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☆ Goldman Sachs faces big writedown on CEO David Solomon’s ill-fated GreenSky deal
▼ + stars: | 2023-06-23 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Goldman Sachs CEO David Solomon speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. Goldman Sachs is likely to take a large write-down for its 2021 acquisition of fintech lender GreenSky after seeking to unload the business, CNBC has learned. Bids for the installment loan business are coming in well below what Goldman had hoped for, according to people with knowledge of the sale process. Under CEO David Solomon, Goldman bought Atlanta-based GreenSky for $2.24 billion to help accelerate its push into consumer finance. "Everybody's been coming in low, and the Goldman team keeps pushing back, pounding the table about the value of it," said one of the bidders.

Persons: Goldman Sachs, David Solomon, Goldman, Solomon, Warburg Pincus, Everybody's Organizations: Forbes, CNBC, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Goldman Locations: New York City, Atlanta

☆ Goldman Sachs faces big writedown on GreenSky deal, CNBC reports
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

June 23 (Reuters) - Goldman Sachs (GS.N) is likely to take a large writedown for its $2.2 billion acquisition of fintech lender GreenSky after seeking to divest the business it bought in 2021, CNBC reported on Friday, citing people with knowledge of the sale process. One bidder said GreenSky's loan origination platform is worth roughly $300 million, while another said it was worth closer to $500 million, according to the report. CNBC added the bids for the platform, which facilitates home improvement loans to consumers, were coming in well below Goldman's expectations. Shares of Goldman were down about 1.4% in mid-morning trading. The bank has been running a sale process for GreenSky, and may take a writedown on the $500 million of goodwill, or the premium it paid above the assets' book value, Goldman President and Chief Operating Officer John Waldron told investors at a conference in June.

Persons: Goldman Sachs, Goldman, We're, John Waldron, Warburg Pincus, Manya Saini, Jaiveer Shekhawat, Shinjini Organizations: CNBC, Goldman, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Thomson Locations: Bengaluru

☆ How to get better returns on your cash now
▼ + stars: | 2023-06-21 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

NEW YORK, June 21 (Reuters) - You might assume that with U.S. interest rates at new highs, Americans are getting terrific returns on savings. MONEY MARKET FUNDSIn brokerage accounts there is a default or "sweep" account, where cash is kept before you make other investments. The two highest yields at the moment for government money market funds, according to data trackers iMoneyNet: UBS Liquid Assets Government Fund at 5.07%, and Vanguard Treasury Money Market Fund at 5.06%. An important note about terminology: Money market funds are distinct from money market accounts. “All of these are very appealing, and we are recommending people reassess their cash and emergency fund savings.

Persons: ”, Greg McBride, ” McBride, James Gambaccini, Gambaccini, –, Sallie Mae, Brandon Opre, Chris Taylor, Lauren Young, Matthew Lewis Organizations: YORK, Federal Reserve, BMO, TIAA Bank, Treasury Bills, U.S ., Barclays, UBS Liquid Assets Government, Vanguard Treasury Money Market, Thomson Locations: www.TreasuryDirect.gov, Reston , Virginia, Huntersville , North Carolina, New York

Money market funds Assets in retail money market funds grew to $1.99 trillion, according to the latest data from the Investment Company Institute . Further, even as money market funds offer relative safety, they can still face some risk. Don't confuse money market funds with money market accounts. Though money market accounts – which are offered by banks – are protected by the Federal Deposit Insurance Corporation, up to $250,000, money market funds are not. Certificates of deposit and high-yield savings accounts Liquidity should be a big factor for investors eyeing bank products like CDs and high-yield savings accounts.

Persons: Jamie Hopkins, Hopkins, Don Grant, Jordan Benold, Lehman, Danika Waddell, BancShares, Waddell Organizations: Federal, Carson Group, Sabre, Investment Company Institute, Investors, –, Lehman Brothers, Federal Deposit Insurance Corporation, Xena, BMO, Ally Financial, CIT Bank, Synchrony, Ally, Capital

☆ The year is half over. Here are three considerations to make sure your portfolio is on track
▼ + stars: | 2023-06-13 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Rebalance your portfolio Tech's remarkable bounce in 2023 could result in a significant portfolio tilt toward that sector — and an overconcentration that could hurt in the event there's a downturn. That means it's time to trim down a few of those oversized positions and make sure your asset allocation is properly reflecting your goals. Check in with cash Cash is another asset that requires your attention, especially in an era when investors have a host of options of where keep those funds. Cash you don't need for many years can go right back into your stock portfolio so you can keep ahead of inflation, Pearce said. "Make sure you have an appropriate amount of cash, and make sure you're not sitting on an enormous pile of cash that's doing nothing," he added.

