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☆ As online romance scams rise, banks ask for help to save victims billions
▼ + stars: | 2024-02-13 | by ( Eamon Javers | ) www.cnbc.com time to read: +6 min

The banking industry is seeking help from the federal government and the social media industry to stop an escalating crisis that's costing Americans billions of dollars every year: online romance scams. These digital crimes have proliferated since the pandemic, as criminals pose as attractive partners and reach out to lonely Americans on social media. "We need the social media companies to shut down these people that are putting these out there. The romance scams are run by organized criminal gangs, often based in Southeast Asia, that set up phony social media avatars and use those to connect to potential American victims. Erin West, deputy district attorney in Santa Clara County, California, estimated that between $30 billion and $50 billion was lost to romance scams in 2022.

Persons: Paul Benda, Benda, I've, Scammers, We're, We've, Banks, Erin West, they'd, there's, Bria Cousins Organizations: American Bankers Association, CNBC Locations: Southeast Asia, Santa Clara County , California

☆ NYCB woes reignite fears about shaky banks as anniversary of March crisis nears
▼ + stars: | 2024-02-07 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

The New York Community Bank (NYCB) headquarters in Hicksville, New York, US, on Thursday, Feb. 1, 2024. Embattled lender New York Community Bank disclosed a litany of financial metrics in the past 24 hours in a bid to soothe skittish investors. But one of the most crucial resources for any bank appears to be in short supply for NYCB lately: confidence. The moves spurred a 6% jump Wednesday in NYCB shares, a small dent in the stock's more than 50% decline since the bank reported fourth-quarter results last week. The sudden decline in NYCB, previously deemed one of last year's winners after acquiring the assets of Signature Bank, reignited fears over the state of medium-sized American banks.

Persons: Alessandro DiNello, Ben Emons, Moody's, NYCB Organizations: New York Community Bank, New, Community Bank, NewEdge, Signature Bank, Investors, Bank Locations: Hicksville , New York, NYCB, , New York

☆ Banks Sue Regulators Over Anti-Redlining Rule
▼ + stars: | 2024-02-05 | by ( Emily Flitter | More About Emily Flitter | ) www.nytimes.com time to read: +1 min

Some of the banking industry’s most powerful trade groups sued the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency on Monday, claiming that the regulators overstepped their authority in updating a law meant to reverse the effects of redlining. In October, the regulators imposed new frameworks for assessing whether banks are abiding by the 1977 Community Reinvestment Act, which requires banks to do business in neighborhoods made up largely of racial minorities or low-income households that they typically shunned. The lawsuit said the rule was “a complicated and burdensome regime” and might “ultimately result in reduced lending to the very populations that the C.R.A. was designed to benefit.”The suit was filed by the American Bankers Association, the Independent Community Bankers of America and the U.S. Chamber of Commerce, trade groups that represent virtually all U.S. banks. Several Texas groups joined as plaintiffs, allowing the Washington-based groups to sue in federal court in that state, where they have already won favorable rulings against the regulators.

Persons: “ Organizations: Federal Reserve, Federal Deposit Insurance Corporation, American Bankers Association, Independent Community Bankers of America, U.S . Chamber of Commerce, Texas Locations: Washington

☆ A Famed Analyst’s Final Forecast Is the Fall of the U.S. Economy
▼ + stars: | 2024-01-27 | by ( Rob Copeland | ) www.nytimes.com time to read: +1 min

Over his 54 years as a financial analyst, Richard X. Bove perfected the art of grabbing attention. Through thousands of newspaper interviews, cable news appearances and radio segments, Mr. Bove turned what can be a dull, by-the-numbers career into a more showy one. In an interview with The New York Times, Mr. Bove (pronounced “boe-VAY”), who goes by Dick, shared a dire outlook on the U.S. economy and his former profession. Many analysts are rewarded for coming up with unique but inconsequential and “arcane” ideas, he said, peppering his criticism with profanities. Mr. Bove worked at 17 brokerage firms during his career.

