DIRS.INFO The most relevant business & tech news

☆ ASML and more: BofA just got more bullish on these 3 chip stocks, says AI spending is heating up
▼ + stars: | 2024-02-15 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

European semiconductor equipment stocks are likely to outperform as spending on artificial intelligence chips rises over the next decade, according to Bank of America. The continent's chip stocks produce the high-tech machines needed to manufacture the latest generation of chips. ASML ASML , the dominant supplier of lithography equipment used to manufacture advanced logic and memory chips, remains Bank of America's "top pick in EU Semicaps." The bank forecasts strong demand from leading chipmakers using ASML 's extreme ultraviolet lithography machines required to produce next-generation AI accelerators and high bandwidth memory modules. The investment bank said ASM 's exposure to new transistor architectures called "gate-all-around" appears to be critical for improving AI chip performance.

Persons: Didier Scemama Organizations: Bank of America, AMD, Nvidia, EU, America's, Analysts, ASM International Bank of America, ASM International, ASM, BE Semiconductor Industries, HB, Intel, Micron Locations: Europe

NEW YORK (AP) — The Biden Administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. Millions of unauthorized accounts were opened, severely tarnishing the reputation of Wells Fargo, once among the most sterling in banking. The decision is a major victory for Wells' management and Charles Scharf, who took over as CEO in 2019. There remains in place a Federal Reserve consent order against Wells as well as a requirement by the Fed that Wells grow no bigger than its current size until it fixed its sales culture. The Fed did not immediately respond to comment, but the OCC's decision is likely to pressure the Fed to make its own decision regarding its restrictions on Wells.

Persons: —, Wells, Charles Scharf, ” Scharf Organizations: Biden, Employees, Currency, OCC, Fed Locations: Wells, Wells Fargo

☆ A fugitive who robbed a bank was on the run for 52 years. He told his family the truth, including his real name, shortly before he died.
▼ + stars: | 2024-02-09 | by ( Jane Ridley | ) www.businessinsider.com time to read: +6 min

In 1969, Ted Conrad stole the equivalent of $1.7 million from the bank where he worked. "We were watching TV and he said, 'You know, ladies, when I moved here, I changed my name,'" Randele told Business Insider. Ashley Randele found out her dad, Ted Conrad, was a fugitive when he confessed on his deathbed. Advertisement"When you Google Thomas Randele or Ted Conrad, all you see is a vault teller who stole money and a fugitive who was caught after dying," she said. They don't know the tipster's identity, but someone approached a crime reporter in Ohio with an interested in the case.

Persons: Ted Conrad, —, Thomas Randele, Kathy, Ashley, he'd, Randele, Conrad, Ashley Randele, didn't, they'd Organizations: Service, Business, Society National Bank, US Locations: Cleveland, Boston, Ohio

☆ Societe Generale posts sharp profit drop as net banking income slides
▼ + stars: | 2024-02-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Societe Generale on Thursday reported a sharp decline in fourth-quarter net profit on the back of weaker net banking income, but launched a new 280 million euro ($302 million) share buyback program. The French lender posted a group net income of 430 million euros, slightly above a consensus analyst forecast of 404 million euros, according to LSEG data, but well below the 1.07 billion euros recorded for the final quarter of 2022. It comes after the bank posted posted a group net income of 295 million euros for the third quarter, as resilient investment bank performance offset a sharp downturn in its French retail business. Thursday's result took France's third-largest listed bank's annual net profit to 2.49 billion euros, slightly above analyst expectations of 2.15 billion euros. However, quarterly net banking revenue dropped 9.9% year-on-year to 5.96 billion euros, which the bank attributed largely to a decline in net interest income in French retail, and its private banking and insurance division, along with the negative impacts from unwinding hedges.

