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☆ Fed's Bowman says she expects further policy tightening will be needed
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

The Fed last week left its policy rate in the 5.25%-5.50% range, and though Fed Chair Jerome Powell left the door open to another interest-rate hike, he said that recently tighter financial conditions could slow the economy on their own. The 10-year Treasury yield has fallen since then, but at around 4.58% remains about 75 basis points higher than it was in late July, when the Fed last raised the policy rate. The economy has been strong in the face of the Fed's rate hikes so far, she said, though frequent and large data revisions make tracking conditions challenging. Much of Bowman's speech was a rundown of her criticisms of recent Fed regulatory proposals and rule-making on bank capital, community lending requirements, and climate risks. Reporting by Ann Saphir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Michelle Bowman, Bowman, Jerome Powell, Ann Saphir, Andrea Ricci Organizations: Federal, Ohio Bankers League, Fed, Treasury, Thomson Locations: U.S

☆ Charlie Munger riffs on bitcoin, the woes of stock picking, and this simple habit behind his billionaire status in a new interview. Here are the 8 best quotes.
▼ + stars: | 2023-11-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

The 99-year old Vice Chairman of Berkshire Hathaway riffed on bitcoin and revealed the simple habit behind his billionaire status. AdvertisementAdvertisementCharlie Munger, the 99-year old vice chairman of Berkshire Hathaway, sat down with The Wall Street Journal for a new interview this week. Munger, who has an estimated net worth of nearly $3 billion, riffed on everything from bitcoin to the woes of stock picking, and revealed the simple habit behind his billionaire status. Munger is an investor worth listening to given his storied career work alongside Warren Buffett, and the incredible success of Berkshire Hathaway. On stock picking"I think fewer and fewer people are really needed in stock picking.

Persons: Charlie Munger, Berkshire Hathaway riffed, —, Berkshire Hathaway, Munger, Warren Buffett, Buffett, that's, I'm, …, They've Organizations: Berkshire, Service, Wall Street, Venture, Microsoft Locations: United States, England

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File Photo Acquire Licensing RightsWASHINGTON, Oct 20 (Reuters) - A trio of U.S. banking regulators announced on Friday they were giving the public extra time to digest and provide feedback on a broad proposal to raise bank capital requirements that is already facing fierce industry pushback. The regulators are similarly extending the window for a separate proposal that would raise a capital surcharge for the largest global banks. Firms have warned the proposal if finalized could force them to curtail lending, curb product offerings, and lead to economic harm. The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis.

Persons: Rick Wilking, Banks, Pete Schroeder, Andrea Ricci Organizations: REUTERS, Rights, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Regulators, Banking, Fed, Thomson Locations: Westminster , Colorado

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

☆ Jamie Dimon makes anxiety a feature not a bug
▼ + stars: | 2023-10-13 | by ( John Foley | ) www.reuters.com time to read: +4 min

The mega-bank Jamie Dimon runs is performing strongly, and yet he openly frets and rants about what’s coming: higher interest rates, smothering regulation, recession, war. Lest nerves be soothed by those trends, Dimon lays on caveats with a trowel. Dimon can afford to dwell on the negative because JPMorgan is strong and liquid. If calamity strikes, JPMorgan’s high returns, high capital levels and sheer size make it akin to a safe haven. It also slightly reduced its forecast of expenses and credit-card write-offs from numbers given with second-quarter earnings.

Persons: Jamie Dimon, Marco Bello, delinquencies, Wells, Dimon, Peers, Jane Fraser, hasn’t, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: JPMorgan Chase &, Chase, Business The, Miami, REUTERS, Reuters, JPMorgan, Citigroup, Basel, Citi, Reuters Graphics, Thomson Locations: East, Ukraine

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsWASHINGTON, Oct 13 (Reuters) - Big bank executives warned a number of products and services could become uneconomical if new proposed bank capital hikes are adopted as written, but said they were hopeful they could win some changes. Citi Chief Financial Officer Mark Mason said the proposal would lead to a 16% to 20% increase in the bank's capital. The bank is reviewing products and operations, he said, highlighting equity investments, which will also be deemed much riskier under the rules. Citi is also reviewing credit products and where they may need to reprice those, and whether they need to restructure any of their markets positions.

