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New York CNN —Wall Street was taken aback by the US labor market’s resilience in January. Another unexpectedly hot report could shake things up again. The January jobs report showed that the US economy added a stunning 353,000 jobs that month and the unemployment rate stayed at 3.7%. The new EU regulations force sweeping changes on some of the world’s most widely used tech products, including Apple’s app store, Google search and messaging platforms, including Meta’s WhatsApp. The broad obligations apply only to the EU, which could leave tech users in the United States and other markets looking longingly at some of the features Big Tech is rolling out in response to the European directive.
Persons: Jerome Powell, he’s, , ” Powell, Bonnie Cash, , ’ ”, BeiChen Lin, It’s, Loretta Mester, , José Torres, Meta’s, Brian Fung, Apple, Bing, Read, Elisabeth Buchwald, NYCB, Steven Mnuchin’s, Alessandro DiNello, ” Read Organizations: CNN Business, Bell, New York CNN, Federal, Financial, Capitol, Reuters, Traders, Russell Investments, ” Cleveland Federal, CNBC, Market, Interactive Brokers, Apple, Google, Union citizens, Big Tech, New York Community Bank, Silicon Valley Bank, Liberty Strategic Capital Locations: New York, Washington ,, United States, NYCB, Silicon
Ultimately, it’s very high leverage,” Tomasz Piskorski, a finance professor at Columbia Business School, tells me. Even a year after that exact thing happened — Silicon Valley Bank failed after depositor demand eclipsed the value of its assets — regulators haven’t addressed the core leverage issue. The most obvious answer is one the banking industry hates: Increase the amount of money a bank is required to hold in reserve. And their go-to argument against such regulations is that they force banks to curtail loans to customers, hurting folks in the real economy. The upshot: Despite the banking industry’s protest, banks can handle much higher capital requirements (at least, according to Piskorski et al).
Persons: CNN Business ’, it’s, ” Tomasz Piskorski, there’s, Piskorski, haven’t, Jerome Powell, ” Piskorski Organizations: CNN Business, New York CNN, New York Community Bank, Columbia Business School, Valley Bank, Federal Reserve, National Bureau of Economic Research Locations: New York, Basel, stow,
New York CNN —Customers of New York Community Bank (NYCB) pulled $6 billion worth of deposits between February 5 and March 5, leaving the bank’s deposit base 7% lower, at $77 billion. However, the pattern is not indicative of a bank run, which these days can drain a lender of funds in mere hours. Shortly ahead of its demise, depositors at Silicon Valley Bank tried withdrawing $42 billion in one day over fears they wouldn’t be able to access their funds if the bank failed. On Thursday’s call, NYCB also announced it’s slashing its dividend to one penny a share. Increasing both means the bank has fewer funds available to lend, which as a result would limit its profitability.
Persons: NYCB, Steven Mnuchin’s, Alessandro DiNello, , ” DiNello Organizations: New, New York CNN, New York Community Bank, Silicon Valley Bank, Liberty Strategic Capital, NYCB, Wall, Moody’s Investors Service, Fitch Locations: New York, Silicon
A real estate boss expects at least 500 banks to fail or be taken over in the next two years. Scott Rechler, CEO of RXR, said the maturing of commercial real estate loans would hit smaller lenders. Commercial real estate has been hit by declining asset prices, costlier borrowing, and tighter lending. AdvertisementHundreds of American banks will collapse or be taken over by 2026, a top real estate executive predicted. Silicon Valley Bank, Signature Bank, and Silvergate Bank folded last spring after worries about their health spurred a wave of deposit withdrawals.
Persons: Scott Rechler, , Fortune, I'm, It's, Jamie Dimon's Organizations: Service, Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Silvergate Bank, New, New York Community, Federal Reserve, JPMorgan Locations: New York
Why private equity has been involved in every recent bank deal
  + stars: | 2024-03-06 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
Greg Nash | ReutersThe $1 billion-plus injection that New York Community Bank announced Wednesday is the latest example of private equity players coming to the need of a wounded American lender. Led by $450 million from ex-Treasury Secretary Steven Mnuchin's Liberty Strategic Capital, a group of private investors are plowing fresh funds into NYCB. That happened to Silicon Valley Bank, whose failure to raise funding last year was effectively its death knell. On Wednesday, headlines around noon that NYCB was seeking capital sent its shares down by 42% before trading was halted. "With private deals, you can talk for a while, and we almost got to the finish line before there was any publicity."
