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☆ S&P downgrades multiple US banks citing 'tough' operating conditions
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

S&P downgraded the ratings of Associated Banc-Corp (ASB.N) and Valley National Bancorp (VLY.O) on funding risks and a higher reliance on brokered deposits. It also downgraded UMB Financial Corp (UMBF.O), Comerica Bank (CMA.N) and Keycorp (KEY.N), citing large deposit outflows and prevailing higher interest rates. A sharp rise in interest rates is weighing on many U.S. banks' funding and liquidity, S&P said in a summarized note, adding that deposits held by Federal Deposit Insurance Corp (FDIC)-insured banks will continue to decline as long as the Federal Reserve is "quantitatively tightening." The rating agency also downgraded the outlook of S&T Bank and River City Bank to negative from stable on high commercial real estate (CRE) exposure among other factors. Reporting by Gokul Pisharody in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Moody's, Bank of New York Mellon BK.N, Gokul, Akanksha Khushi, Varun Organizations: Global, National Bancorp, UMB Financial Corp, Comerica Bank, Federal Deposit Insurance Corp, Federal, T Bank, City Bank, Bank of New York Mellon, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Thomson Locations: New York City, U.S, Silicon, Bengaluru

☆ Will Chinese deflation help cure the West’s inflation problem?
▼ + stars: | 2023-08-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The Chinese economy has hit a rough patch. What’s happening: Chinese consumer spending, factory production and investments in long-term assets like property or machinery all slumped last month. On Monday, the Chinese government surprised investors by deciding not to cut an important interest rate that influences mortgages. The beauty company is “mindful of the headwinds that have emerged in China’s economy,” said the report. And even still, many regional banks have struggled to prevent deposit outflows.

Persons: ”, Jason Pride, Michael Reynolds, Lisa Shalett, Edward Moya, Estee Lauder, Moya, “, Elisabeth Buchwald, Moody’s, ‘ Barbie ’, “ Barbie ”, Jordan Valinsky, Greta Gerwig, “ Oppenheimer, “ Barbie Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Morgan Stanley Wealth Management, European, Apple, Intel, Ford, Starbucks, Nike, Saudi, Comerica Inc, National Bancorp, UMB Financial Corp, Bank of New York Mellon, State, Northern Trust, & $ Locations: New York, China, Europe, Beijing, Asia, Russia, Saudi Arabia, Silicon

☆ The surge in credit card delinquencies might be a 'harbinger' of a coming recession, Wells Fargo says
▼ + stars: | 2023-08-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Credit card delinquencies are surging and could a recession signal, Wells Fargo said. Strategists at the bank pointed to credit card delinquencies surging among commercial banks. Credit card delinquencies are surging, which has typically been associated with past recessions. Meanwhile, credit card debt also notched $1 trillion for the first time in early August, according to Federal Reserve data. AdvertisementAdvertisementSurging credit card delinquencies have also been historically associated with recessions, though a downturn hasn't yet been officially declared and Wall Street forecasters are increasingly expecting a soft landing.

Persons: Wells Fargo, Wells, Moody's Organizations: Service, Federal Reserve, Wall Locations: Wall, Silicon, Wells Fargo

☆ S&P downgrades five US banks following Moody’s lead
▼ + stars: | 2023-08-21 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +1 min

New York CNN —S&P Global Ratings downgraded five regional US banks by one notch and signaled a negative outlook for several others on Monday. Following the banking turmoil earlier this year that began with Silicon Valley Bank’s collapse, many regional banks have had to pay higher interest rates on deposits to keep customers from pulling their funds. And even still, many regional banks have struggled to prevent deposit outflows. Overall, 90% of the banks S&P rates have stable outlooks. The remaining 10% have negative outlooks and none have positive outlooks, S&P said Monday.

Persons: New York CNN —, Moody’s Organizations: New, New York CNN, Comerica Inc, National Bancorp, UMB Financial Corp, Bank of New York Mellon, State, Northern Trust, & $ Locations: New York, Silicon

☆ Premarket stocks: Does it matter whether the Federal Reserve hikes or pauses rates in September?
▼ + stars: | 2023-08-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —After the Federal Reserve raised interest rates in July to the highest level in 22 years, Wall Street’s focus is on whether September will bring another rate hike. But does it really matter whether the Fed raises or pauses rates next month? Before the Bell: Does it matter whether the Fed raises rates in September by another quarter point or holds steady instead? And, that earnings can grow even in an environment where interest rates are back to levels that they have been in for the past couple of decades. Year-over-year comparisons should improve, but I think investors want to see that.

Persons: Bell, Ed Yardeni, they’ve, Moody’s, they’re, We’ve, Fitch, CNN’s Kathleen Magramo, Women Jan Tinetti, Tinetti, Read, CNN’s Olesya Dmitracova, Darren Morgan, ”, Jonathan Moyes Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Employers, Traders, Yardeni, Women, Labour, Organisation for Economic Co, Development, Gross, National Statistics, Wealth Locations: New York, New Zealand

U.S. bank shares dropped on Tuesday after ratings agency Moody's downgraded credit ratings of several U.S. regional lenders and placed some banking giants on review for potential downgrade. It warned lenders will find it harder to make money as interest rates remain high, funding costs climb and a potential recession looms. The warning caught some investors off guard. On Tuesday, SPDR S&P Regional Banking ETF's (KRE.P) options-based 30-day implied volatility rose to 31.1%, up from 28.9% touched on Monday. "In the near term, there are reasons for caution about banks in general and we have made changes where appropriate," he said.

