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NEW YORK, July 27 (Reuters) - Bank of America CEO Brian Moynihan said U.S. authorities need to be careful when implementing new capital requirements of the Basel III accord to avoid reducing the ability of U.S. banks to compete globally. ... We're talking about a $30 or $40 billion bank, or a $100 billion bank, not being able to compete for a middle market loan because a bank or a supplier in Europe ... is getting a lower cost of capital", Moynihan added. U.S. banking regulators are expected to unveil on Thursday a sweeping proposal for stricter bank capital requirements. While the precise details aren't yet known, regulators have said the rules will apply to banks with $100 billion in assets or more. Bank of America expects a "slight" recession in the first part of next year and predicts the first interest rate cut will happen by mid-2024.

Persons: Brian Moynihan, Moynihan, JPMorgan, Jonathan Stempel, Tatiana Bautzer, David Goodman, Chizu Organizations: YORK, Bank of America, Basel III, Fox Business, Pacwest Bancorp, JPMorgan Chase, Thomson Locations: Basel, U.S, Europe, Banc, California

☆ How you could be impacted by higher bank capital requirements
▼ + stars: | 2023-07-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Their risk-level assessments have been the basis for informing how much capital they need to hold on top of baseline requirements. Silicon Valley Bank accumulated a lot of paper losses, or unrealized losses, from holding bonds while the Fed hiked interest rates. But it did not need to hold capital to protect depositors from those losses. Some also expressed concerns that banks would pass on their higher capital costs to consumers in the form of higher fees to maintain their profit levels. However, UBS, Citizens Bank and Capital One will have to hold more capital.

Persons: wouldn’t, ”, Banks, aren’t, Steven Kelly, won’t, SVB, Jonathan McKernan, Michelle Bowman, Kelly, ” Kelly, JPMorgan Chase, Morgan Stanley Organizations: New, New York CNN, Federal Reserve, Federal Deposit Insurance Corporation, Huntington Bank, Silicon Valley Bank, Signature Bank, Valley Bank, FDIC, ”, Manufacturers, JPMorgan, JPMorgan Chase, Bank of America, UBS, Citizens Bank, Capital, Nasdaq Locations: New York, Basel, Banc, California, Silicon

☆ PacWest, Banc of California Merge to Get Smaller. Others May Follow.
▼ + stars: | 2023-07-26 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, b6815581 Locations: california

It will be based in Los Angeles and led by Banc of California CEO Jared Wolff. Shares of PacWest surged 34% after the market close, while Banc of California jumped 9%. PacWest stockholders will receive 0.6569 Banc of California shares for each PacWest share they currently own. Meanwhile, the two private equity firms will be issued new Banc of California stock worth $400 million at a price of $12.30 per share. PacWest had total assets of $44 billion at the end of March, while Banc of California had assets of $10 billion, according to separate company filings.

Persons: Warburg Pincus, Centerbridge, Jared Wolff, PacWest, Timothy Coffey, Janney Montgomery Scott, Janet Yellen, Ares Management, Wolff, We've, David Smith, Nomura, Niket, Nupur Anand, David French, Pete Schroeder, Tatiana Bautzer, Megan Davies, Lananh Nguyen, Arun Koyyur, Jonathan Oatis, Sonali Paul Organizations: PacWest Bancorp, Warburg, Centerbridge Partners, midsize, RARE, Bank, Pacific Western Bank, Federal Deposit Insurance Corporation, Autonomous Research, U.S, Thomson Locations: Banc, California, Los Angeles, U.S, Bengaluru, New York

☆ The responsible investing boom is over. Can anything replace ESG?
▼ + stars: | 2023-07-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Environmental, social and corporate governance, or ESG, investing is on a downward spiral. But in 2022, the pace of inflows quickly eased as a confluence of political, geopolitical and market events severely damaged interest in ESG investing. ESG investing took off and became a buzzword — the “artificial intelligence of six years ago,” said Jenkins. Alphabet reported revenue of $74.6 billion, marking a 7% jump compared to last year and beating Wall Street’s estimates. Banc of California reported a much smaller decline in net income of $2.4 million last quarter.

Persons: ESG, Larry Fink, ”, Robert Jenkins, Jenkins, “, ” Jenkins, he’s, What’s, Clare Duffy, Catherine Thorbecke, Wall, ” Thomas Monteiro, —, Elisabeth Buchwald, Jared Wolff, Wolff, PacWest Organizations: CNN Business, Bell, New York CNN, BlackRock, CNN, Lipper, Pleiades Strategy, Google, Microsoft, Wall, Bancorp, Western Bank, Beverly, Santa, Bank Locations: New York, YOLO, Ukraine, Banc, California, Santa Ana, United States

☆ Stocks making the biggest midday moves: Microsoft, Alphabet, Boeing and more
▼ + stars: | 2023-07-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Microsoft — The Xbox owner saw its shares slide 3.7% after issuing quarterly revenue guidance that fell short of analysts' expectations. Microsoft did report earnings and revenue that beat Street estimates for the calendar second quarter, however. Alphabet — Shares of the Google parent rose 5.8% after Alphabet beat analysts' revenue and profit in the second quarter. Boeing's revenue of $19.75 billion topped analysts' estimates of $18.45 billion, according to Refinitiv. The company also reported an 82-cent-loss per share, while Refinitiv analysts had estimated a loss of 88 cents per share.