Persons: Richard X, Bove, ”, “ boe, VAY, Dick, Mr Organizations: Banker, Bloomberg, The New York Times Locations: U.S, Tampa, China

The Davos consensus on the presidential electionPublicly, the global business leaders who gathered at the World Economic Forum in Davos, Switzerland, haven’t wanted to predict the winner of the upcoming U.S. presidential election. In an interview with Andrew on CNBC, he didn’t predict that Trump would win, but suggested that dismissing the former president and his supporters would be a mistake. “He wasn’t wrong about some of these critical issues, and that’s why they’re voting for him,” he said. “Trump is already the president at Davos — which is a good thing because the Davos consensus is usually wrong,” Alex Soros, the son of George Soros, said on a panel. A little history: The Davos consensus was that Hillary Clinton would beat Trump in 2016.

Persons: haven’t, Donald Trump, DealBook, Trump, Jamie Dimon, JPMorgan Chase, Andrew, “, ” Dimon, ”, MAGA, bode, “ Trump, ” Alex Soros, George Soros, Hillary Clinton, Sting, Biden, It’s, Reddit, Macy’s, Tony Spring, Warren Buffett, Morningstar Organizations: Economic, JPMorgan, CNBC, Trump, NATO, Biden, Trump’s Republican, Davos, Apple Watch, Reuters, Investors Locations: Davos, Switzerland, U.S, China, American, Indonesia, E.S.G

NEW YORK (AP) — The squabble over billion of dollars in overdraft fees that Americans get charged every year is intensifying. While banks have drastically cut back on overdraft fees in the past decade, the nation's biggest banks still take in roughly $8 billion in overdraft fees every year, according to data from the CFPB and bank public records. Political Cartoons View All 253 ImagesBanks charge a customer an overdraft fee if their bank account balance falls below zero. What started off as a courtesy offered to some customers, the popularity of debit cards beginning in the 1990s led to Americans wracking up tens of billions of dollars in overdraft fees. While big banks have cut back on overdraft fees, smaller banks have not, and a number of them heavily rely on overdrafts to be profitable, industry analysts said.

Persons: Biden, “ It's, Joe Biden, “, Greg McBride, ”, Aaron Klein, ” Klein, Rohit Chopra, ” Chopra, Chopra, Barack Obama, Carter Dougherty, overdrafts, can’t Organizations: Consumer Financial, Biden Administration, Federal Trade Commission, Bank of America, Banking, Bankrate, Brookings Institution, Armed Forces Bank, Republican, Trump Administration, American Bankers Association, Financial Reform

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. Crypto companies spent $18.96 million in the first three quarters of 2023 on lobbying, compared with $16.1 million during the same period in 2022. That was despite last year's spectacular meltdown of crypto exchange FTX, which had been a top-ten spender. Coinbase (COIN.O), the largest U.S. crypto exchange, led the pack again, spending $2.16 million, followed by Foris DAX, which operates Crypto.com, the Blockchain Association and Binance Holdings. Although those bills have yet to advance further, crypto lobbyists are not letting up.

Persons: Marco Bello, spender, FTX, Foris DAX, Kristin Smith, Sam Bankman, Fried, Coinbase, Binance, Crypto.com, Hannah Lang, Michelle Price, Matthew Lewis Organizations: REUTERS, Rights, Blockchain Association, Binance Holdings, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Miami Beach , Florida, U.S, Washington, Manhattan, Binance

☆ Ukraine’s US lifeline is hanging by a thinning thread
▼ + stars: | 2023-12-05 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

In a grave blow to its prospects, Ukraine aid has now been embroiled by Republicans in a separate imbroglio over immigration. While Ukraine’s survival is at stake, so is the reputation of the United States as a global leader. Johnson may struggle to retain his tenuous hold on his job if he uses Democratic votes to pass a Ukraine funding package. The Ukraine aid package is now caught in the most intractable US political issue — immigration. “We are at a moment in history.”But a group of Republican senators who normally back Ukraine aid signaled Monday they couldn’t move forward without immigration changes attached to the measure.

