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[1/3] Federal Reserve Board Vice Chair for Supervision Michael Barr and Federal Deposit Insurance Corporation Chairman Martin Gruenberg testify at a House Financial Services Committee hearing on the response to the recent bank failures of Silicon Valley Bank and Signature Bank, on Capitol Hill in Washington, U.S., March 29, 2023. REUTERS/Kevin LamarqueMay 2 (Reuters) - The U.S. Senate Banking Committee said on Tuesday it would hear from former top officials at the failed Silicon Valley Bank and Signature Bank, as well as top U.S. banking regulators at separate hearings later this month. Gregory Becker, the former CEO of Silicon Valley Bank, and Scott Shay and Eric Howell, former senior executives for Signature Bank, will appear on May 16. On Monday, regulators closed a third firm, First Republic, which then was sold to JP Morgan Chase. The panel will also hear from top regulators for the states of New York and California, which helped oversee the two failed firms.

☆ Citi's Fraser warns U.S. debt ceiling debate has serious consequences
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

BEVERLY HILLS, May 1 (Reuters) - Citigroup chief executive officer Jane Fraser said on Monday that debate about the debt ceiling in the United States had serious consequences even as the investing world breathes a sigh of relief that an ailing bank was rescued by a bigger competitor the same day. The debt ceiling turmoil is "more worrying" than previous events, Fraser said at the Milken Institute Global Conference. Facing uncertainty, Fraser stopped short of saying there is a world financial crisis but she said the stress will be there and will be targeted in certain sectors. She also said that she expected a lot of people to make a lot of money. Reporting by Svea Herbst-Bayliss and Carolina Mandl; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Lawmakers praise First Republic sale, but efforts to pass new bank rules are fizzling
▼ + stars: | 2023-05-01 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

WASHINGTON — Lawmakers who sit atop key banking committees praised the federal takeover of First Republic Bank on Monday, and held up the sale of its assets to JP Morgan Chase as a successful public-private collaboration to protect the U.S. financial system. His statement contrasted from the reaction of the Senate banking committee's chairman, Democratic Sen. Sherrod Brown of Ohio. He did not directly respond to the federal intervention, choosing instead to direct his ire at the failed bank. "First Republic Bank's risky behavior, unique business model, and management failures led to significant problems, and it's clear we need stronger guardrails in place," Brown said in a statement. "We must make large banks more resilient against failure so that we protect financial stability and ensure competition in the long run."

☆ What the First Republic takeover means for customers
▼ + stars: | 2023-05-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —First Republic Bank was taken over by the Federal Deposit Insurance Corporation on Monday, with most of its assets sold to JPMorgan Chase. Chase is assuming all deposits of First Republic customers. First Republic customers’ deposits will continue to be FDIC-insured. First Republic customers will have many of the same banking conveniences that they had before the bank was taken over. Direct deposits like paychecks and Social Security benefits will continue as usual,” the FDIC said on its resource page for First Republic customers.

☆ What every consumer should know about bank failures
▼ + stars: | 2023-05-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

New York CNN —Let’s be frank: If you have a US bank account, hearing about bank failures in the past couple of months hasn’t felt great. Here’s what you need to know to keep things in perspective despite the recent closures of First Republic, Silicon Valley Bank and Signature Bank. How do I know my money is safe? How can I know if my bank will fail? The FDIC will issue information within a day or so of taking over a failed bank to let the bank’s customers know what steps if any they need to take and when.

A Reuters review of testimony, previously unreported public documents and interviews with elected leaders, lobbyists and attorneys detail mounting challenges to many pending anti-ESG bills. The tussles have financial implications for some of the largest investment firms that manage billions of dollars for state pension plans. Lauren Doroghazi, senior vice president at government relations consultant MultiState Associates, said the debates show lawmakers coming to terms with the anti-ESG bills' practical impact. Several public pension systems raised concerns about it, including the largest, the $182 billion Texas Teacher Retirement System (TRS). For instance, if federally-regulated local banks faced new national rules on an issue like climate change disclosures, banks would need special permissions from local officials to keep public business in Utah he said.