Persons: Refinitiv, Morgan Stanley, Lauren Schenk, Chubb, Spotify's, selloff, PacWest, Warburg Pincus Organizations: Microsoft, YouTube, Boeing, Texas, Texas Instruments, FactSet, Visa, Spotify, Deutsche Bank, Warburg, Centerbridge Locations: Banc, California

☆ Stocks making the biggest moves premarket: Alphabet, Microsoft, PacWest, Snap and more
▼ + stars: | 2023-07-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Alphabet — The Google parent popped more than 6% after topping Wall Street's second-quarter earnings expectations, fueled by growth in its cloud-computing segment. Microsoft, however, did beat Wall Street's estimates, reporting earnings of $2.69 per share on $56.19 billion in revenue. Snap topped second-quarter expectations, reporting a narrower-than-expected loss of 2 cent a share on $1.07 billion in revenue. Wells Fargo also said that its board approved a previously announced dividend hike to 35 cents from 30 cents per share. The company topped earnings but fell short on revenue expectations, reporting adjusted earnings per share of 63 cents on $29.92 billion in revenue.

Persons: Ruth Porat, Refinitiv, Wells Fargo, popper, —, Sarah Min, Yun Li, Hakyung Kim, Jesse Pound Organizations: Google, Microsoft, Boeing, Texas, — Texas, Teladoc Health, Dish, Bloomberg News, Fisher, Pacific Locations: Mountain View , California, Banc, California

July 26 (Reuters) - PacWest Bancorp's (PACW.O) shares rose nearly 38% in premarket trading on Wednesday, a day after smaller rival Banc of California (BANC.N) agreed to buy the lender for $1.1 billion in an all-stock deal. Banc of California's shares jumped nearly 13% after the lender said it would pay 0.6569 share to PacWest stockholders for each share they own. PacWest stock was trading at $10.47, higher than the offer price of $9.60 per share, per calculations based on Banc of California's closing price on Tuesday. "The deal marks a structural transformation for BANC and accelerates its evolution, with a much improved profitability profile exiting 2024." Private equity firms Warburg Pincus and Centerbridge Partners have agreed to invest $400 million in Banc of California's buyout deal.

Persons: Raymond James, David Long, Long, Ares Management, PacWest, Omar Fahmy, Fahmy, Warburg Pincus, Niket Nishant, Manya, Shinjini Organizations: Reuters, PNC, Western Alliance, Warburg, Centerbridge Partners, Manya Saini, Thomson Locations: California, Banc, U.S, Los Angeles , California, Bengaluru

☆ 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

☆ Morning Bid: Tech splits, banks merge and Fed decides
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +5 min

Unlucky for some perhaps, but a 13th today would make it the longest winning streak for the Dow since 1987. Meta Platforms (META.O) is up next after Wednesday's closing bell and its share rose 2%. Wells Fargo (WFC.N), meantime, climbed 2.8% after the bank's board authorized a new $30 billion share buyback program. The Fed decision comes in the wake of another set of forecast-beating U.S. consumer confidence readings for July. Elsewhere, the European earnings season was in full swing too, with banks dominating the diary and the European Central Bank meeting tomorrow.

Persons: Mike Dolan, Dow Jones, Wells Fargo, Kazuo Ueda, Jerome Powell, Molina, Rollins, Edwards, John Stonestreet Organizations: Microsoft, Dow, Netflix, Google, Federal Trade Commission, European Central Bank, Deutsche Bank, Bank of Japan, HK, . Federal, eBay, Boeing, General Dynamics, Seagate, Union Pacific, CME, Hilton Worldwide, Lam Research, Water Works, United Rentals, Otis, Treasury, Reuters, Reuters Graphics Reuters, Thomson Locations: U.S, Wall, Nasdaq, California, Lam, Everest

☆ Who’s Buying Whom in the PacWest Merger? Why It Matters
▼ + stars: | 2023-07-26 | by ( ) www.wsj.com time to read: 1 min

Who’s Buying Whom in the PacWest Merger? Why It MattersPacWest and Banc of California are structuring their deal as a reverse merger. (Morgan Lieberman/Bloomberg News)However the tie-up between PacWest and Banc of California turns out, it’s already a marvel of financial engineering. The two banks are structuring their deal, announced late Tuesday, as a reverse merger. That means PacWest shareholders will receive Banc of California stock when the deal closes—making Banc of California the so-called legal acquirer.