Persons: Slawomir Krupa, Krupa, BoursoBank Organizations: Generale, SocGen, Global Banking, Investor Solutions, Retail Banking, Soc Locations: France

☆ A Russian Bank Account May Offer Clues to a North Korean Arms Deal
▼ + stars: | 2024-02-06 | by ( Motoko Rich | ) www.nytimes.com time to read: +1 min

The White House said last month that it had evidence that North Korea had provided ballistic missiles to Russia, and that the North was seeking military hardware in return. Pyongyang also appears to have shipped up to 2.5 million rounds of ammunition, according to an analysis by a British security think tank. While it is unclear whether Russia has given North Korea the military technology it may want, new banking ties would be another sign of the steady advancement in relations between the two countries. The expanding partnership has most likely emboldened the North, as it has issued a stream of belligerent threats in recent months, U.S. officials say. Russia has allowed the release of $9 million out of $30 million in frozen North Korean assets deposited in a Russian financial institution, according to the intelligence officials, money that they say the impoverished North will use to buy crude oil.

Organizations: Ukraine Locations: Russia, Moscow, American, Korea, Pyongyang

☆ US Accuses Pennsylvania Lender FNB of Redlining in North Carolina
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - First National Bank of Pennsylvania was sued on Monday by the U.S. Department of Justice and the state of North Carolina, which accused it of lending discrimination known as redlining in the Charlotte and Winston-Salem, North Carolina markets. Redlining occurs when lenders deny or discourage mortgage applications and loans in neighborhoods based on the race, color, or national origin of people who live there. The Pittsburgh-based bank's redlining allegedly included locating and maintaining nearly all branch locations and mortgage loan officers outside these neighborhoods, and relying on majority-white areas for referrals and loan applications. The lawsuit seeks restitution to victims, a civil fine, an injunction against further redlining and other remedies. The lender ended 2023 with about $46.2 billion of assets and 350 branches in seven states plus Washington, D.C.(Reporting by Jonathan Stempel in New York, editing by David Ljunggren)

Persons: FNB, redlining, Salem, Jonathan Stempel, David Ljunggren Organizations: Reuters, National Bank of Pennsylvania, U.S . Department of Justice, Charlotte, Housing, Winston, Washington , D.C Locations: North Carolina, Winston, Salem , North Carolina, Pittsburgh, Salem, Washington ,, New York

NEW YORK (AP) — First National Bank of Pennsylvania discriminated against Black and Latino homebuyers in North Carolina for a period of at least four years, the Justice Department said Monday, the latest in a long list of banks who have been caught redlining. In its complaint, the DOJ alleges that First National closed branches in majority-minority neighborhoods, failed to provide mortgage services to Black and Latino potential borrowers, and ignored entire neighborhoods for potential lending. The case comes from when FNB bought Yadkin Bank, a regional bank in the Carolinas, in 2017. “The playing field isn’t level, and that is not what we want for the people of North Carolina,” said Josh Stein, North Carolina's Attorney General. The DOJ brought the largest redlining lawsuit in history in 2023 against Los Angeles-based City National Bank, which was also found to have discriminated against Black and Latino communities over a similar time period, from 2017 to 2020.

Persons: redlining, FNB, ”, Josh Stein, Biden, General Merrick Garland Organizations: National Bank of Pennsylvania, Justice Department, The Justice Department, Black, DOJ, National, FNB, Yadkin Bank, Biden Administration, Los, National Bank Locations: North Carolina, Charlotte, Winston, Salem, Black, Carolinas, Yadkin, North, Los Angeles

☆ Iraq Bans 8 Local Banks From US Dollar Transactions
▼ + stars: | 2024-02-04 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +3 min

By Timour AzhariBAGHDAD (Reuters) - Iraq has banned eight local commercial banks from engaging in U.S. dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of U.S. currency days after a visit by a top U.S. Treasury official. The banks are banned from accessing the Iraqi central bank's daily dollar auction, a main source of hard currency in the import-dependent country that has become a focal point of a U.S. crackdown on currency smuggling to neighbouring Iran. A central bank document verified by an official at the bank listed the banned banks. War in Israel and Gaza View All 194 ImagesThey are: Ahsur International Bank for Investment; Investment Bank of Iraq; Union Bank of Iraq; Kurdistan International Islamic Bank for Investment and Development; Al Huda Bank; Al Janoob Islamic Bank for Investment and Finance; Arabia Islamic Bank and Hammurabi Commercial Bank. Banks banned from dollar transactions are allowed to continue operating and are allowed to engage in transactions in other currencies, the central bank says.