Persons: Jerome Powell, Steven Mnuchin, Greg Nash, Steven Mnuchin's, Warburg Pincus, HomeStreet, Steven Kelly, NYCB Organizations: Financial, Treasury, Reuters, York Community Bank, Strategic Capital, Centerbridge Partners, FirstSun, Wellington Management, Yale Program, Silicon Valley Bank Locations: Rayburn, Washington , U.S, NYCB, PacWest, Banc, California, it's, Silicon
Reuters and the Wall Street Journal reported Wednesday that the bank was looking to outside investors for cash to shore up its balance sheet. fell more than 40% on Wednesday amid reports that the regional bank is seeking a cash infusion. A cash infusion would be the latest development in a turbulent start to the year for NYCB. The bank disclosed in late January that it was dramatically raising the allowance for potential loan losses on its balance sheet. The questions surrounding NYCB are reminiscent of those that swirled around Silicon Valley Bank, Signature Bank and First Republic before all three failed in the spring of 2023.
Persons: Alessandro DiNello, NYCB, DiNello Organizations: Reuters, Wall Street, CNBC, New York Community Bancorp, NYCB, Moody's, Silicon Valley Bank, Signature Bank, First Locations: Silicon, NYCB
New York Community Bank, the midsize lender under pressure over its real estate loans and internal management, announced an overhaul on Wednesday that included more than $1 billion in emergency cash, the addition of former Treasury Secretary Steven Mnuchin to its board and the appointment of its third chief executive in a month. The investment of more than $1 billion includes cash from Mr. Mnuchin’s private equity firm, Liberty Strategic Capital, and Kenneth Griffin’s Citadel Global Equities, among others. The bank’s new chief executive, Joseph Otting, worked closely with Mr. Mnuchin in the past. He ran OneWest Bank, then owned by Mr. Mnuchin, for five years. He also oversaw the Office of the Comptroller of the Currency, one of the banking industry’s primary regulators, during the Trump administration.
Persons: Steven Mnuchin, Kenneth Griffin’s, Joseph Otting, Mnuchin, Trump Organizations: York Community Bank, Silicon Valley Bank, Liberty Strategic Capital, Global, OneWest Bank, Mr Locations: Washington, Silicon
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe banking system is very sound: Fifth Third Bank CEO one year after Silicon Valley Bank's collapseTim Spence, Fifth Third Bank CEO, joins 'Closing Bell Overtime' to talk the state of regional banks one year after the collapse of SIlicon Valley Bank.
Persons: Tim Spence Organizations: Third Bank, Fifth Third Bank Locations: Silicon
One year after a series of bank runs threatened the financial system, government officials are preparing to unveil a regulatory response aimed at preventing future meltdowns. After months of floating fixes at conferences and in quiet conversations with bank executives, the Federal Reserve and other regulators could unveil new rules this spring. The interagency clampdown would come on top of another set of proposed and potentially costly regulations that have caused tension between big banks and their regulators. Taken together, the proposed rules could further rankle the industry. The goal of the new policies would be to prevent the kind of crushing problems and bank runs that toppled Silicon Valley Bank and a series of other regional lenders last spring.
Organizations: Federal Reserve, Bank Locations: Silicon
NYCB stock tumbles to lowest level since 1996
  + stars: | 2024-03-04 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +2 min
New York CNN —Shares of New York Community Bank (NYCB) fell 23% Monday, hitting their lowest level since 1996. The issues caused a $2.4 billion loss to shareholders last quarter, NYCB said. That caused the stock to plunge, bringing it to its lowest level since 1997. NYCB’s troubles are having a mixed effect on other regional bank stocks. Shares of Valley National Bank (VLY) closed 5.6% lower on Monday, while Zions Bancorporation (ZION) closed 1% higher.
Persons: NYCB, Alessandro DiNello, Zions Organizations: New, New York CNN, New York Community Bank, Fitch, Moody’s Investors Service, First Republic Bank, Silicon Valley Bank, Signature Bank, National Bank Locations: New York, Silicon, NYCB, ZION
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Persons: Banks, , Cash, we've Organizations: Bank, Cash, Products, Secure Savings, CIT Bank, Savings, Popular, BMO, CIBC, Mission Valley Bank Locations:
Mike Segar | ReutersRegional lender New York Community Bank finds itself in an apparently worsening predicament just as the anniversary of last year's banking turmoil nears. "The disclosures add to our concern about NYCB's interest-only multi-family portfolio, which may require a long workout period unless interest rates decline." Days later, ratings agency Moody's cut the bank's credit ratings two notches to junk on concerns over the bank's risk management capabilities after the departure of NYCB's chief risk officer and chief audit executive. The bank's stock was briefly buoyed by a flurry of insider purchases indicating executives' confidence in the bank. Most of those deposits were insured, and it had ample resources to tap if uninsured deposits left the bank, it said.