Persons: Brendan McDermid, Jeremy Barnum, Barnum, Michael Barr, Banks, Mark Mason, Mason, Wells, Michael Santomassimo, Santomassimo, Tatiana Bautzer Organizations: Citi, Citigroup, New York Stock Exchange, REUTERS, Rights, Big, JPMorgan, . Federal, Basel III, Thomson Locations: Wells Fargo, Basel

REUTERS/Kevin Lamarque/ Acquire Licensing RightsWASHINGTON, Oct 9 (Reuters) - The U.S. Federal Reserve's top regulatory official defended a sweeping proposal to overhaul bank capital rules before the country's largest bank lobby on Monday, arguing the benefits of a bigger cushion outweigh any additional costs banks might face. The proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. Barr's Monday speech, which is his first on bank regulation since the proposal came out, served as a broad-based defense of the effort. "The private costs of capital must be weighed against the social benefits of higher capital in creating a healthier, more resilient financial system," he said, according to prepared remarks. Barr also pushed back against the industry's refrain that higher capital costs for banks will mean curtailed lending and potential economic harm.

Persons: Michael Barr, Kevin Lamarque, Michael Barr's, Barr, Jerome Powell, Powell, Isaac Boltansky, Pete Schroeder, Michelle Price, Josie Kao, Andrea Ricci Organizations: Financial, Valley Bank, Signature Bank, Capitol, REUTERS, Rights, U.S, Federal, Banking, Silicon Valley Bank, Thomson Locations: Washington , U.S, Silicon

By doing so, if they get capital relief, they would reduce the capital they need to keep against them for regulatory capital purposes, according to banking industry sources. “There has certainly been growing interest in these transactions as banks seek regulatory capital relief," said Missy Dolski, global head of capital markets at alternative investment firm Varde Partners, an active investor in such products. "This guidance makes it more clear what structures would need affirmative approval for capital relief and what is required to comply," she added. Directly issued credit-linked notes could also qualify but would need to be approved by the Fed, said the Q&A. These clarifications come after growing calls for clarity on which of these bespoke trades issued by U.S. banks would qualify for capital relief, the banking industry sources said.

Persons: Missy Dolski, Michael Bright, ”, Shankar Ramakrishnan, Megan Davies, Daniel Wallis Organizations: Federal Reserve, Varde Partners, Fed, SPV, Structured Finance Association, European Central Bank, Reuters, Thomson Locations: U.S, Major U.S

☆ SocGen's new boss Krupa pledges to cut costs to boost profits by 2026
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: +2 min

Societe Generale's new CEO Slawomir Krupa pledged on Monday to cut costs to boost profits by 2026 amid stagnating sales, in his first strategic plan for France's third-biggest listed bank. SocGen said it would target a 9 to 10% return on tangible equity ratio (ROTE) in 2026, up from a reported 5.6% ROTE at the end of June. The bank also said that it would reduce its exposure to upstream oil and gas businesses by 80% by 2030 when compared to 2019. SocGen said its new targets were based on annual revenue growth expectations between 0 and 2% by 2026. SocGen is also open to a sale of its equipment finance unit, sources have told Reuters.

Persons: Slawomir Krupa, Krupa, ambitioned, SocGen Organizations: Generale's, Basel Committee, Reuters, Finance, BNP Locations: Basel, Russia, Ukraine

☆ Guest view: Bank balance sheets hide climate risks
▼ + stars: | 2023-09-15 | by ( Natasha Landell-Mills | ) www.reuters.com time to read: +7 min

First, banks’ financial statements appear to be ignoring climate risks, which means financial institutions are probably also leaving those dangers out of their capital calculations. Second, a regulatory regime that understates the expected consequences of climate change is allowing the banks’ blind spot to persist. The few banks that refer to climate risks in their accounts tend to conclude that it is not material. Second, banks need to take a prudent view of climate risks in their financial statements. The sooner the banking sector internalises climate risks in its accounting, the better the chance of building a sustainable future.