Persons: Timour Azhari, Al Huda, Ashur, Hammurabi, ”, Banks, Brian Nelson, Mohammed Shia, Giles Elgood Organizations: Treasury, Ahsur, Bank for Investment, Investment Bank of Iraq, Union Bank of, Kurdistan International Islamic Bank for Investment, Development, Al, Al Huda Bank, Islamic Bank for Investment, Finance, Arabia Islamic Bank, Hammurabi Commercial Bank, Central Bank of, U.S . Treasury, Huda Bank, Reuters, Iraqi Locations: Timour, Timour Azhari BAGHDAD, Iraq, U.S, Iran, United States, Israel, Gaza, Union Bank of Iraq, Kurdistan, Central Bank of Iraq, Washington, Baghdad

☆ Exclusive: Organic baby food startup Yumi has slashed its valuation after running low on cash
▼ + stars: | 2024-01-31 | by ( Ben Bergman | ) www.businessinsider.com time to read: +3 min

Yumi, a startup backed by a long list of prominent Silicon Valley investors that makes high-end organic baby food, is raising a down round that values the company at around $40 million, Business Insider has learned. The funding represents a substantial discount from Yumi's Series B round in 2021, which valued the company at more than $300 million, according to Pitchbook data. It also means Yumi has burned through more than twice as much cash, nearly $90 million dollars, as it is currently worth. Startup fundraising tumbled to a five-year low in 2023 with funding for e-commerce and shopping startups down 60%, according to Crunchbase data. Convoy, the freight startup that was once called the "Uber for trucking" and raised more than $1 billion, shut down in November.

Persons: Yumi, Evelyn Rusli, Angela Sutherland, Gerber, Sutherland, Rusli, Anne Wojcicki, Gabrielle Union, Warby Parker, Goldman Sachs, Christina Minnis, Kelly Coffey, Masha Drokova, Lauren Dillard Organizations: Business, BI, Walmart, New York Times, Wall Street Journal, New Enterprise Associates, Uber, City National Bank, One Ventures, Nasdaq, Startup, Convoy, Olive Locations: millennials

☆ Man pleads guilty in $1 billion scheme to dodge money laundering rules in New York
▼ + stars: | 2024-01-31 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

A man described as an "experienced anti-money laundering specialist" pleaded guilty on Wednesday to illegally funneling more than $1 billion in lucrative, high-risk transactions through small financial institutions, the U.S. Department of Justice said. The man, 56-year-old Gyanendra Asre of Greenwich, Connecticut, pleaded guilty in Brooklyn federal court to one count of failing to maintain an anti-money laundering program in violation of the Bank Secrecy Act. The U.S. Department of the Treasury's Financial Crimes Enforcement Network, meanwhile, on Wednesday assessed a $100,000 civil penalty on Asre and banned him from participating in any financial institution's affairs for five years. He had previously been employed as a senior vice president at a domestic bank, and was "experienced in international banking and trained in anti-money laundering compliance and procedures," the DOJ said. Asre "represented to the NYSEFCU that he and his businesses would conduct appropriate anti-money laundering oversight as required by the Bank Secrecy Act," according to the DOJ.

Persons: Asre, Attorney Breon Peace Organizations: U.S . Department of Justice, DOJ, U.S . Department, Network, U.S, Attorney, New York, Employees Federal Credit Union, Bank Locations: Greenwich , Connecticut, Brooklyn

The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA. Swiss authorities feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year. The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS. Political Cartoons View All 253 ImagesA parliamentary panel created after the government-orchestrated merger has been looking into the origins of the deal. Walter, who has a master's degree in international banking from Columbia University in New York, will start the job on April 1, the Swiss government said.