Persons: Jorrell Bland, Josh Brown, Tony Roth, haven't, Wilmington Trust's Roth, Roth, Cash, Jerrod Pearce, Goldman Sachs, Marcus, Pearce, — CNBC's Michael Bloom Organizations: Nasdaq, Federal Reserve, Mitlin, Ritholtz Wealth Management, Wilmington Trust Investment Advisors, JPMorgan Equity, Wilmington, Creative Planning, Bread, Bread Financial, Citizens Financial, Treasury Locations: Wilmington, Treasurys

The interest rates on high-yield savings accounts have been rising for months. See the best high-yield savings accounts »Get the latest tips you need to manage your money — delivered to you biweekly. And if you're wondering why we're talking about high-yield savings accounts in particular, it's this: The average interest rate for a regular savings account in the US is 0.40%. How to use a high-yield savings accountHigh-yield savings accounts aren't perfect, and they aren't for every situation. The Federal Reserve raises the federal funds rate to combat inflation, and you see the numbers rise: Mortgage interest rates go up, CD interest rates go up, savings interest rates go up.

Persons: It's, —, They're Organizations: Service, Federal Reserve

☆ Opinion | If You’re Reading This, You’re Probably ‘WEIRD’
▼ + stars: | 2023-05-26 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +83 min

You’re probably very weird, and not just for all the obvious reasons you’re thinking of. Because, obviously, there’s going to be some overlap in the curve here. How you’re going to behave with your professor is quite different than how you’re going to behave with your friends. But it’s really kind of faceless, and you’re not really helping anybody you know. I think things are dynamic, and directions are changing, and that sort of thing.

☆ Should You Lock in Today’s CD Rates?
▼ + stars: | 2023-05-25 | by ( ) www.wsj.com time to read: +8 min

Buying a long-term CD means you could lock in today’s generous rates for years to come. Today top CD rates on three- to five-year CDs are 4% to 5%, the highest they have been since the mid 2000s. Deciding when to lock in CD rates is always a balancing act—and even more so in today’s climate of high economic uncertainty. Second, they let you lock prevailing interest rates, so if rates fall you’ll continue to earn the rate you signed up for, for the entire term of the CD. For instance, CIT Bank’s no-penalty CD has an APY of 4.9%—just a hair below the 5% APY its top regular CD offers.

☆ Online banks sweeten CD rates as institutions compete for deposits
▼ + stars: | 2023-05-03 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Online banks are boosting rates on savings accounts and certificates of deposits as fear of deposit flight plagues regional institutions. Bread offers an annual percentage yield (APY) of 5.2% on a one-year CD and 4.65% APY on savings accounts. Capital One has an APY of 3.75% on its savings account, and it pays 4.15% APY for a one-year online CD. Other online institutions paying attractive rates on one-year CDs include Synchrony Financial, which pays 4.75% APY, and Ally Bank, which offers a 4.5% APY. Analysts expect higher rates from online banks to spur other institutions to raise their deposit betas – that is, the amount by which rates paid to customers increases following a boost in the fed funds rate.

☆ Parking your cash in these investments is paying off: 3 ways to find the best place to hide
▼ + stars: | 2023-04-19 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Apple, working with Goldman Sachs, entered the fray this week and launched a savings account with a 4.15% annual percentage yield. Even money market funds, where investors can park cash that's in their brokerage accounts, are paying attractive rates. With an array of places to earn yield, investors need to weigh a few factors before deciding where they ought to keep their cash. Note that the rate paid to you on a high-yield savings account can change once you've opened it. Meanwhile, savings accounts may not hit you with penalties – but you could still face limitations on the number of withdrawals and transfers from these accounts.