Persons: Morgan Lieberman, it’s Organizations: Bloomberg Locations: Banc, California, PacWest

☆ JPMorgan to buy almost $2 bln of mortgages in the PacWest deal - source
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - JPMorgan Chase & Co (JPM.N) will buy almost $2 billion worth of mortgages to facilitate Banc of California's (BANC.N) purchase of PacWest Bancorp (PACW.O), a source with knowledge of the matter told Reuters. The investment bank has entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, the source said. Banc of California had entered into a "contingent forward asset sale agreement" for its residential mortgage portfolio, the lender said in a presentation on Tuesday, without naming the buyer. The source said the mortgage transaction will also close at the same time. The mortgage purchase was earlier reported by Bloomberg News.

Persons: Warburg Pincus, PacWest, Jaiveer Singh, Nupur Anand, Arun Koyyur Organizations: JPMorgan Chase &, PacWest Bancorp, Reuters, Centerbridge Partners, Bank, Bloomberg News, Thomson Locations: Banc, California, PacWest, Bengaluru, New York

☆ Fed Meeting Today: Interest-Rate Hike Expected; Powell Speech This Afternoon
▼ + stars: | 2023-07-26 | by ( ) www.wsj.com time to read: +1 min

ET, and Federal Reserve Chair Jerome Powell is scheduled to hold a press conference at 2.30 p.m. (You'll be able to watch it live here .) The Fed is likely to raise its benchmark policy rate by 0.25 percentage point to a range of 5.25% to 5.5%, a 22-year high. Investors will watch for clues about whether this is the last hike of the cycle and when policy makers might start cutting rates. Traders expect that the Fed will signal more future tightening to tame inflation, which could crimp energy demand. The rise followed a wild late session yesterday fueled by news of a deal with Banc of California.

Persons: Jerome Powell, You'll, Stocks, Brent Organizations: Federal, Fed, Nasdaq, Dow, Treasury, Oil, Traders, Pacific, Boeing Locations: U.S, California

☆ PacWest merges with Banc of California in all-stock deal
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: 1 min

July 25 (Reuters) - Banc of California (BANC.N) and PacWest Bancorp (PACW.O) on Tuesday announced an all-stock merger with a $400 million equity raise from Warburg Pincus and Centerbridge Partners. Reporting by Niket Nishant in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Warburg Pincus, Niket, Arun Koyyur Organizations: PacWest Bancorp, Tuesday, Centerbridge Partners, Thomson Locations: California, Bengaluru

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Persons: Dow Jones Locations: california

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/banc-of-california-pacwest-in-advanced-talks-to-combine-d9e48a1f

Persons: Dow Jones Locations: california

☆ PacWest Bank, Thrashed by Deposit Crisis, Will Be Taken Over
▼ + stars: | 2023-07-25 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

PacWest Bank, which never fully recovered from its hammering during this year’s banking crisis, will be absorbed by a smaller lender, Banc of California, the banks announced on Tuesday. The development was a humbling end for the 24-year-old PacWest, a once fast-growing Los Angeles bank whose clients fled amid turmoil for regional lenders this year. The PacWest name will be retired, and the combined banks will operate under the Banc of California name. Jared Wolff, the chief executive of Banc of California, will run the new entity. In an indication of how weakened PacWest has become, the combined bank will have just $30.5 billion in deposits — considerably less than the $34 billion that PacWest had at the start of the year.

Persons: Jared Wolff, PacWest, Warburg Pincus Organizations: PacWest Bank Locations: Banc, California, Los Angeles

☆ 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

☆ Banc of California reportedly in talks to buy PacWest
▼ + stars: | 2023-07-25 | 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 EmailBanc of California reportedly in talks to buy PacWestCNBC's Leslie Picker joins 'Power Lunch' to discuss a WSJ report that Banc of California is in talks to buy PacWest.

Persons: CNBC's Leslie Picker Locations: California

☆ Banc of California in talks to buy PacWest Bancorp - WSJ
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Banc of California (BANC.N) is in advanced talks to buy PacWest Bancorp (PACW.O) and a deal could be announced as soon as Tuesday, the Wall Street Journal reported, citing people familiar with the matter. Shares of PacWest were down 27%, while Banc of California gained 10% in afternoon trading. PacWest has been signing deals to shed some assets and strengthen its balance sheet. PacWest had a market capitalization of $1.24 billion as of Monday, almost 63% higher than that of Banc of California, according to Refinitiv data. Private equity firms Centerbridge and Warburg Pincus are planning to contribute equity to help fund Banc of California's acquisition of PacWest, the Journal report said.