Persons: Stefan Walter, Walter, Urban Angehrn, Angehrn, Mark Branson, Marlene Amstad, ” Amstad, SRF, FINMA Organizations: GENEVA, UBS, Credit Suisse, Swiss, European Central Bank, Federal Council, Columbia University Locations: Swiss, U.S, British, New York

☆ The 4 most important things we're watching in the stock market this coming week
▼ + stars: | 2024-01-20 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Fortunately, we'll get useful information in the coming weeks as earnings season ramps up and updated inflation data is released. We really want to see more supply come into the market to provide some relief on shelter costs. Looking to next week, we'll get a several key economic updates and a ramp up of earnings releases. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Morgan Stanley, we'll, Procter & Gamble, we've, We're, we're, We'll, Forex, Brown, BRO, Zions, CrossFirst, Johnson, Lockheed Martin, Horton, ERIC, Baker Hughes, Abbott, ABT, Clark, BOK, Monro, Simmons, United Community Banks, Lam, Ethan Allen Interiors, Raymond James Financial, Sherwin, Williams, Northrop, Murphy, Arthur J, Levi Strauss, LEVI, Booz Allen, Jim Cramer's, Jim Cramer, Jim, John Gress Organizations: Nasdaq, Microsoft, Nvidia, Tesla, Apple, Bank of America, Reserve, Procter, Gross, Citigroup, of Hawaii, United Airlines, Logitech International S.A, AGNC Investment, Agilysys Inc, Great Southern Bancorp, Enterprise Financial Services, Independent Bank, Home Bancorp, RBB Bancorp, TrustCo Bank Corp, Gamble Co, Verizon Communications, 3M Company, General Electric Co, GE, RTX Corporation, Halliburton Company, HAL, Lockheed, Ericsson, Bank, GATX Corporation, MakeMyTrip, National Bancorp, Synchrony, Webster, Atlantic Union Bankshares Corporation, Invesco PLC, Peoples Bancorp Inc, Sandy Spring Bancorp, Netflix, Texas Instruments Incorporated, Steel Dynamics, Canadian National Railway Company, NBT Bancorp, East West Bancorp, Covenant Logistics Group, Inc, Hanmi, National Bank Holdings Corporation, Premier Financial, QCR Holdings, Renasant Corporation, Triumph, Veritex Holdings, ASML, SAP, Textron, Oriental Education, Technology Group, First BanCorp, General Dynamics, OFG Bancorp, Prosperity, TE Connectivity, United Community, Blue Foundry Bancorp, Capitol Federal, HBT, Teledyne Technologies, Business Machines, IBM, Las Vegas Sands Corp, Lam Research, United Rentals, Berkley Corp, Crown, International, Packaging Corporation of America, Seagate Technology plc, CACI, Swift Transportation Holdings, Ameriprise Financial, Concentrix Corporation, First Bank, Liberty Energy, Pathward Financial, Columbia Banking, CSX, American Airlines Group, NextEra Energy Inc, Alaska Air Group, Dow Chemical Co, Valero Energy, Southwest Airlines Co, Nextera Energy, Williams Co, Union Pacific, Applied Industrial Technologies, Mobileye, Northrop Grumman, Comcast, Nokia, TAL Education, McCormick & Company, Intel, Visa Inc, Gallagher, Co, KLA Corporation, Western Alliance, Mobile, L3Harris Technologies, Western, Olin Corporation, American Express Co, Booz, Booz Allen Hamilton Holding, Colgate, Palmolive Co, Norfolk Southern Corporation, Jim Cramer's Charitable, CNBC, Gamble's Locations: Procter &, U.S, China, ZION, Freeport, Kimberly, Las, W.R, Chicago

☆ Trump is building his power at home while global leaders dread his return
▼ + stars: | 2024-01-19 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

Trump has invigorated an initially lackluster White House bid by leveraging his multiple criminal indictments to create a narrative of political persecution. On Thursday, CNN’s congressional team reported that senators trying to cut an immigration deal with the White House are running into a problem: Trump. The aid measure is being held up by the immigration showdown to which it was linked — perhaps unwisely many Democrats now think — by the White House. It has caused particular consternation in Europe after the transatlantic alliance was constantly rattled by Trump during his White House term. That’s likely to be a pale imitation of what awaits if he gets back to the White House.