Wall Street closed lower on Friday after mixed economic data appeared to affirm another Fed interest rate hike in May, dampening investor enthusiasm after a series of big U.S. bank earnings launched the first-quarter reporting season. "Regional bank earnings will come in very slightly positive, while bigger banks will probably post surprisingly positive results." Other major U.S. banks including Goldman Sachs Group Inc (GS.N), Bank of America Corp (BAC.N) and Morgan Stanley (MS.N) will report through the week. ET, Dow e-minis were up 35 points, or 0.10%, S&P 500 e-minis were up 1.75 points, or 0.04%, and Nasdaq 100 e-minis were down 3.75 points, or 0.03%. Prometheus Biosciences Inc (RXDX.O) rallied 69.9% after Merck & Co (MRK.N) said it will buy the biotech company for about $10.8 billion.

☆ Futures subdued as investors eye bank earnings, Fed cues
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.07%, S&P 0.10%, Nasdaq 0.01%April 17 (Reuters) - U.S. stock index futures were largely flat on Monday as investors awaited more bank earnings and views from Federal Reserve policymakers that could shape expectations around when the central bank will pause its monetary policy tightening. Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Fed interest rate hike in May, dampening investor enthusiasm after a series of big U.S. bank earnings launched the first-quarter reporting season. U.S. central bank officials including New York Fed President John Williams and Cleveland Fed President Loretta Mester are scheduled to speak later this week. ET (1230 GMT) is expected to show business conditions in New York state improved in April after slumping in the previous month. ET, Dow e-minis were up 24 points, or 0.07%, S&P 500 e-minis were up 4.25 points, or 0.10%, and Nasdaq 100 e-minis were up 1 point, or 0.01%.

Wall Street closed lower on Friday after mixed economic data appeared to affirm another Fed rate hike in May, dampening investor enthusiasm after a series of big U.S. bank earnings launched the first-quarter reporting season. Other major U.S. banks including Goldman Sachs Group Inc (GS.N), Bank of America Corp (BAC.N) and Morgan Stanley (MS.N) will report through the week. "Regional bank earnings will come in very slightly positive, while bigger banks will probably post surprisingly positive results," said Sam Stovall, chief investment strategist at CFRA Research. Prometheus Biosciences Inc (RXDX.O) rallied 69.5% on Merck & Co's (MRK.N) plans to buy the biotech company for about $10.8 billion. The S&P index recorded nine new 52-week highs and one new low, while the Nasdaq recorded 29 new highs and 55 new lows.

[1/2] A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike SegarApril 13 (Reuters) - JPMorgan Chase & Co (JPM.N) has dropped or cut credit lines to a large number of Indian metals clients, sending them looking for new brokers, the head of Nanhua Financial UK told Reuters. "Loads of Indian clients have enquired because JP Morgan cancelled their accounts," said Nong Yan, chief executive of Nanhua Financial UK, the British arm of one of the biggest future brokers in China. Broker Marex Financial has also been picking up new clients as JP Morgan and other banks reduce their exposure to metals and commodities, its chief executive said. "It's not just JP Morgan, all of these banks are sharpening their focus.

☆ JPMorgan scales down metals business - Bloomberg News
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike SegarApril 13 (Reuters) - JPMorgan Chase & Co (JPM.N) has stopped working with dozens of base metals clients and slashed bonuses of its bankers after last year's nickel crisis, Bloomberg News reported on Thursday, citing people familiar with the matter. JPMorgan's metals business has been under strict internal scrutiny due to the bank's role in the upheaval last year, when the London Metal Exchange (LME) was forced to suspend nickel trading after the metal's prices doubled. JPMorgan has cut numerous base metals clients in Asia, particularly stopping business with privately owned Chinese companies, according to the Bloomberg report. The bank is continuing to work only with a few large, long-standing clients in the region, the report added.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 10, 2023. Futures also showed expectations rose of the Fed cutting rates noticeably in September, and more deeper by December. "The way we've been trading over the last sessions indicates that the market is more positively positioned with regards to their exposure to Treasuries," Skiba said. The dollar index fell 0.48%, at its lowest in two months, while the yen strengthened 0.55% at 132.41 per dollar. The Aussie dollar rose 1.0% on the back of surprise surges in both Chinese exports, which rose 14.8% compared with last March, and domestic Australian jobs.

☆ Stocks and gold cheer U.S. inflation picture, while dollar slides
▼ + stars: | 2023-04-13 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 10, 2023. The annual 5% headline rise for U.S. inflation was the smallest since May 2021 and down from 9.1% last June. The dollar index was down 0.2%, near its lowest in two months, while U.S. stock futures , rose 0.1-0.2%, suggesting a modest rally at the open. The Aussie dollar rose 0.6% on the back of surprise surges in both Chinese exports, which rose 14.8% compared with last March, and domestic Australian jobs. Alibaba shares (9988.HK) fell by as much as 5% at one stage, but later pared losses to close 2% lower.

