature go under: cover insured deposits. Here’s how the FDIC works and why it was created. Photo illustration: Madeline MarshallWhen Silicon Valley Bank ran into financial trouble, its customers ran for the exits because most of their deposits weren’t insured. In the weeks after, dozens of banks tweaked their numbers to reduce the portions of their deposits that they said were uninsured.

Persons: Madeline Marshall Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank Locations: Silicon

☆ FDIC Scolds Banks for Manipulating Deposit Data
▼ + stars: | 2023-07-24 | by ( Jonathan Weil | Shane Shifflett | ) www.wsj.com time to read: 1 min

Persons: Madeline Marshall Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank Locations: Silicon

☆ UBS hit with $387 million in fines for ‘misconduct’ by Credit Suisse in Archegos dealings
▼ + stars: | 2023-07-24 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —UBS is being fined for missteps by Credit Suisse less than two months after UBS completed an emergency takeover of its former rival. On Monday, the Federal Reserve said it would fine UBS for “misconduct” by Credit Suisse in its risk management of Archegos Capital Management, an investment fund that collapsed in 2021. All told, the fines levied against UBS announced Monday total $387 million – including fines from the Swiss government and the Bank of England. In its announcement of the fine, the Federal Reserve Board said that Credit Suisse practiced “unsafe and unsound” credit risk management practices in its dealings with Archegos. UBS and Credit Suisse have also been ordered to submit a plan to strengthen oversight of their US operations and senior management in the next 120 days.

Organizations: CNN, UBS, missteps, Credit Suisse, Federal Reserve, Archegos Capital Management, Bank of England, Warner Brothers Discovery, Federal Reserve Board, Archegos, “ Credit Suisse, ”, Silicon Valley Bank, Signature Bank, Swiss Locations: Swiss, “, Wall, Switzerland

☆ US lending 'meltdown' shows big investment slump is underway, economist says
▼ + stars: | 2023-07-24 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

US commercial and industrial lending slumped sharply this year, the chief economist at the Institute of International Finance said. Robin Brooks has called it a "staggering meltdown" – and warns a big slump in US investment is on its way. Credit flows have declined amid higher interest rates and tighter lending standards following this year's banking turmoil. Furthermore, a sharp surge in US interest rates since early 2022 has made borrowings much more expensive, potentially damping demand. "Meltdown in US commercial and industrial (C&I) loan growth is staggering," he tweeted on Sunday.

Persons: Robin Brooks, Alastair Borthwick, Borthwick Organizations: Institute of International Finance, Service, Silicon Valley Bank, Big, Federal Reserve, Bank of America Locations: Wall, Silicon, America

☆ Investors' dash to cash may have peaked - BofA
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 21 (Reuters) - Investors' rush to the safety of cash, a dominant theme in capital flow data this year, may be peaking, Bank of America global research said on Friday. (.SPX)Tech stocks have seen strong inflows for the past eight weeks, BofA said, and high yield bonds saw their third weekly inflow in the week to Wednesday versus outflows from investment grade bonds. The weekly data, however, showed $7.5 billion of flows into cash, as well $1.4 billion to bonds, $600 million from gold and $2.1 billion from stocks. Bank loans saw inflows of $400 million, the most since May 2022, and Japanese equities saw their seventh week of inflows, its longest streak since January. Reporting by Alun John; Editing by Amanda Cooper and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: BofA, BofA's, Alun John, Amanda Cooper, Kim Coghill Organizations: Bank of America, Silicon Valley Bank, Tech, Bank, Thomson Locations: U.S, United States

☆ 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

☆ US banks' second quarter earnings: the results in charts
▼ + stars: | 2023-07-21 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +3 min

The results follow a tumultuous first quarter in which Silicon Valley Bank and two other lenders failed. Signs of a revival in the investment banking sector, as higher rates and economic uncertainty have hampered deals and trading, also drove share gains. The upbeat results sparked a rally in bank stocks with the S&P 500 Banks Index (.SPXBK) gaining 9.3% and the KBW Regional Banking Index (.KRX) rising 13.7% month-to-date. Here are three charts on mid-sized banks' second-quarter results:DEPOSIT LEVELSReuters GraphicsWhile regional bank earnings in recent days have reassured investors that the crisis has subsided, regional banks are being squeezed as they pay customers more to retain their deposits. The KBW Regional Banking Index (.KRX) has rallied 13.7% month-to-date but remains down 13.6% so far this year.