Persons: Donald Trump, Trump, Ron DeSantis, Nikki Haley, Haley, Kevin Roberts –, “, can’t, Kamala Harris, Joe Biden’s, Biden, he’s, ”, Sen, Kevin Cramer, Trump’s, Vladimir Putin, Mike Quigley of, Jim Sciutto, CNN Max, Putin, Michael McFaul, Obama, ” McFaul, ” Trump, Ted Cruz, Marco Rubio, Alejandro Mayorkas, Mike Johnson, Mitch McConnell, reverberations, America’s, Christine Lagarde, Heritage’s Roberts, Roberts, that’s, ” Roberts, Jamie Dimon, ” Dimon, Philipp Hildebrand, Emmanuel Macron, ” Macron Organizations: CNN, Florida Gov, South Carolina Gov, New Hampshire, Trump, Economic, Business titans, Heritage Foundation, Republicans, Capitol, GOP, Representatives, Republican, North Dakota Republican, Ukraine, Democratic, Congressional Ukraine Caucus, White, Spirit of, Homeland, US, Colorado Supreme, America, tony, European Central Bank, NATO, CNBC, ” BlackRock, Swiss National Bank Locations: Iowa, Washington, Ukraine, New, Davos, Swiss, Mike Quigley of Illinois, Moscow, Russian, Spirit of America, Ted Cruz of Texas, Marco Rubio of Florida, Europe, Iran, Paris, Switzerland, it’s, China, United States, France

☆ Malaysia’s last tigers: Why this rare image is giving conservationists hope
▼ + stars: | 2024-01-17 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +9 min

“This image is the last image of the Malayan tiger — or it’s the first image of the return of the Malayan tiger,” he says. ‘A million-dollar shot’Regular camera traps — like the hundreds already used by the park’s scientists, researchers and conservationists — are typically the size of a large smartphone and activated by broad-range motion sensors. Rondeau's high-resolution camera traps included a DSLR camera in a waterproof casing. Emmanuel Rondeau, wildlife photographerBut there’s still more work to be done. As a keystone species, tigers are essential to a healthy ecosystem – and without them, the 130-million-year-old rainforests around the Belum-Temengor complex could be threatened, too.

Persons: CNN — Emmanuel Rondeau, “, ”, Rondeau, ” Rondeau, ‘, —, I’m, ” Rondeau didn’t, ‘ I’m, Carol Debra, Azlan Mohamed, Mohamed, Debra, Emmanuel Rondeau, Stuart Chapman, Chapman, ” Stuart Chapman, Merapi Mat Razi, there’s Organizations: CNN, WWF, Peninsular Malaysia, Malayan, Malaysia, Malaysia WWF, Malaysia —, country’s, “ Tigers, US, Malayan Tiger Conservation, Tiger, WWF’s Tigers, Initiative, Tigers, WWF – Malaysia, Royal, United Nations, Conservation Task Force, Bureau Locations: Asia, Siberia, Bhutan, Malaysia, Peninsular, Southeast Asia, Belum, Asli, “, Royal Belum, Laos, Cambodia, Vietnam, Park

☆ SNB chairman: Relatively good inflation forecast for 2024
▼ + stars: | 2024-01-17 | 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 EmailSNB chairman: Relatively good inflation forecast for 2024Thomas Jordan, chairman of the Swiss National Bank, discusses the latest rate hikes in Switzerland, and the inflation forecast for 2024.

Persons: Thomas Jordan Organizations: Swiss National Bank Locations: Switzerland

☆ Best Banks and Credit Unions for 2024
▼ + stars: | 2023-12-18 | by ( Martha C. White | ) www.wsj.com time to read: +13 min

While its checking interest rate is set much lower, you do earn interest on every dollar of your balance—its flagship checking account was also Buy Side’s top pick in the Best Checking Account category. CaveatsCapital One’s savings account APY beats most national banks and is competitive among online banks. The Ally Online Savings and Ally Spending accounts (the latter is the bank’s flagship checking account) were our top picks for digital banks in Buy Side’s Best Checking and Best Savings rankings. In Buy Side’s roundups, Alliant took the top spot among credit unions in our Best Checking and Best Savings rankings. How we pickedTo pick Buy Side from WSJ’s Best Banks, we evaluated dozens of banks and credit unions, looking for institutions that offered the best combination of high interest, low fees and flexible account options for savings, checking and CDs.