☆ Regional bank reports so far show deposits are stabilizing. What's next for the stocks
▼ + stars: | 2023-04-19 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The opening days of the first-quarter earnings season have spurred a sigh of relief among investors, especially when it comes to the regional banks whose future seemed seriously in doubt just a month ago. A quick glance at the early reports from the biggest regional banks show only modest deposit declines in the first quarter. One deposit drop that caught some analysts off-guard among the larger regional banks was a nearly $20 billion decline at US Bancorp , but the bank still has more than $500 billion in deposits. Longer term outlook However, the stabilized funding may not be enough for the regional bank stocks to catch up to their larger competitors, which are viewed as safer and have more diversified businesses. A potential recession could cause credit losses at regional banks in the coming months, and commercial real estate exposure is particularly concerning for investors.

☆ Amazon is the No. 1 company to work for in the U.S. for the third year in a row, according to LinkedIn
▼ + stars: | 2023-04-19 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

1 company to work for in the U.S., according to new research from LinkedIn: For the third year in a row, Amazon has claimed the top spot on the networking platform's annual Top Companies list, followed by Wells Fargo and JPMorgan Chase. Meta, which ranked twelfth on LinkedIn's list last year, was not eligible for this year's list after announcing it was eliminating approximately 13% of its workforce in November 2022. Just last month, Amazon told its staff the company would lay off 9,000 more employees in the coming weeks. 1 on LinkedIn's list for the third consecutive year. Amazon maintained its top spot after making a "significant investment" to support employees' upskilling and raise salaries, says Roth.

☆ Morning Bid: Crowded bonds unnerved
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +5 min

This has some wondering if the recent dash for cash and top-rated bonds has become a bit crowded and how much more tightening central banks have to do. As we move into the weeds of the first-quarter U.S. earnings season, it's been a mixed bag so far. That clearly unnerved UK government bonds - where 10 year yields jumped 10bps - but it also jarred sovereign bonds around the world. Elsewhere, further signs of healing were evident in the global bank funding market. Japan's Sumitomo Mitsui Financial Group (8316.T) sold $1 billion of additional tier-1 debt, the first major global bank to sell the risky securities since similar bonds issued by Credit Suisse were wiped out last month.

Below, you'll find our top picks for the best banks for avoiding ATM fees. The best banks for avoiding bank ATM fees have free regional or national ATM networks, so you won't be charged for using an ATM. The Best Banks for Avoiding ATM FeesLendingClub Bank: Best online bank for avoiding domestic ATM feesConnexus Credit Union: Best credit union for avoiding domestic ATM feesChase: Best national bank for avoiding domestic ATM feesCharles Schwab: Best institution for avoiding international ATM feesTD Bank: Best regional bank for avoiding domestic ATM feesBetterment: Best online banking platform for avoiding domestic ATM feesWe've included brick-and-mortar banks, online banks, credit unions, and online banking platforms, so you can choose from a variety of options. Unlimited refunds on out-of-network ATM fees Check mark icon A check mark. You could also refer to the schedules of fees document to review ATM fees and ATM withdrawal limits."

☆ Here are Friday's biggest analyst calls: Apple, Nvidia, First Republic, Whirlpool, Meta, FedEx & more
▼ + stars: | 2023-03-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Friday's biggest calls on Wall Street: JPMorgan upgrades Chubb to overweight from neutral JPMorgan said the insurance company is defensive. CFRA upgrade Whirlpool to buy from hold CFRA said in its upgrade of the stock that shares are attractive. Citi initiates Bumble as buy Citi said the dating app continues to take market share. Citi reiterates Nvidia as buy Citi said it's bullish on Nvidia's adoption of AI. Citi reiterates Meta as buy Citi said it likes Meta's improved operating leverage. "

☆ Savers find a silver lining during banks’ tumult — Rates on CDs are going up, Morgan Stanley says
▼ + stars: | 2023-03-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

That's because banks are boosting the rates they're paying on CDs, according to a Thursday report from Morgan Stanley. The average highest rate banks paid on a CD rose by eight basis points to 4.08% over the first two weeks of March, according to Morgan Stanley analyst Betsy Graseck. "This should push deposit rates higher even after the Fed pauses." Ally Bank and Synchrony Financial, for instance, are offering 5% on CDs going beyond 36 months, according to Morgan Stanley. See below for Morgan Stanley's list of top short-term CD rates as of March 15.