Persons: Wells Fargo’s, Banks, Natasha Landell, Mills, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, HSBC, HK, “ Management, prudential, The, Greening, Central, Institute, Faculty of Actuaries, University of Exeter, Institutional, Sarasin, Partners, Thomson

People walk past a logo of French bank Societe Generale in front of the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. The bank sees the business as non-core, having sold part of its operations in 2020, said the people, who spoke on condition of anonymity. But a transaction may not happen soon because difficult market conditions weigh on the unit's valuation, they said. Societe Generale Equipment Finance provides equipment leasing and financing solutions to manufacturers, dealers and vendors in sectors ranging from transport to industrials. Rather than naming non-core businesses, Krupa is more likely to outline the group's growth areas, said one person familiar with the bank's thinking.

Persons: Gonzalo Fuentes, Slawomir Krupa, Krupa, Italy's, SocGen, Pablo Mayo Cerqueiro, Mathieu Rosemain, Andres Gonzalez, Amy, Jo Crowley, Elisa Martinuzzi, Silvia Aloisi, Jane Merriman, David Evans Organizations: Societe Generale, La Defense, REUTERS, Finance, Reuters, Deutsche Bank, BNP, Societe Generale Equipment Finance, Basel Committee, Thomson Locations: La, Paris, France, PARIS, Basel

☆ China’s growth is buried under great wall of debt
▼ + stars: | 2023-09-13 | by ( Yawen Chen | ) www.reuters.com time to read: +8 min

Most of these 3,000-plus entities were created by local governments during the 2008 crisis to skirt a central government ban on direct state borrowing. These vehicles had already accumulated 80 trillion yuan of liabilities at the end of 2022, according to analysts at Guosheng Securities. At a more optimistic 30% discount, the proceeds would jump to 55 trillion yuan, which would cover all outstanding interest-bearing debt. S&P analysts calculate that about 20 trillion yuan of LGFVs’ loans may be at risk of restructuring. If Xi won't boost property wholeheartedly and is not able to count on consumers, his efforts to revive China’s growth have to focus on smashing the great wall of local debt.

Persons: Wen Jiabao, Xi Jinping, Wen, Xi, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, HK, Guosheng Securities, Citi, Finance, Reuters Graphics, Financial Times, Investment, Oxford Economics, Thomson Locations: Beijing, China, Shanghai, New York, China's Southwestern Guizhou, United States

☆ JPMorgan CEO Jamie Dimon blasts draft US bank capital rules
▼ + stars: | 2023-09-11 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +3 min

[1/2] Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello Acquire Licensing RightsCompanies JPMorgan Chase & Co FollowNEW YORK, Sept 11 (Reuters) - JPMorgan Chase (JPM.N) CEO Jamie Dimon blasted stricter capital rules proposed by U.S. regulators, telling investors on Monday that they could prompt lenders to pull back and stymie economic growth. "I wouldn't be a big buyer of a bank," the chief of the largest bank in the U.S. added, drawing laughter from the audience. Dimon questioned what the regulators were trying to accomplish with the rules. Reporting by Nupur Anand; editing by Lananh Nguyen, Megan Davies, Jonathan Oatis and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie Dimon, Marco Bello, JPMorgan Chase, Dimon, Nupur Anand, Lananh Nguyen, Megan Davies, Jonathan Oatis, Jamie Freed Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan Chase, JPMorgan, First, Federal Reserve, Federal Deposit Insurance Corp, Thomson Locations: Miami , Florida, U.S, New York, China, Ukraine

CEO of Goldman Sachs David Solomon participates in a panel titled "Empowering Women as Entrepreneurs and Leaders" at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. Goldman Sachs is shedding its consumer businesses after its foray into retail banking flopped. "I definitely do feel better about the capital markets," Solomon said in the wide-ranging interview. Solomon also said U.S. regulatory proposals for stricter bank capital rules have "gone too far." "I am focused on Goldman Sachs," he said.