Persons: Banks, Manya Saini, Michelle Price, Barbara Lewis, Nick Zieminski Organizations: Bank, Banks, Federal, Reuters Graphics, Bank of America, Graphics, Graphics Bank, Thomson Locations: Silicon, KBW, Bengaluru

☆ There's more pain coming for residential and commercial real estate as tight credit and job worries threaten property markets
▼ + stars: | 2023-07-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Residential and commercial real estate have more pain coming as financial conditions tighten, Wells Fargo said. Commercial real estate is struggling as work-from-home trends remain popular, the bank said. Meanwhile, in commercial real estate, office demand is still way down as work-from-home trends remain popular. "We expect commercial real estate to underperform on a relative basis in the near-to-intermediate term," Wren said of the sector. Meanwhile, commercial real estate prices are in danger of falling dramatically, with Morgan Stanley strategists predicting a 40% peak-to-trough decline.

Persons: Wells Fargo, Scott Wren, that's, Wren, Banks, Morgan Stanley Organizations: Housing, Service, Silicon Valley Bank, National Association of Realtors, Real Estate Investment Locations: Wall, Silicon, Wells Fargo, underperform

☆ Commercial real estate loans are the next big risk for lenders. See the top 20 banks with the most property debt exposure, from JPMorgan to Wells Fargo.
▼ + stars: | 2023-07-20 | by ( Alex Nicoll | Daniel Geiger | ) www.businessinsider.com time to read: +3 min

Rising interest rates and remote work have put commercial real estate in the hot seat. With the help of Trepp, we've compiled a list of the top bank lenders for commercial real estate. The rising property losses are the result of rising interest rates, which have dramatically increased the cost of borrowing for highly leveraged commercial real estate investors. Office property owners are most at risk thanks to the remote-work phenomenon, which has been emptying out offices for three years now. Big names like Blackstone, Brookfield, and Starwood all have defaulted on properties and real estate securities in recent months.

Persons: we've, Wells, Chase, It's, Goldman Sachs, Newmark, Michael Santomassimo, Santomassimo, We've Organizations: JPMorgan Chase, Wells Fargo, Starwood, Bank of America, Signature Bank, New York Community Bank, Mortgage Bankers Association, Wells, Trepp, Federal Reserve, SEC Locations: Blackstone, Brookfield

The service will compete with private sector real-time payments systems, including The Clearing House's RTP network, and was initially opposed by big banks who said it was redundant. Unlike peer-to-peer payments services like Venmo or PayPal, which act as intermediaries between banks, payments made via FedNow will settle directly in central bank accounts. The Fed also operates a real-time payments system called FedWire, but that's reserved for large-scale, mostly corporate payments and is only operational during business hours. While the new FedNow system is for everyone, it's likely to benefit consumers and small businesses the most, analysts have said. But Fed officials have downplayed those concerns, arguing that banks have tools available to mitigate a wave of outflows.

Persons: JPMorgan Chase, FedNow, Anu Somani, it's, ”, Carl Slabicki, Lance Noggle, Hannah Lang, Michelle Price, Andrea Ricci Organizations: U.S . Federal, European Union, JPMorgan, Bank of New York Mellon, US Bancorp, RTP, U.S . Bank, PayPal, Fed, Mellon’s Treasury Services, “, Independent Community Bankers of, Thomson Locations: United Kingdom, India, Brazil, FedNow, Independent Community Bankers of America, Silicon, Washington

☆ U.S regional bank shares rise on interest income, deposits stabilizing
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +3 min

July 19 (Reuters) - Three major U.S. regional banks met or beat profit expectations on Wednesday as higher interest rates allowed them to charge more for loans, while deposits stabilized, sending shares across the sector up. Investors have been anxiously awaiting regional bank second quarter earnings as they look for reassurance that the turmoil that rocked the sector earlier this year has finally passed. M&T Bank Corporation (MTB.N) and Citizens Financial Group (CFG.N) both beat Wall Street estimates from charging clients higher interest rates after the U.S. Federal Reserve raised borrowing costs to rein in stubborn inflation. The KBW Regional Bank Index (.KRX) and S&P regional bank index (.SPCOMBNKS) were each gaining nearly 2% in line with the broader market. M&T's deposits rose to $162.1 billion from $159.1 billion at the end of the first quarter, but fell about 4.9% year-on-year.