Persons: Mike Segar, NYCB, Raymond James, Steve Moss, Moody's, Alessandro DiNello, DiNello, D.A, Davidson, Peter Winter Organizations: New York Community Bank, Reuters Regional, New, Community Bank, Silicon Valley Bank, Signature Bank Locations: Yonkers , New York, U.S, NYCB
The regional bank announced that Alessandro DiNello, its executive chairman, is taking on the roles of president and CEO, effective immediately. Shares of New York Community Bancorp fell 14% in extended trading Thursday after the regional lender announced a leadership change and disclosed issues with its internal controls. The bank also announced an amendment to its fourth quarter results, adding a disclosure about its internal risk management. The specter of loan losses reignited fears about the state of the commercial real estate market and regional banks more broadly. Several regional banks failed in 2023 after customers and investors became uneasy about the value of the debt on bank balance sheets, including Silicon Valley Bank.
Persons: Alessandro DiNello, NYCB, DiNello, we've, Marshall Lux, Hanif Dahya, Lux, JP Morgan Organizations: York Community Bank, New York Community Bancorp, Flagstar Bank, Moody's Investors Service, Chase Consumer Bank, JP, Silicon Valley Bank Locations: Brooklyn, New York City, Silicon
New York CNN —Shares of New York Community Bank (NYCB) fell by as much as 20% in after-hours trading on Thursday after the beleaguered regional lender said in a filing it had identified “material weakness” in the company’s controls. The issues caused a $2.4 billion loss to shareholders last quarter, NYCB said. The bank also announced that Alessandro DiNello, its recently appointed executive chairman, will be the new president and CEO, effective immediately. In the same filing, NYCB disclosed Hanif (Wally) Dahya resigned from serving as director of the board. In his February 25 resignation letter, he said he “did not support the proposed appointment” of DiNello to president and CEO.
Persons: NYCB, Alessandro DiNello, Thomas Cangemi, Hanif, Wally, Dahya, , DiNello, Marshall Lux, Chase Organizations: New, New York CNN, New York Community Bank, Silicon Valley Bank, Signature Bank, First Republic Bank, Securities and Exchange Commission Locations: New York, Silicon
Canada's largest pension fund sold a stake in a New York building for $1. The Canada Pension Plan Investment Board did not immediately respond to Business Insider's request for comment. The Canada Pension Plan Investment Board operates a $436.9 billion fund, with a global real estate portfolio worth roughly $30.6 billion. According to the Bloomberg report, the pension isn't backing out entirely from the office real estate sector, but it's also limiting its holdings in the space. Economists at Moody's, too, expect more pain ahead for commercial real estate.
Persons: , it's, Goldman Sachs, Moody's Organizations: Service, Pension Plan Investment Board, Bloomberg, Pension Plan Investment, Boston Properties, Santa, Santa Monica Business Park, Bank, New York Community Bank Locations: New York, Canada, Santa Monica, Silicon, Moody's
JPMorgan Chase CEO Jamie Dimon thinks there's a better-than-even chance that the U.S. is heading for a recession, though he doesn't see systemic issues looming. "The market is kind of pricing in a soft landing. Along with the elevated rates, markets have had to contend with the Federal Reserve rolling off its bond holdings, a process known as quantitative tightening. But they will play out and they will have an effect and in my mind I'm just kind of cautious about everything." Higher interest rates along with a recession could hit areas such as commercial real estate and regional banks hard, but with limited macroeconomic impacts, Dimon said.
Persons: Jamie Dimon, there's, Dimon, CNBC's Leslie Picker Organizations: JPMorgan, Conference, Federal Reserve, Silicon Valley Bank, New York Community Bank, CNBC PRO Locations: Miami, U.S, Silicon
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Persons: Banks, , Cash, we've Organizations: Bank, Cash, Products, Secure Savings, CIT Bank, Savings, Popular, BMO, CIBC, Mission Valley Bank Locations:
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Persons: Banks, , Cash, we've Organizations: Bank, Cash, Products, Secure Savings, CIT Bank, Savings, Popular, BMO, CIBC, Mission Valley Bank Locations:
AdvertisementThe Federal Reserve is worried about expensive stocks and homes, sinking office prices, shaky banks, and cash-strapped consumers. The S&P 500 soared to record highs this year as investors bet that the Fed will conquer inflation and start cutting rates within months, pushing stocks higher and staving off a recession. Fed economists said during their latest meeting that the value of multi-family homes, offices, and other commercial real estate could decline further. AdvertisementThe commercial real estate sector certainly faces a raft of headwinds. But its experts are clearly concerned about lofty stocks and home values, further commercial real estate fallout, vulnerable banks, and struggling consumers as potential threats to a soft landing.