Persons: Goldman Sachs David Solomon, Elizabeth Frantz, Goldman Sachs, David Solomon, that's, Solomon's, Solomon, SoftBank, Banks, Saeed Azhar, Lananh Nguyen, Jonathan Oatis, Jamie Freed, Deepa Babington Organizations: World Bank Group, International Monetary Fund, REUTERS, CNBC, T Arm Holdings, Federal Reserve, Thomson Locations: Washington , U.S, U.S

It is likely to be the biggest of three funds launched by the China Integrated Circuit Industry Investment Fund, also known as the Big Fund. Its target of 300 billion yuan ($41 billion) outdoes similar funds in 2014 and 2019, which according to government reports, raised 138.7 billion yuan and 200 billion yuan respectively. China's finance ministry is planning to contribute 60 billion yuan, said one person. Backers of the Big Fund's previous two funds include the finance ministry and deep-pocketed state-owned entities such as China Development Bank Capital, China National Tobacco Corporation and China Telecom. INVESTMENT MANAGERSThe Big Fund is considering hiring at least two institutions to invest the new fund's capital, said the three people.

Persons: Xi Jinping, Florence Lo, China's, Julie Zhu, Kevin Huang, Yelin Mo, Roxanne Liu, Sumeet Chatterjee, Edwina Gibbs Organizations: U.S, China Integrated Circuit Industry Investment Fund, Big Fund, Washington, Information Office, Ministry of Industry, Information Technology, REUTERS, China Development Bank Capital, China National Tobacco Corporation, China Telecom, Big, Semiconductor Manufacturing International Corporation, HK, Hua Hong Semiconductor, Memory Technologies, IC, China Aerospace Investment, China Aerospace Science, Technology Corporation, Thomson Locations: HONG KONG, BEIJING, China, Beijing, U.S, Japan, Netherlands

☆ We're in 'the early innings' of a commercial real estate downturn: Citymark Capital's Daniel Walsh
▼ + stars: | 2023-08-29 | 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 EmailWe're in 'the early innings' of a commercial real estate downturn: Citymark Capital's Daniel WalshDaniel Walsh, Citymark Capital CEO, joins 'Squawk Box' to discuss the state of commercial real estate, how the combined impact of higher interest rates and lower demand for office space is causing a slow-motion crisis, why he thinks the Fed raising bank capital requirements will cause even more disruptions for the sector, and more.

Persons: Capital's Daniel Walsh Daniel Walsh Organizations: Citymark

☆ How to keep the next 'dash for cash' from crashing bond market - study
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Treasury trading nearly ground to a halt, imperiling the functioning of global financial markets, until the Fed jumped in to buy hundreds of billions of dollars of bonds that helped to free up space on dealer balance sheets. "Backstopping the liquidity of this market with transparent official-sector purchase programs will further buttress market resilience." Future bouts of Treasury market illiquidity could also be made less likely with broader use of central clearing, Duffie wrote, as well as changing the way regulators assess bank capital levels. Financial authorities made such a change temporarily after March 2020, but allowed the so-called Supplementary Leverage Ratio exemption to sunset a year later. Other changes could include technical changes to market function to encourage direct buying and selling without dealer intermediation, Duffie wrote.

Persons: JACKSON, Darrell Duffie, Duffie, intermediation, Ann Saphir, Chizu Organizations: Treasury, Federal Reserve, Stanford University, Kansas City, Fed, Thomson Locations: , Wyoming, Jackson Hole , Wyoming

☆ How to keep the next 'dash for cash' from crashing bond market
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

☆ FDIC to propose comprehensive changes to regional US bank living wills
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Evelyn HocksteinAug 14 (Reuters) - A coming regulatory proposal will overhaul how large regional banks prepare living wills in the event of their failure, U.S. Federal Deposit Insurance Corporation Chairman Martin Gruenberg said on Monday. Banks are currently required to submit plans to regulators detailing how they would wind up their businesses should they fail. "The proposed rule would require a bank to provide a strategy that is not dependent on an over-the-weekend sale," Gruenberg said. The proposal would also require banks to identify parts that could be sold separately, Gruenberg said, noting that could reduce their size and "expand the universe of possible acquirers." The proposal would require additional information from banks with more than $50 billion in assets, but not full resolution plans, he said.