Persons: NII, Dennis Dick, Michelle Price, Manya Saini, Jaiveer Singh Shekhawat, Johann Cherian, Chibuike, Nick Zieminski Organizations: T Bank Corporation, Citizens Financial, Wall, U.S . Federal Reserve, Citizens, US Bancorp, Big, Regional, Zions Bancorp, Truist, Fifth Third Bancorp, Bank, Triple D, Thomson Locations: Big U.S, Silicon, Bengaluru, New York

☆ Premarket stocks: Bank CEOs are already complaining about new regulations they haven't even seen yet
▼ + stars: | 2023-07-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Investors, worried about the economic atmosphere and the recent regional banking collapse, breathed a sigh of relief at the results. Jamie Dimon, head of JPMorgan Chase, commented on the bank’s Friday earnings call that non-bank financial rivals were “dancing in the streets” as regulators get ready to increase bank capital requirements. “This is great news for hedge funds, private equity, private credit, Apollo, Blackstone,” Dimon said of the proposed regulations. The change, they say, will increase the financial system’s resilience following the failures of three regional banks earlier this year. “The capital in the industry is sufficient,” said Bank of America CEO Brian Moynihan on his company’s earnings call Tuesday morning.

Persons: Jamie Dimon, JPMorgan Chase, ” Dimon, ”, Jeremy Barnum, Barnum, don’t, Brian Moynihan, “ They’ve, Morgan Stanley, James Gorman, Elizabeth Warren, Richard Blumenthal, Tammy Duckworth, Martin Gruenberg, “, Taylor Marr, That’s, they’re, Bryan Mena, Neil Saunders Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, JPMorgan, Blackstone, of America, CNBC, Valley Bank, Signature Bank, Federal Deposit Insurance, Redfin, Retail, Commerce Department Locations: New York, Silicon, Basel, Massachusetts, Elizabeth Warren , Connecticut

☆ Yes, Wall Street's biggest lenders got even richer after Silicon Valley Bank collapsed
▼ + stars: | 2023-07-19 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Big banks have released their earnings over the past few days – and it's clear that Wall Street had a good quarter. Back in March, Silicon Valley Bank collapsed after massive losses in its bond portfolio caused customers like Peter Thiel's Founders Fund to pull their deposits from the lender. That deal was one reason why JPMorgan posted record profits in the second quarter, analysts said. JPMorgan made almost $22 billion in net interest income in the second quarter, up 44% from the previous year. Bank of America, Citi, and Wells Fargo also all logged higher net interest income, thanks to the Fed's aggressive tightening campaign.

Persons: Morgan Stanley, Wells Fargo, Goldman Sachs, Peter Thiel's, Jamie Dimon, Wall Organizations: First Republic, Bank of America, Citi, Fund, First, Western Alliance, JPMorgan, Federal Deposit Insurance Corporation, Government, Federal Locations: Silicon Valley, First Republic

☆ US bank shares jump on interest income and deals optimism, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +5 min

The bank said it expects full year NII to be up about 8% at about $57 billion. The bank's full year NII outlook remains unchanged at 20% growth, Chief Financial Officer Dermot McDonogh told analysts. Overall, its profit slipped 18% in the second quarter as a fewer deals hurt investment banking revenues. Sluggish deals have been a sore spot across Wall Street with global investment banking activity plunging to $15.7 billion in the second quarter, the lowest since 2012, according to Dealogic. While investment banking and trading were also a drag on earnings for big banks on Friday, JPMorgan likewise said the bank was seeing “green shoots” in trading and investment banking.

Persons: Nacho, Morgan Stanley, BNY Mellon, Dermot McDonogh, Robert Pavlik, BNY, Morgan, JPMorgan Chase, Charles Schwab, Walt Bettinger, MS.N, Morgan Stanley's, Sharon Yeshaya, Goldman Sachs, Mehnaz Yasmin, Niket, Jaiveer, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, . Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Reuters, Street, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

☆ U.S. banks shares spark after interest income boost, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Nacho Doce/File PhotoWASHINGTON, July 18 (Reuters) - Big U.S. banks on Tuesday said higher interest rates had helped boost profits in the second quarter, causing shares to spike, but a pullback in consumer spending, slower loan growth and increased deposit costs may cloud the outlook for the sector. Bank of America's net interest income (NII), which measures the difference between what banks earn on loans and pay out on deposits, rose 14% to $14.2 billion in the second quarter, helping it to beat Wall Street estimates. The bank said it expects full year NII to be up about 8% at about $57 billion. That has forced some banks to offer consumers higher returns to deter them from moving their deposits to competitors. Overall, the bank's profit slipped 18% in the second quarter as Wall Street's deal-making drought stunted revenue from investment banking, although investors were cheered by executives' positive outlook for M&A.