Persons: Vladimir Putin’s, Joe Biden, Israel —, “, Jake Sullivan, Vladimir, ”, Sullivan’s, Shalanda Young, Mike Johnson, United States Oksana Markarova, CNN’s Wolf, Volodymyr Zelensky, Lloyd Austin, Zelensky, Donald Trump, Putin, Trump –, Republican Sen, Jim Risch of, “ Vladimir Putin, …, he’s, outlasting, ” Risch, Ben Hodges, ” Hodges, Johnson, Biden, Chuck Schumer, Texas Sen, John Cornyn Organizations: CNN, White, of Management, GOP, Wing, Kremlin, Trump, Republican, Intelligence and Foreign Relations, Halifax International Security, US Army, of, Republicans, Democratic, New York Democrat, Texas, Ukraine, US Defense Department, Internal Revenue Service, – Locations: Israel, Ukraine, Russian, U.S, United States, Russia, Moscow, North Korea, Iran, Kyiv, Washington, China, Jim Risch of Idaho, Canada, Ret, — Washington, Berlin, Paris, London, of America, Europe, Crimea, Ukrainian, Mexico, Taiwan

☆ Opinion: Why crypto was the perfect tool for criminals and kleptocrats
▼ + stars: | 2023-12-02 | by ( Opinion Casey Michel | ) edition.cnn.com time to read: +6 min

CNN —The news last week of money laundering charges against crypto exchange Binance and its CEO, Changpeng Zhao, sent shockwaves through both financial markets and crypto consumers alike. But for those familiar with the history of modern money laundering, they’re hardly surprising. Over and again, everything from Manhattan high-rises to Malibu beachfronts to Midwest manufacturing plants have allegedly housed illicit wealth, easily and anonymously. But crypto was also, in many ways, the perfect tool for kleptocrats and criminals trying to dodge sanctions and duck investigators. Like banks, real estate and more before it, the best days of the crypto industry as a haven for money laundering may yet be behind it.

Persons: Casey Michel, Changpeng Zhao, Zhao, ”, Versha Sharma, Hamas’s Al, they’re, —, kleptocrats Organizations: CNN, Wall Street Journal, Binance, Hamas’s, ISIS, Patriot Locations: Washington, American, Manhattan, Malibu, Midwest

☆ Jamie Dimon says JPMorgan Chase would exit China if ordered to
▼ + stars: | 2023-11-29 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

of JPMorgan Chase & Co. Jaime Dimon speaks during the New York Times annual DealBook summit on November 29, 2023 in New York City. JPMorgan Chase CEO Jamie Dimon said Wednesday that his bank would exit China if the U.S. government ordered him to. "If the American government makes me leave China, I'm leaving China," Dimon said at the DealBook Summit during a discussion about a potential future conflict over Taiwan. Dimon called relations with China, the world's second largest economy, "a very complicated subject" and said that engagement with both China and the U.S. government was necessary. "I think it's good for an American bank to be there to help multinationals around the world and China with their own development if it makes sense," Dimon said.

Persons: Jaime Dimon, JPMorgan Chase, Jamie Dimon, Dimon, it's, Israel — Organizations: JPMorgan Chase &, New York Times, JPMorgan, U.S ., U.S Locations: New York City, China, U.S, I'm, Taiwan, Ukraine, Israel, American, Mexico, Canada

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing RightsNov 29 (Reuters) - The U.S. government will cut off cryptocurrency companies from the broader U.S. economy if they fail to block and report illicit money flows, Deputy Treasury Secretary Wally Adeyemo warned the industry on Wednesday. The Biden administration on Tuesday sent a letter to Congress, requesting new legislation that would grant Treasury the authority to police crypto marketplaces used by actors the U.S. government deems illicit, Adeyemo said. Binance said in response that it had worked hard to make the platform "safer and even more secure." Reporting by Hannah Lang in Washington; Editing by Michelle PriceOur Standards: The Thomson Reuters Trust Principles.

Persons: Marco Bello, Wally Adeyemo, Adeyemo, Biden, Changpeng Zhao, Binance, Hannah Lang, Michelle Price Organizations: REUTERS, U.S, Blockchain Association, Treasury, Palestinian, Prosecutors, Islamic, Thomson Locations: Miami Beach , Florida, U.S, Israel, Gaza, al Qaeda, Islamic State, Iraq, Syria, Washington

☆ JPMorgan CEO Jamie Dimon: I'm not afraid of China, it's good for an American bank to be there
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan CEO Jamie Dimon: I'm not afraid of China, it's good for an American bank to be thereJPMorgan Chase CEO Jamie Dimon joins moderator Andrew Ross Sorkin at The New York Times DealBook Summit to discuss the role of business in the geopolitical sphere, state of U.S.-China relations, doing business in China, and more.