Persons: Martin J, Gruenberg, Evelyn Hockstein, Martin Gruenberg, Banks, Douglas Gillison, Richard Chang Organizations: Deposit Insurance, Banking, Housing, Urban Affairs, REUTERS, U.S . Federal Deposit Insurance, . U.S, Brookings Institution, Regulators, Valley Bank, Signature Bank, Thomson Locations: Washington , U.S, U.S ., ., Washington

☆ EverestLabs is using robotic arms and A.I. to make recycling more efficient
▼ + stars: | 2023-08-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Until now, determining what exactly is in the vast mess of garbage that arrives at recycling plants has been a dirty and difficult job. Now, companies such as AMP Robotics, Machinex, Recycleye and a California-based startup called EverestLabs are using AI and robotics to do just that. "Because of AI, because of the robotic arms, we have seen plants recover 10, 20, 30% more than what they have been doing previously," said JD Ambati, CEO of EverestLabs. "They have been losing millions of dollars to the landfill, and because of AI, they were able to identify the value of the losses and deploy robotic arms to capture that." Add to that robotic arms, which he says recover the packaging three to four times more effectively than humans.

Persons: Ambati, Tom Outerbridge, Lisa Rizzolo Organizations: AMP Robotics, Labor, SMR, Translink Capital, NEC, Future, Sierra Ventures, Morado Ventures, Xplorer, CNBC Locations: California

☆ US investors are searching overseas for opportunities
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Despite the gains in US stocks this year, some investors are looking for opportunities elsewhere. That’s despite what’s been shaping up to be a banner year for the US stock market — at least prior to this week’s US credit rating downgrade (more on that below). But some investors say that cheaper valuations for non-US stocks, compared to their domestic counterparts, are enticing some on Wall Street to look for deals overseas. The S&P 500 index currently trades at about 19.6 times its expected earnings, according to FactSet. That MSCI All Country World ex USA index has risen roughly 9% on a US dollar basis, underperforming the S&P 500.

Persons: Goldman Sachs, That’s, what’s, ”, Adam Turnquist, China’s, Jimmy Lee, bode, Fitch, ” Richard Francis, CNN’s Matt Egan, Francis, “, ” Francis, Janet Yellen, Obama, Jason Furman, Larry Summers, Read, Sam Stovall Organizations: CNN Business, Bell, CNN, Investors, Federal Reserve, LPL, Global, The Wealth Consulting, America, Fitch, Treasury Department, AAA

☆ New Bank Capital Plan Targets Wealth-Management, Other Fees
▼ + stars: | 2023-07-27 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

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/u-s-officials-want-to-make-big-banks-bolster-their-financial-footing-5df6f40b

Persons: Dow Jones

The rule, which would implement a 2017 agreement by global regulators, aims to overhaul how banks gauge their riskiness, and in turn how much money they must keep on hand. Industry opponents have already begun to criticize the plan as banks seek to soften, delay, or otherwise derail the government's long-planned effort. The proposal would see U.S. regulators implement a previous global agreement via the Basel Committee on Banking Supervision. "Bank capital is critical," said Dennis Kelleher, president and CEO of Better Markets, which advocates for tougher financial rules. "However, maximizing Wall Street’s bonuses depends on minimizing capital and that’s why Wall Street fights to prevent regulators from requiring them to have enough capital."

Persons: it’s, Ian Katz, JPMorgan Chase, Morgan Stanley, Michael Barr, Barr, Joe Biden, Dennis Kelleher, Pete Schroeder, Susan Heavey Organizations: Federal Deposit Insurance Corporation, Federal, Industry, Washington, Capital Alpha Partners, JPMorgan, Banking Supervision, Citizens Financial, Bank, Better, Thomson Locations: U.S, Basel, Huntington, that’s

☆ Bank Capital Rules Could Hit Wealth Managers Such as Morgan Stanley
▼ + stars: | 2023-07-27 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ 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

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