☆ Morning Bid: Euro(pe) is on a roll
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Tom WestbrookThe euro emerged as the clearest winner of slowing U.S. inflation and a watchful Fed. The common currency climbed 0.7% on Wednesday and was still going at $1.10 in the Asian morning. It is up seven weeks in a row - the longest winning streak since the latter stages of 2020 when the dollar was falling and global markets were in a stimulus-soaked euphoria. The thinking goes that inflation will keep Europe's central bankers more hawkish than their U.S. counterparts, although perhaps not by much. Earnings this week could test the dollar's downtrend as markets look for signals on consumer behaviour and signs of tightening credit.

☆ Tech drags Hong Kong stocks, dollar squeezed as US inflation slows
▼ + stars: | 2023-04-13 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

SINGAPORE, April 13 (Reuters) - Asian stocks struggled on Thursday, dragged by selling in Hong Kong tech shares, while the dollar was under pressure and short-dated bonds were firm as softening U.S. inflation seemed to suggest the U.S. rate hike cycle was nearing its end. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slid 0.3%, largely pressured by a 1.5% drop in Hong Kong tech stocks (.HSTECH) in the wake of the Financial Times reporting SoftBank was selling down its Alibaba stake. Alibaba shares (9988.HK) were down 3% in early trade and SoftBank (9434.T) shares flat and neither immediately responded to Reuters enquiries. Elsewhere oil prices held sharp gains made in the wake of the inflation data, with Brent crude futures steady at $87.22 a barrel. Shares of embattled Chinese property developer Sunac China (1918.HK) resumed trade after a more than year-long suspension in Hong Kong, with the company in the midst of a debt restructure.

☆ Morning Bid: Have payrolls resurrected the 'soft landing'?
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

[1/2] An employee hiring sign with a QR code is seen in a window of a business in Arlington, Virginia, U.S., April 7, 2023. Earnings for Citi, Wells Fargo and JP Morgan Chase & Co later in the week will be in focus for colour on financial conditions. Inflation figures due Wednesday can also help markets to gauge how aggressive the Federal Reserve may need to be. Friday's jobs data lifted yields, but didn't substantially shift a bigger picture view that hikes are all but finished and cuts are coming. China is running military exercises in the wake of Taiwan's president visiting the United States, while the U.S. scrambles to find the source of a damaging document leak.

Earnings per share for the six biggest U.S. banks are expected to be down about 10% from a year earlier, analyst estimates from Refinitiv I/B/E/S show. The bank is expected to report a 30% rise in EPS, buoyed by an almost 36% increase in net interest income, according the Refinitiv I/B/E/S estimates and Reuters calculations. "We expect a challenging earnings season for the banks," said David Chiaverini, banking analyst at Wedbush Securities, in a note. He said bank managements will become more defensive, implementing liquidity measures that could lead to downward revisions for net interest income. Net interest income for the six biggest U.S. banks are expected to be up about 30% from a year earlier, according to analyst estimates from Refinitiv I/B/E/S.

☆ Analysis: Gloomy U.S. bank sector could yield payoff for contrarian options bets
▼ + stars: | 2023-04-10 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

While the S&P 500 index (.SPX) has advanced 6% since mid-March, when the failure of Silicon Valley Bank (SVB) sparked tumult in the banking sector, investors have been more wary of financial stocks. The S&P 500 Banks Group (.SPXBK) is up just 3% from its March low and remains down 14% for the year. The pervasive gloom around financial stocks has increased the cost for investors betting on more downside while making it relatively inexpensive to bet on a rebound. For investors who believe financial earnings and guidance will come in better than expected, Elevation Securities recommended buying Financial Select Sector SPDR Fund (XLF.P) call options at the 33 strike. "Given how beaten up bank stocks are, buying calls into earnings can make sense," said Michael Purves, chief executive officer at Tallbacken Capital Advisors.

☆ Jamie Dimon says the banking crisis is not over and will cause ‘repercussions for years to come’
▼ + stars: | 2023-04-04 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

Here's what comes next "But importantly, recent events are nothing like what occurred during the 2008 global financial crisis," he added. Stock Chart Icon Stock chart icon JPMorgan Chase, 1-year"Any crisis that damages Americans' trust in their banks damages all banks – a fact that was known even before this crisis. Risks are abundant, and managing those risks requires constant and vigilant scrutiny as the world evolves," Dimon wrote. The JPMorgan CEO instead called for more forward-looking regulation. All of these colliding factors became critically important when the marketplace, rating agencies and depositors focused on them," Dimon wrote.