Persons: Martha C, you’ll, —, Ally, Ivy, Ivy doesn’t, Ivy Bank’s, Alliant, Foster, — Alliant, Banks Organizations: Wall, Best, Capital, American Express, Ally, Savings, Synchrony, Alto, Ivy Bank, Cambridge Savings Bank, Ivy, Bank5 Connect, CIT Bank, First, Alliant, Bank, Foster Care, Credit Union, Lake, Best Bank, Best Credit Union, National Credit Union Administration Locations: U.S, American, Massachusetts, California, Golden State, Lake Michigan

The moon rises over the Toronto city skyline as seen from Milton, Ontario, Canada, January 23, 2016. REUTERS/Mark Blinch/File Photo Acquire Licensing RightsTORONTO, Dec 4 (Reuters) - Canadian banks had a mixed fourth quarter but a common theme underlining all the reports was the rise in bad loan provisions, signalling that lenders were strapping in for a shaky economy. Impaired loans related to residential mortgages, real estate and construction were also higher from the prior quarter, indicating that the banks were also being cautious when considering underwriting new loans. He noted that despite the mixed results, the banks reported healthy capital levels, giving investors assurance that the banks remain resilient. Reuters Graphics($1 = 1.3559 Canadian dollars)Reporting by Nivedita Balu in Toronto; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Mark Blinch, Verecan, Colin White, Dave McKay, Mike Archibald, Nivedita Balu, Mark Porter Organizations: REUTERS, Rights, Reuters, Bank of Canada, BOC, Royal Bank of Canada, CIBC, National Bank, Scotiabank, BMO, RBC, Reuters Graphics Reuters, AGF Investments, Reuters Graphics, Thomson Locations: Toronto, Milton , Ontario, Canada

☆ Most Gulf markets fall on weak oil; Saudi gains
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Acquire Licensing RightsDec 3 (Reuters) - Most stock markets in the Gulf ended lower on Sunday, in response to Friday's fall in oil prices, although the Saudi index bucked the trend to close higher. Oil prices - a catalyst for the Gulf's financial markets - slumped more than 2% on Friday on investor scepticism over the depth of OPEC+ supply cuts and concern about sluggish global manufacturing activity. Saudi Arabia's benchmark index (.TASI) gained 0.4%, with oil giant Saudi Aramco (2222.SE) rising 0.5% and Arabian Pipes Co (2200.SE) advancing 5.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.7%, with Commercial International Bank (COMI.CA) declining 2%.

Persons: Joe Biden, Christopher Pike, Jerome Powell, Ateeq, Bernadette Baum, Sharon Singleton Organizations: Dubai Financial, United Arab Emirates, REUTERS, Qatar Islamic Bank, Saudi Aramco, Arabian Pipes, Federal, Gulf Cooperation Council, U.S ., Commercial International Bank, Thomson Locations: Dubai, United Arab, Saudi, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru

☆ Thomas Randele makes deathbed confession: He was 1969 bank robber Ted Conrad
▼ + stars: | 2023-12-03 | by ( Faith Karimi | ) edition.cnn.com time to read: +11 min

More than 50 years earlier, when he was 20 years old, he’d robbed an Ohio bank of $215,000. A day or so after her father’s shocking revelation, Ashley told CNN she pulled her mother Kathy aside and told her. Theodore "Ted" Conrad was an unassuming bank teller when he strolled out of an Ohio bank with more than $200,000. And I also wanted to learn about Ted Conrad, the bank robber, and Tom Randele, my dad,” she told CNN. Someone had sent his obituary to a crime reporter in Ohio with a note saying the deceased man was likely Conrad, Ashley Randele said.