☆ The CD Market Is Doing Something Strange—and It Could Have a Big Impact on Your Money
▼ + stars: | 2023-03-14 | by ( ) www.wsj.com time to read: +8 min

CD rates have been rising rapidly over the past year, thanks to the Federal Reserve’s efforts to fight inflation. And there’s potentially a bigger issue at play: Regardless of where you stick your cash, interest rates’ odd behavior suggests the economy may be out of whack. CD rates have climbed dramatically since the Federal Reserve embarked on its campaign to fight inflation, which peaked at nearly 10% late last year. But the Fed faces a conundrum: Hiking interest rates to fight inflation also slows economic growth. Short term rates remain high, while longer term rates—reflecting grim economic prospects in years to come—fall off.

☆ U.S. CFPB's bid to curb late credit card fees faces strong opposition
▼ + stars: | 2023-03-06 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

Fitch identified Discover Financial Services (DFS.N), Capital One Financial (COF.N), Synchrony Financial (SYF.N) and Bread Financial Holdings (BFH.N) among those at risk. Credit card companies typically rely on late fees to act as a bulwark against spending volumes tapering off when the economic environment is tough. If the CFPB's rule is implemented in its current form, it could reduce those fees by as much as 75% annually, the agency said. Michael Taiano, senior analyst at Fitch Ratings, said card companies could potentially resort to legal action to delay enforcement of these rules. "They could also respond by introducing other fees, like statement charges, which would charge a customer every time they request a statement," Taiano said.

High-yield savings accounts reward you with higher interest rates than traditional savings accounts and allow your money to grow faster thanks to compound interest — which lets you earn interest on interest. While rates can fluctuate over time, high-yield savings accounts generally offer APYs over 10 times greater than the national average on savings accounts. To determine which high-yield savings accounts are the best overall, CNBC Select analyzed and compared dozens of savings accounts offered by online and brick-and-mortar banks, including large credit unions. (See our methodology for more information on how we choose the best high-yield savings accounts.) Our methodologyTo determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions.

While rates can fluctuate over time, high-yield savings accounts generally offer APYs over 10 times greater than the national average on savings accounts. To determine which high-yield savings accounts are the best overall, CNBC Select analyzed and compared dozens of savings accounts offered by online and brick-and-mortar banks, including large credit unions. (See our methodology for more information on how we choose the best high-yield savings accounts.) Find the best savings account for you: Help your money grow by finding the savings account that offers the best rates and features for you. Our methodologyTo determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions.

Best interest rates for savings accountsUFB Preferred Savings 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.55% (as of 02/22/2023) Minimum Deposit Amount $0 View Full Details Learn moreUFB Preferred Savings 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.55% (as of 02/22/2023) Minimum Deposit Amount $0 View Full Details Learn more on UFB's site. Best interest rates for CDsCFG Bank CD 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.50% to 5.15% Minimum Deposit Amount $500 View Full Details Learn moreCFG Bank CD 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.50% to 5.15% Minimum Deposit Amount $500 View Full Details Learn more On CFG's website. Alliant Certificate 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.25% to 5.00% Minimum Deposit Amount $1,000 View Full Details Learn moreAlliant Certificate 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Annual Percentage Yield (APY) 4.25% to 5.00% Minimum Deposit Amount $1,000 View Full Details Learn more Alliant Credit Union, NCUA insured. Primis Premium Checking 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 4.35% Minimum Deposit Amount $1 Fees no monthly service fees View Full Details Learn morePrimis Premium Checking 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 4.35% Minimum Deposit Amount $1 Fees no monthly service fees View Full Details Learn more Primis Bank, FDIC Insured. Capital One 360 Performance Savings 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 3.40% (as of 02/02/23) Minimum Deposit Amount $0 View Full Details Learn moreCapital One 360 Performance Savings 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Annual Percentage Yield (APY) 3.40% (as of 02/02/23) Minimum Deposit Amount $0 View Full Details Learn more On Capital One's site.

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☆ Finally! Savings Rates Could Soon Beat Inflation
▼ + stars: | 2023-02-23 | by ( ) www.wsj.com time to read: +6 min

Why savings rates could rise in 2023Fortunately, many experts predict the situation will reverse, with inflation on a downward trend even as the Fed continues nudging up interest rates. Since the most generous banks have increased their rates in tandem with the Fed, they would likely increase savings rates as well. Bottenfield doesn’t see savings account interest rates surpassing the rate of inflation before 2024. “The difference between an online savings account and the average brick and mortar account is huge right now,” says Tumin. If you think interest rates will fall, you can lock in mid-4% rates long-term with a five-year CD.

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