Persons: Jamie Dimon, I'm, Andrew Ross Sorkin Organizations: JPMorgan Chase, The New York Times Locations: China, American, U.S

☆ JPMorgan CEO Jamie Dimon defends working with TikTok
▼ + stars: | 2023-11-29 | by ( Henry Blodget | ) www.businessinsider.com time to read: +1 min

JPMorgan CEO Jamie Dimon on Wednesday defended the company's work with TikTok. Dimon was speaking at the New York Times DealBook conference. He said JPMorgan wouldn't work with clients "doing things that we think are truly bad." AdvertisementAt the New York Times DealBook conference on Wednesday, host Andrew Ross Sorkin asked JPMorgan CEO Jamie Dimon why the company works with TikTok owner ByteDance, a company that some people believe is effectively an arm of the Chinese government and therefore a national security risk. "If some of those people are doing things that we think are truly bad, we would not bank them," he added.

Persons: Jamie Dimon, Dimon, —, Andrew Ross Sorkin, ByteDance, Nope Organizations: New York Times, JPMorgan wouldn't, Service Locations: China, American

The group usually has one active case against financial regulators, but currently has two against the Securities and Exchange Commission (SEC) and one against the Consumer Financial Protection Bureau (CFPB), he said. To be sure, the financial regulators have been sued many times during previous administrations, including by pro-reform advocacy groups. "There are some financial regulators that are walking right into it," he added. In September, for example, bank groups accused regulators including the Federal Reserve of violating the APA with a new capital rule. According to research by Wharton School professor David Zaring, neither industry groups nor individual lenders have filed more than one suit over the past decade challenging Fed policymaking.

Persons: Jim Bourg, Gibson, Dunn, Crutcher, Joe Biden's, Donald Trump's, Tom Quaadman, Jack Inglis, CFPB, Dennis Kelleher, Trump, Eugene Scalia, Gibson Dunn, Scalia, Antonin Scalia, Rebeca Romero Rainey, David Zaring, Kelleher, Douglas Gillison, Chris Prentice, Pete Schroeder, Nate Raymond, Jody Godoy, Megan Davies, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, WASHINGTON, Democratic, Republican, Reuters, APA, U.S . Chamber of Commerce, Securities and Exchange Commission, Consumer Financial Protection Bureau, Funds, Alternative Investment Management Association, Fifth Circuit, Appeals, Better Markets, Biden, American Bankers Association, Labor, Supreme, Independent Community Bankers of, Federal, Wharton School, Thomson Locations: Washington, Independent Community Bankers of America

U.S. oversight of Big Tech financial services is fragmented. The CFPB rule would toughen up supervision, requiring Big Tech to comply with its rules on privacy protections, executives' conduct and unfair and deceptive practices. Without regulatory scrutiny, they could leverage their growing dominance of consumer payments to capture other services like lending and card issuing, analysts said. 'LEG UP'Representatives for Big Tech have accused the CFPB of trying to protect traditional lenders. While Big Tech companies have deep pockets and plenty of resources to handle the new scrutiny, the rule could limit how they use and protect consumer data.

Persons: Dado Ruvic, Rohit Chopra, Todd Phillips, Dodd, Frank, It's, Paige Pidano Paridon, Chopra, John Coleman, Hannah Lang, Stephen Nellis, Michelle Price, Richard Chang Organizations: Apple, REUTERS, Wall, Big Tech, Consumer Financial Protection Bureau, Google, Georgia State University, PayPal, Federal, McKinsey, Bank, BPI, Banks, Representatives, Big, Herrington, Thomson Locations: U.S, Washington

Nov 16 (Reuters) - Digital wealth management provider Wealthfront, a pioneer in automated investing, now oversees more than $50 billion in assets and is set to grow revenue by more than 140% this year, the company said on Thursday. Wealthfront was founded in 2008 by Andy Rachleff and Dan Carroll and launched automated investing services in 2011. It is a pioneer in using artificial intelligence to craft low-cost investment portfolios for Americans. The U.S. Securities and Exchange Commission (SEC) recently proposed a rule aimed at managing how AI is used to provide investment advice. "We're trying to take the best investment advice that we can through academic research and make that available at low cost to as many clients as we possibly can," he said.