Persons: CNN — Thomas Randele, he’d, Thomas Randele, Theodore Conrad, Ashley Randele, “ I’m, Ted Conrad, ’ ”, Thomas, “, ‘, they’re, Ashley, Kathy, ” Ashley Randele, Kathy Randele, ”, Steve McQueen, D.B, Cooper, Conrad, —, Theodore, Ted, Ross Anthony Willis, spotlighted, Thomas Crown, Pierce Brosnan, He’d, didn’t, ” Randele, Carl B, Ken Blaze, she’d, Tom Randele, Randele, Pete Elliott, Elliott, John Elliott, Robin Hood Organizations: CNN, National Bank, Fairfax Media, Stokes, Courthouse, Randele Locations: Boston, Ohio, ’, Lynnfield , Massachusetts, Cleveland, Pacific Northwest, Washington ,, Los Angeles, California, Hawaii , Texas, Oregon, Massachusetts, France, United States, Lynnfield

A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. Finance executives, consultants and headhunters interviewed by Reuters predict subdued deal flows, modest bonuses for most and heavy job cuts in 2024. "2023 will ultimately be one of the lowest corporate finance fee pools in modern history," said Fabrizio Campelli, head of Corporate Bank and Investment Bank at Deutsche Bank. JOB CUTSBanks have already turned to cost cuts to try to weather the downturn, which in a people-intensive business means job losses. And although some bankers expect a tough 2024, others sense an opportunity for European banks from the Basel Endgame.

Persons: Hollie Adams, Fabrizio Campelli, Banks, Ronan O'Kelly, Oliver Wyman, O'Kelly, Dominic Hook, Goldman Sachs, Vis Raghavan, JP Morgan, Morgan McKinley's, Stephane Rambosson, headhunter, Rambosson, Ana Botin, Morgan's Raghavan, there's, Oliver Wyman's O'Kelly, Deutsche's Campelli, Anousha Sakoui, Carolyn Cohn, Jesus Aguado, Alexander Smith Organizations: REUTERS, LONDON, Finance, Reuters, Corporate Bank, Investment Bank, Deutsche Bank, Organisation for Economic Cooperation, Development, Barclays, Lloyds, Challenger Metro Bank, UBS UBSG.S, Citi, Workers, Global Investment Banking, Employment, European Union, Santander, Global, Basel, Thomson Locations: City, London, Britain, Europe, Middle East, Africa, Ukraine, West, China, United States, India, Madrid

☆ National Bank of Canada's fourth-quarter profit jumps on capital markets strength
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsDec 1 (Reuters) - National Bank of Canada (NA.TO) reported a rise in fourth-quarter profit on Friday, as a strong performance at its capital markets unit helped offset the hit from bigger provisions. NBC's adjusted net interest income, the difference between what banks earn on loans and pay out on deposits, slumped about 35.1% to C$825 million. Its financial markets segment, however, posted an adjusted net income of C$289 million, up 42%, driven by strength in capital markets and global markets businesses. The bank's adjusted net income rose to C$867 million ($641.13 million), or C$2.44 per share, for the three months ended Oct. 31, from C$738 million, or C$2.08 per share, a year earlier.

Persons: Chris Wattie, Arasu Kannagi Basil, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, Thomson Locations: Ottawa , Ontario, Canada, Montreal, Bengaluru

TD said it would be challenging to meet its medium-term adjusted earnings growth target range of 7%-10% in the new fiscal year. It reported adjusted earnings of C$1.83 per share, 7 Canadian cents shy of estimates. RBC reported adjusted earnings of C$2.78 per share, comfortably beating expectations of C$2.62, according to LSEG data. CIBC also beat profit expectations as it set aside smaller-than-expected loan provisions and is slashing costs through a 5% reduction in its workforce, or about 2,400 jobs. The lender, Canada's fifth biggest, reported adjusted earnings of C$1.57 per share, compared with expectations of C$1.53.

Persons: Mark Blinch, Gabriel Dechaine, Kelvin Tran, Victor Dodig, Dave McKay, Niket, Balu, Arasu Kannagi Basil, Shinjini Ganguli, Kirsten Donovan, Mark Porter Organizations: Royal Bank of Canada, REUTERS, Canadian Imperial Bank of Commerce, RBC, National Bank, CIBC, TD Bank, Bank Nova Scotia, Bank of Montreal, Scotiabank, Tuesday, Thomson Locations: Toronto, dealmaking, PCLs, Canada, United States, U.S, Bengaluru

☆ Argentina's Milei taps ex-central banker Caputo to fix economy in crisis
▼ + stars: | 2023-11-29 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +2 min