☆ Frank founder Charlie Javice, who allegedly defrauded JPMorgan out of $175 million, hit with federal charges
▼ + stars: | 2023-04-04 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +4 min

Charlie Javice, who sold her student-aid startup Frank to JPMorgan Chase, was charged with fraud. The bank claimed Javice faked millions of customers to convince it to buy Frank for $175 million. Federal prosecutors in Manhattan charged Javice with wire fraud affecting a financial institution, securities fraud, bank fraud and conspiracy on Tuesday. JPMorgan acquired Frank in 2021 for $175 million, but began to question the authenticity of the startup's purported 4 million users after an email marketing campaign ended in "disaster," according to the bank's lawsuit and a filing by prosecutors. Out of 400,000 emails sent to Frank users, more than 70% bounced back and only 103 were opened, the bank claimed.

In this article HJPM Follow your favorite stocks CREATE FREE ACCOUNTA mugshot of Jeffrey Epstein released by the U.S. Justice Department. The subpoenas demand communications and documents related to the bank and Epstein, The Journal noted. The bank earlier this month sued former JPMorgan investment banking chief Jes Staley, claiming he is responsible for the suits related to Epstein. A lawyer for the Virgin Islands earlier this month said in court that Dimon knew in 2008 that Epstein was a sex trafficker. That was the year that Epstein first was hit with sex crime charges in state court in Florida.

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SummarySummary Companies Futures down: Dow 0.10%, S&P 0.17%, Nasdaq 0.22%March 28 (Reuters) - U.S. stock index futures slipped on Tuesday as Treasury yields rose amid easing worries about a banking crisis following First Citizens BancShares' U.S. regulator-backed deal for failed Silicon Valley Bank. Shares of First Citizens BancShares Inc (FCNCA.O) fell 1% in premarket trading after surging more than 50% on Monday following its deal to acquire the deposits and loans of failed Silicon Valley Bank. Regional banks also rose, led by First Republic Bank's (FRC.N) 2.2% gain after a 12% rally on Monday. Later in the day, Fed Vice Chair for Supervision Michael Barr will testify before the Senate Committee on Banking, Housing and Urban Affairs on "bank oversight" in the first of several hearings on the collapse of Silicon Valley Bank and Signature Bank. ET, Dow e-minis were down 31 points, or 0.1%, S&P 500 e-minis were down 6.75 points, or 0.17%, and Nasdaq 100 e-minis were down 27.75 points, or 0.22%.

Bank shares rebounded sharply on Monday after First Citizens BancShares Inc (FCNCA.O) said it would acquire the deposits and loans of Silicon Valley Bank, whose collapse earlier this month sparked a selloff in the sector. "The fact that we've got answers on Silicon Valley Bank, Signature Bank and Credit Suisse means that we have more answers than questions," said Art Hogan, chief market strategist at B Riley Wealth in Boston. Lawmakers are expected to put U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress later on Tuesday. The S&P 500 and Dow rose on Monday after the SVB deal was announced, while the Nasdaq Composite closed lower, led by a decline in technology-related stocks. The S&P index recorded five new 52-week highs and no new low, while the Nasdaq recorded 13 new highs and 40 new lows.

☆ World stocks gyrate as bank contagion fears bite
▼ + stars: | 2023-03-24 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

"The growing sense of unease about the global banking system is heightening volatility in stock markets around the world," said Nigel Green, chief executive of deVere Group, a financial advisor. The failure of U.S. regional banks Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) this month triggered fears of a banking contagion and prompted U.S. Treasury Secretary Janet Yellen on Thursday to pledge action to safeguard bank deposits. JP Morgan Chase (JPM.N) dropped 1.52%, the S&P 500 banks index (.SPXBK) was down 0.33%, while the KBW regional bank index (.KRX) climbed 2.92%. "I don't expect this volatility (in bank stocks) to subside anytime soon," said Peter Doherty, head of investment research at private bank Arbuthnot Latham in London. Doherty said issues of "contagion risk within the U.S. banking sector" were undoubtedly weighing on appetite for bank stocks elsewhere.

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