Persons: Janet Yellen, PacWest, Ares Management, Warburg Pincus, Niket, Arun Koyyur Organizations: PacWest Bancorp, Wall Street Journal, midsize, PacWest, Thomson Locations: California, Banc, Bengaluru

Companies Tesla Inc FollowJuly 21 (Reuters) - A federal appeals court on Friday said it will reconsider its recent decision that Tesla (TSLA.O) Chief Executive Elon Musk violated federal labor law by tweeting that employees would lose stock options if they joined a union. Circuit Court of Appeals in New Orleans granted Tesla's request to revisit the case "en banc," meaning that its 16 active judges will take part. Musk issued the tweet as the United Auto Workers sought to organize employees at Tesla's plant in Fremont, California. "But why pay union dues & give up stock options for nothing?" The appeals court panel found "substantial evidence" that the tweet was "an implied threat to end stock options as retaliation for unionization."

Persons: Tesla, Elon Musk, Musk, Jonathan Stempel, Jonathan Oatis, Deepa Babington Organizations: Tesla, U.S, Circuit, National Labor Relations Board, Musk's, United Auto Workers, NLRB, Republican, Twitter, U.S . Securities, Exchange Commission, Forbes, Thomson Locations: New Orleans, Fremont , California, U.S, New York

Companies Tesla Inc FollowJuly 21 (Reuters) - A federal appeals court on Friday said it will reconsider its recent decision that Tesla (TSLA.O) Chief Executive Elon Musk violated federal labor law by tweeting that employees would lose stock options if they joined a union. Circuit Court of Appeals in New Orleans said it will review the case en banc, meaning that all active judges will take part. Musk issued the tweet on May 20, 2018, as the United Auto Workers was seeking to organize employees at Tesla's plant in Fremont, California. "But why pay union dues & give up stock options for nothing?" Reporting by Jonathan Stempel in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Elon Musk, Musk, Jonathan Stempel, Jonathan Oatis Organizations: Tesla, U.S, Circuit, National Labor Relations Board, United Auto Workers, Thomson Locations: New Orleans, Fremont , California, New York

The groups in 2022 had challenged the EPA’s decision not to reconsider its 2009 greenhouse gas endangerment finding, which they claim has spurred climate regulations that drive up energy costs. David Wallace, the president of the FAIR Energy Foundation, said the groups are reviewing the decision and are considering an appeal to the U.S. Supreme Court. The EPA’s endangerment finding was finalized in 2009, and determined that six greenhouse gasses, including carbon dioxide and methane, pose a danger to human health. The current challenge claims the finding is based on faulty science and that the EPA's refusal to reconsider it was arbitrary. v. EPA and FAIR Energy Foundation v. EPA, in the U.S. Court of Appeals for the District of Columbia Circuit, case Nos.

Persons: David Wallace, Harry MacDougald, Caldwell Carlson Elliott, DeLoach, Francis Menton, Brian Lynk, U.S . Department of Justice Read Organizations: Appeals, District of Columbia Circuit, Concerned Household Electricity Consumers Council, FAIR Energy Foundation, U.S, Supreme, EPA, Electricity, U.S ., U.S . Department of Justice, Thomson Locations: U.S

June 8 (Reuters) - Apple (AAPL.O) and "Fortnite" maker Epic Games on Wednesday both asked a U.S. appeals court to reconsider its April ruling in an antitrust case that could force Apple to change payment practices in its App Store. Apple and Epic, in separate court filings, mounted challenges to a ruling by a three-judge panel of the San Francisco-based 9th U.S. Circuit Court of Appeals. Epic also argued that the appeals court did not conduct a "rigorous" balancing between asserted asserted consumer benefits and anticompetitive effects of Apple's practices. Circuit Court of Appeals, No.

Persons: Apple, Yvonne Gonzalez Rogers, Gonzalez Rogers, Mike Scarcella, Leigh Jones Organizations: Apple, Circuit, Appeals, banc, U.S, Supreme, Apple Inc, Thomson Locations: San Francisco, California, Epic's, Apple's, South Korea, Netherlands, Japan

May 8 (Reuters) - A case brought by anti-abortion groups seeking to ban the abortion pill mifepristone nationwide will be heard next week by a panel of three deeply conservative judges hostile to abortion rights, a federal appeals court revealed on Monday. Circuit Court of Appeals panel in New Orleans on May 17 to overturn a court order that suspended the federal government's approval of mifepristone. The U.S. Supreme Court put that order on hold, meaning that mifepristone remains available while the case is appealed. In 2021, Ho was in the majority in a 2-1 ruling refusing to block Texas's six-week abortion ban. Wilson, another Trump appointee, as a state legislator voted to ban abortion once fetal cardiac activity is detected, around six weeks.

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