Former governor of Argentina's central bank, Luis Caputo, speaks alongside Economy Minister Nicolas Dujovne during a news conference in Buenos Aires, Argentina May 4, 2018. REUTERS/Marcos Brindicci/File Photo Acquire Licensing RightsBUENOS AIRES, Nov 29 (Reuters) - Argentina President-elect Javier Milei will appoint Luis Caputo as his economy minister, he said in a radio interview on Wednesday in Buenos Aires, after a two-day trip to the United States. "The minister of economy will be Luis Caputo," Milei told Radio La Red, although his office has yet to officially confirm the nomination. This will not be the first time for Caputo, a former Wall Street banker, as a government official. The economist was later appointed as central bank governor in 2018.

Persons: Luis Caputo, Nicolas Dujovne, Marcos Brindicci, Javier Milei, Caputo, Milei, elect's, Mauricio Macri's, Jorgelina, Adam Jourdan, Bernadette Baum, Mark Porter Organizations: REUTERS, Radio La, Monetary Fund, Wall Street, IMF, Thomson Locations: Argentina's, Buenos Aires, Argentina, BUENOS AIRES, United States, dollarizing Argentina, Milei, Washington, Rosario

☆ Asia's first ETF tracking Saudi equities debuts in Hong Kong
▼ + stars: | 2023-11-29 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

Bull statues in front of screens showing Hong Kong stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 29 (Reuters) - A new exchange-traded fund (ETF) tracking Saudi equities made its trading debut in Hong Kong on Wednesday, becoming the first product of its kind in Asia amid warming bilateral relations between China and Saudi Arabia. The ETF, called CSOP Saudi Arabia ETF (2830.HK), is managed by Hong Kong-based CSOP Asset Management. "Today is a milestone in our financial cooperation with Saudi Arabia," said Hong Kong Financial Secretary Paul Chan at a launch event. Through the ETF, investors in Hong Kong will be able to trade Saudi stocks including the oil giant Saudi Aramco (2222.SE) and the Saudi National Bank (1180.SE) in Hong Kong dollars or Chinese yuan.

Persons: Tyrone Siu, CSOP, Paul Chan, Yazeed, Humied, PIF, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Saudi, Saudi Arabia ETF, HK, Management, Public Investment Fund, Hong, Hong Kong Financial, FTSE, Saudi Aramco, Saudi National Bank, Reuters, Hong Kong Stock Exchange, bourse, ETF, People's Bank of China, Saudi Central Bank, Thomson Locations: Hong Kong, Exchange, China, HONG KONG, Asia, Saudi Arabia, Saudi, FTSE Saudi Arabia, Europe, East, Africa, Beijing, Riyadh

☆ A sales practice at American Express is under scrutiny. Here's what we know about the investigation.
▼ + stars: | 2023-11-29 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +12 min

It's not clear how much scrutiny the company is under for management's role in developing and training employees to sell the product. Subpoenas are issued to compel parties such as company executives and employees, or former employees, to appear for interviews or turn over documents. In July, the OCC assessed a $15 million civil penalty against American Express National Bank. The IRS is also involvedBrooklyn attorneys are coordinating their criminal investigation alongside the IRS's criminal-investigation unit, the people BI spoke with said. Sinking morale among some sales employeesThe investigations are taking a toll on Amex's results-driven culture, current and former sales employees told BI, because compliance staff have gotten more involved in the sales process.

Persons: Amex, hadn't, salespeople, It's, Adam Isserlis, Isserlis, John Marzulli, Brian Morris, Hiral Mehta, Morris, Boies, Boies Schiller Flexner, Seth DuCharme, Charles Blazer, he's, Mehta, Hiral, Brian Organizations: American Express, Business, Justice, New York State Department of Financial Services, BI, Brooklyn, Eastern, of, OCC, American Express National Bank, Consumer Financial, Justice Department, Department of Financial Services, Department of Justice, IRS, Federal Deposit Insurance Corp, FDIC's, Government, Costco, Securities, Eastern District, Department of Homeland Security, Boies Schiller, FIFA, Taco Bell Locations: Brooklyn , New York, of New York, Eastern, Brooklyn

Search resuls for: "National Bank"

25 mentions found