Persons: They've Organizations: New, New York Community, Silicon Valley Bank Locations: New York, Silicon
An under-the-radar recession indicator in the bond market is raising alarm that the economy could be heading for a hard landing, according to ING Economics. Strategists at the analytics firm pointed to a tight correlation between US Treasury yields and Bund yields in Europe, with both yields slipping in recent weeks as markets reprice their interest rate expectations over the short-run. That was the case in the Silicon Valley Bank crisis in early 2023, when a sell-off fueled by the collapse of SVB led Treasury yields and Bund yields to tumble in tandem. "The correlation between UST and Bund yields is significantly elevated, which usually points to a hard-landing narrative," strategists said in a note on Wednesday. New York Fed economists, meanwhile, are pricing in a 61% chance the economy could tip into recession by January of next year.
Persons: SVB Organizations: ING Economics, Treasury, Business, European Central Bank, ING, Bank, UST, Bund, ECB, New York Fed Locations: Europe, Silicon
America has gone from a pandemic crash and recession fears to stocks at record highs and an economic boom. Lockdowns, wars, shortages, inflation, interest rates, day trading, and AI have all played a role. Noam Galai/SOPA/Getty ImagesMany Americans also socked away money during the pandemic, as they saved on expenses like travel and live entertainment. Stimulus-fueled demand, combined with pandemic and war-related supply disruptions, caused inflation to spike to a 40-year high of 9.1% in June that year. The Fed swiftly raised interest rates to rein in the price growth, lifting them from virtually zero to upward of 5% in under 18 months, and hasn't touched them since.
Persons: , We've, Noam Galai, hasn't, It's, dory Organizations: Service, Federal Reserve, GameStop, AMC Entertainment, AMC, Bank Locations: America, China, Ukraine
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Persons: Banks, , Cash, we've Organizations: Bank, Cash, Products, Secure Savings, CIT Bank, Savings, Popular, BMO, CIBC, Mission Valley Bank Locations:
The so-called Magnificent Seven stocks are showing behavior consistent with major asset bubbles through history, according to Bank of America. Looking at variables including catalysts for the surge, the price of money (i.e., interest rates), share prices and valuation, Hartnett sees similarities between the Magnificent Seven and some of the other big bubbles going back centuries. As far as what could pop the bubble, he cited tightening financial conditions and rising real interest rates. From a valuation standpoint, the Magnificent Seven is currently 20% above its 200-day moving average. "It ain't cheap but true that bubble highs have seen dafter valuations," Hartnett wrote.
Persons: , Michael Hartnett, Hartnett Organizations: Bank of America, Apple, Microsoft, Nvidia, Federal Reserve, Valley Bank Locations: Mississippi
Read previewThe tremors rattling US commercial real estate are spreading to other countries and sectors, and threaten to escalate into a financial earthquake as refinancing deadlines loom. There are growing signs that commercial real estate is in serious trouble. AdvertisementProspective losses, refinancing woes, international contagion, and panic selling combine to create a bleak outlook for the commercial property sector. The catalyst for both the banking and commercial real estate drama is deceptively dry: rising interest rates. AdvertisementMoreover, "Undercover Billionaire" star and real estate tycoon Grant Cardone has hailed the ongoing correction as a rare chance for everyday people to buy "trophy real estate" from institutional owners.
Persons: , aren't, Barry Sternlicht, Pfandbriefbank, Warren Buffett, Ian Jacobs, Jacobs, Grant Cardone Organizations: Service, Business, Starwood Capital's, Bloomberg, European Central Bank, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Wall Street, Berkshire Hathaway, Ares Management Locations: Europe, Silicon, San Francisco, New York City, Manhattan, Los Angeles
Layoffs could be coming to Morgan Stanley's crucial wealth management business — a prudent step to improving the bank's overall cost structure amid uncertainty over Federal Reserve interest rate moves. During his tenure at the helm, Gorman pivoted Morgan Stanley to rely less on investment banking by building up wealth management, which has a more predictable revenue stream. MS YTD mountain Morgan Stanley (MS) year-to-date performance Possible layoffs in wealth management are important because it's Morgan Stanley's largest operating segment — making up roughly half of companywide revenue. "Morgan Stanley's paying you to wait with that 4% yield, and they're right in there buying with you thanks to their aggressive buyback." Ted Pick, CEO Morgan Stanley, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024.
Persons: Morgan Stanley's, Morgan Stanley, Ted Pick, CNBC's, James Gorman, Jan, Gorman, it's Morgan, Pick, Jim Cramer, Jim Cramer's, Jim, Adam Galici Organizations: Wall Street, Silicon Valley Bank, Currency, CNBC Locations: Silicon, management's, U.S, Wells Fargo, Davos, Switzerland
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