Persons: Nacho, BNY Mellon, Robert Pavlik, BNY, JPMorgan Chase, Charles Schwab, Morgan Stanley, MS.N, BofA, Mehnaz Yasmin, Niket, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, " Bank of America, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Investment, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

☆ US banks' residential mortgages face mandates exceeding global standards - Bloomberg News
▼ + stars: | 2023-07-18 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters. REUTERS/Jason Reed/File Photo(Reuters) - U.S. bank regulators are set to release their plans next week for a sweeping overhaul of capital rules, with the latest draft including requirements for large lenders’ residential mortgages that go beyond international standards, Bloomberg News reported on Monday. The changes would be part of the U.S. version of a global accord known as Basel III that followed the financial crisis, according to the report. The OCC and the FDIC did not immediately respond to Reuters’ requests for comment. The proposal is the first major rule led by Fed Vice Chair for Supervision Michael Barr, who has launched a sweeping review of capital rules and is expected to be tough on Wall Street.

Persons: Jason Reed, Michael Barr Organizations: Federal Deposit Insurance Corp, REUTERS, Bloomberg, Basel III, Federal Reserve, Currency, OCC, FDIC, Reuters, U.S . Federal, Banking, Silicon Valley Bank, Fed Locations: U.S, Basel, Silicon

☆ US startups are having a bad year. Relief isn’t coming
▼ + stars: | 2023-07-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Across the country, in Silicon Valley, the situation isn’t quite as good. For decades Silicon Valley has been a dominant contributor to the US economy and an integral part of the country’s culture. Bankruptcy filings…less so.”Pitchbook and The National Venture Capital Association’s most recent report on the industry also takes a pessimistic view of the situation. What it means: While startups are certainly far from extinct, there has been a serious culling in Silicon Valley that will likely continue on for some time. Just 19% of venture capital deals were made with startups based in the Bay Area this year; that’s down from 22% in 2020.

Persons: haven’t, Tom Loverro, IVP, Pitchbook, ”, dealmakers, Goldman Sachs, Morgan Stanley, they’ll, they’re, Elizabeth Warren, Tesla, Elon Musk, Ramishah Maruf, Elon, “, ” Warren, funneling Tesla, Warren, Gary Gensler, Linda Yaccarino, Musk, CNN’s Justin Gamble, Bill Clinton, Jonah Bryson, “ We’ve, Michael D, Smith Organizations: CNN Business, Bell, New York CNN, Apple, Microsoft, Venture, National Venture Capital, Goldman, Center for Research, Bank, SEC, Twitter, Securities and Exchange, AmeriCorps, CNN Locations: New York, Silicon Valley, Silicon, Massachusetts, America

☆ Morgan Stanley has tech to thank for what could boost a long-dormant part of its business
▼ + stars: | 2023-07-17 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Morgan Stanley (MS) is set to report quarterly earnings before the opening bell Tuesday. While working on a transition to depend more on wealth management, investment banking is still an important aspect of Morgan Stanley's overall business. Morgan Stanley had a hand in the Cava IPO as a book-runner. It pays us to be patient with the stocks of Morgan Stanley and Wells Fargo, which have been underperformers year-to-date compared to the S & P 500 . Morgan Stanley will likely benefit as companies turn to its investment banking services for ambitious deals.

Persons: Morgan Stanley, There's, Morgan, Morgan Stanley's, Goldman Sachs, Jim Cramer, Jim, Lina Khan, Activision Blizzard, IPOs, Wells, dealmakers, there's, Jim Cramer's, Bing Guan Organizations: Investment, JPMorgan, IB, Federal Trade, Microsoft, Activision, Renaissance Capital, Companies, Semiconductor, ARM Holdings, Silicon Valley Bank, Federal Reserve, Club, Nasdaq, CNBC, Bloomberg, Getty Locations: Cava, Silicon, Wells Fargo, U.S

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