Persons: Wealthfront, David Fortunato, Fortunato, Andy Rachleff, Dan Carroll, Hannah Lang, David Gregorio Our Organizations: Wealthfront, UBS, Reuters, U.S . Securities, Exchange Commission, SEC, Google, Thomson Locations: Washington

Check your bank statement to find out if you have the latest savings account and are earning the best rate. Capital One is asking for dismissal of a lawsuit filed by customers over high-yield savings account rates. Some customers thought their 360 Savings account was simply changing its name to 360 Performance Savings. However, Capital One savings rates for the 360 Savings Account are just 0.30% APY as of last month. If you have multiple accounts with a bank, all of the accounts' transactions usually appear in the same bank statement.

Persons: —, you'd, you've Organizations: Service, Savings, Banker, Capital

☆ Americans are getting ‘ripped off’ by big banks, Robinhood CEO says
▼ + stars: | 2023-11-15 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Robinhood is trying hard to lure customers fed up with traditional banks that pay little to no interest on savings. To attract deposits, the stock trading app made famous by the GameStop craze is offering fatter and fatter interest rates. That’s far higher than traditional banks and among the highest in the industry. We see an opportunity to correct that,”Tenev argued this has long been part of the “playbook” of traditional banks. The Robinhood rate of 5% applies to new and existing customers of Robinhood Gold, a subscription service that costs $5 a month.

Persons: New York CNN — Robinhood, ”, Vlad Tenev, ” Tenev, Robinhood, Roth, “, Tenev, We’re Organizations: New, New York CNN, GameStop, CNN, Federal Reserve, American Bankers Association, Bank, AMC, of America, ” Bank of America Locations: New York

Federal rules require banks to reimburse customers for payments made without their authorization, such as by hackers, but not when customers themselves make the transfer. Following its launch in 2017, Zelle grew to become one of the largest U.S. peer-to-peer payments networks by total payments. A March 2022 New York Times report that scams were flourishing on Zelle caught the attention of lawmakers frequently critical of big banks, including Senator Elizabeth Warren. He said Zelle has seen "a step-change reduction" in fraud and scam rates this year but declined to provide details. Chance said EWS has been engaging with policymakers on the need for a "holistic approach" to combating scams, including advocating for more dedicated law enforcement resources.

Persons: Jamie Dimon, Jane Fraser, Brian Moynihan, Banks, Ben Chance, Zelle, Elizabeth Warren, Warren, Dimon, EWS, Chance, ”, Trace, Carla Sanchez, Adams, we're, Lindsey Johnson, Hannah Lang, Chris Prentice, Michelle Price, Rod Nickel Organizations: JPMorgan Chase, Citigroup, Bank of America, Banking, Housing, Urban Affairs, Capitol, Warning, Reuters, Federal, JPMorgan, New York Times, Federal Trade Commission, Consumer Financial Protection Bureau, PayPal, National Consumer Law, Consumer Bankers Association, Thomson Locations: Zelle, U.S, Warren, Washington, New York

☆ Hong Kong finance summit tiptoes around China
▼ + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +7 min

HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.

Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, ’, Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N, ”

☆ Costa Rica arrests 8 bank employees in probe of $6 million heist
▼ + stars: | 2023-11-08 | by ( Alvaro Murillo | ) www.reuters.com time to read: +2 min

The National Bank of Costa Rica's headquarters are pictured in San Jose, Costa Rica February 12, 2020. The 3.3 billion colones ($6.2 million) in question were first detected missing at the National Bank of Costa Rica in August through internal audits, and last month the attorney general's office announced an investigation. The principal suspect is a low-level bank employee accused of robbing cash and stashing it away in paper bags out of sight from security cameras, investigators said. This seems like something out of a movie (…) This is not a robbery from the National Bank, it is a robbery from Costa Ricans." ($1 = 528.8750 colones)Reporting by Alvaro Murillo; Writing by Brendan O'Boyle; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Juan Carlos Ulate, saddens, Bernardo Alfaro, Alfaro, General Carlo Diaz, Rodrigo Chaves, Alvaro Murillo, Brendan O'Boyle, David Gregorio Our Organizations: National Bank of Costa, REUTERS, MEXICO CITY, National Bank of, Authorities, bank's, Central American Bank for Economic Integration, National Bank, Thomson Locations: National Bank of Costa Rica's, San Jose, Costa Rica, MEXICO, Costa Rican, National Bank of Costa Rica, Costa Ricans

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards. In a statement on Tuesday, Chopra said the tech sector had expanded into financial services traditionally provided by the closely regulated banking sector. "Today's rule would crack down on one avenue for regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight," he said. Representatives of Big Tech companies have previously highlighted their efforts to protect consumer data. The agency said the rule would also foster competition by ensuring that both traditional financial players and the tech sector were equally subject to the same oversight.

Persons: Dado Ruvic, Block's, CashApp, Rohit Chopra, Chopra, CFPB, Lindsey Johnson, Douglas Gillison, Hannah Lang, Chris Prentice, Matthew Lewis, Mark Potter, David Gregorio Our Organizations: PayPal, REUTERS, Rights, Consumer, Apple, Big Tech, Consumer Bankers Association, Electronic Transactions Association, Thomson Locations: Washington, New York

☆ Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called 'Project Bora Bora'
▼ + stars: | 2023-11-06 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

Fraser is under mounting pressure to fix Citigroup, a global bank so difficult to manage that its challenges consumed three predecessors dating back to 2007. Stock Chart Icon Stock chart icon Citigroup's stock has been mired in a slump under CEO Jane Fraser. While competitors have been cutting jobs this year, Citigroup's staff levels remained at 240,000. That leaves Citigroup with the biggest workforce of any American bank except the larger and far more profitable JPMorgan. Executives will see cuts beyond 10% because of Fraser's push to eliminate regional managers, co-heads and others with overlapping responsibilities, they said.

Persons: Citigroup Jane Fraser, Alex Wong, Jane Fraser, Fraser, JPMorgan Chase, James Shanahan, Edward Jones, Mike Corbat, they'll, Mike Mayo, Titi Cole, Citigroup's, Cole, Wells, I'm, Dana Neibert Organizations: Citigroup, Financial Services, Rayburn House, JPMorgan, Citi, Bank of America, Boston Consulting, Bank, Getty, Operations Locations: Washington , DC, U.S, Wells Fargo, Tahiti, Polynesia

☆ Jeff Horwitz — Reporter at The Wall Street Journal
▼ + stars: | 2023-11-03 | by ( Jeff Horwitz | ) www.wsj.com time to read: 1 min

Jeff HorwitzJeff Horwitz is a technology reporter for The Wall Street Journal based in San Francisco, where he covers Meta and social-media platforms. His work on the Facebook Files won a George Polk Award, a Gerald Loeb Award and the Chris Welles Memorial Prize, among other recognitions. Previously he was a financial and enterprise reporter for the Associated Press in Washington, D.C. Jeff has also worked for American Banker, Legal Times, the San Bernardino Sun and the Washington City Paper.

Persons: Jeff Horwitz Jeff Horwitz, George Polk, Gerald Loeb, Chris Welles, Jeff Organizations: Wall, Journal, Facebook, George, Associated Press, American Banker, Legal Times, San Bernardino Sun, Washington City Locations: San Francisco, Washington ,

☆ Bill Gross sees lower interest rates offering a tailwind to regional bank stocks
▼ + stars: | 2023-11-02 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Longtime investor Bill Gross said Thursday that regional banks are poised to bounce back with the tailwind of falling interest rates. "Regional banks … benefit from lower interest rates," Gross said on CNBC's " Last Call ." Many of these banks including Bank of America, including Schwab, have long-term bond positions … a 2% or 3% rise in prices is beneficial for them." Gross also noted that regional bank shares are now very cheap, and many of them offer hefty dividends. The SPDR S & P Regional Banking ETF (KRE) , which tracks 140 regional banks, has fallen about 28% this year.

Persons: Bill Gross, Gross, Schwab Organizations: Bank of America, Truist, Citizens, Apple, Regional Banking

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