Persons: SPDR, Steve Sosnick, There's, David Wagner, David Smith, Brian Mulberry, Michelle Price, Diane Craft Organizations: Moody's Corporation, P Bank, Regional Banking, Silicon Valley Bank, Banking, Interactive, Alert, Aptus Capital, Autonomous Research, Analysts, Zacks Investment Management, Thomson Locations: Manhattan , New York, U.S, Silicon

☆ What does Moody’s downgrade mean for markets?
▼ + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.

Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, ”, Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York

☆ Italy windfall tax: European bank stocks bounce after tax blow is watered down
▼ + stars: | 2023-08-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Banking stocks in Italy and elsewhere in Europe rebounded Wednesday after the country watered down a plan to whack its banks with a surprise one-off 40% tax on their windfall profits. The government’s climbdown eased investors’ fears over European banks more broadly. The Stoxx Europe 600 Banks index, which tracks 42 big banks in the European Union and the United Kingdom, gained 1.7% after shedding 3.5% the previous day. Late Monday, the government said it would impose a one-off windfall tax of 40% and would use the proceeds to support first-time home buyers and cut taxes for families and businesses. Several European countries, including Spain and the Czech Republic, have announced taxes on banks’ windfall profits in the past year as interest rate hikes by central banks have beefed up many lenders’ earnings.

Persons: ’, Giancarlo Giorgetti, Remo Casilli, Jeremy Hunt, Moody’s Organizations: London CNN — Banking, Banco, European Union, Reuters, Deutsche Bank, DB, Bank Locations: Italy, Europe, United Kingdom, Rome, Spain, Czech Republic

☆ Regional bank shares under fire again after credit downgrade, head for worst day in three months
▼ + stars: | 2023-08-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Moody's downgraded the credit of 10 small regional banks by one notch apiece, while 17 other banks were either given negative outlook or had their rating put under review. In a note, Moody's cited many of the concerns around interest rate risk that led to the collapse of several regional banks earlier this year. Among the banks that were downgraded on Tuesday, shares of M&T Bank and Webster Financial fell more than 3% each. Shares of PNC Financial and Citizens Financial Group , which were given negative outlooks by Moody's, fell about 4%. That puts the fund on track for its worst day since May 4, when the fund fell nearly 5.5%.

Persons: Moody's Organizations: T Bank, Webster Financial, PNC Financial, Citizens Financial Group, Regional Banking

☆ Moody’s warns it could cut credit ratings of 6 big US banks
▼ + stars: | 2023-08-08 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

CNN —Moody’s has put the credit ratings of six large US banks, including Bank of New York Mellon, State Street and Northern Trust, under review for a possible downgrade. A lower credit rating could push funding costs for those banks even higher. This, in turn, has raised fears that banks, which finance many commercial real estate deals, could suffer losses as a result. “Most regional banks have comparatively low regulatory capital versus the largest US banks and global peers,” Moody’s noted Monday. Moody’s also downgraded 10 smaller US banks Monday, including Commerce Bancshares (CBSH), BOK Financial Corporation and M&T Bank Corporation.

Persons: CNN — Moody’s, Dow, Cullen Frost, ” Moody’s, Moody’s Organizations: CNN, Bank of New York Mellon, State, Northern Trust, Nasdaq, Silicon Valley Bank, Signature Bank, First, U.S . Bancorp, Commerce, BOK Financial Corporation, T Bank Corporation Locations: Silicon, First Republic, United States

The logo of credit rating agency Moody's Investor Services is seen outside the office in Paris October 24, 2011.REUTERS/Philippe Wojazer/File PhotoNEW YORK, Aug 8 (Reuters) - Ratings agency Moody's said the U.S. banking sector is still strong even after it downgraded several small to mid-sized lenders and warned it might cut the ratings of several major banks. "What we're doing here is recognizing some headwinds - we're not saying that the banking system is broken," Ana Arsov, managing director of financial institutions at Moody's, told Reuters in an interview. An S&P index of bank stocks slid 2% after Moody's took action on 27 lenders on Monday, highlighting the challenges of higher interest rates, climbing funding costs and a looming recession that would weigh on profits. "As you look ahead, it doesn't feel like the pressure from interest rates being higher and overall monetary policy tightening is close to abating," said Jill Cetina, an associate managing director at Moody's. Reporting by Lananh Nguyen and Tatiana Bautzer; Editing by Mark Porter and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Philippe Wojazer, Moody's, we're, Ana Arsov, Jill Cetina, Lananh Nguyen, Tatiana Bautzer, Mark Porter, Jan Harvey Organizations: Moody's Investor Services, REUTERS, Reuters, Thomson Locations: Paris, Moody's, abating

Moody's cut the ratings of 10 U.S. banks by one notch and placed some banking giants on review for potential downgrades. The downgraded banks include M&T Bank (MTB.N), Pinnacle Financial Partners (PNFP.O), Prosperity Bank and BOK Financial Corp (BOKF.O). The banks placed on review for downgrade include BNY Mellon (BK.N), US Bancorp (USB.N), State Street (STT.N) and Truist Financial (TFC.N). Moody's changed its outlook to negative from stable for Capital One (COF.N), Citizens Financial (CFG.N) and Fifth Third Bancorp (FITB.O), among others. The ratings agency also affirmed the ratings of PNC Financial Services Group (PNC.N), Citizens, and Huntington Bancshares (HBAN.O) alongside other banks.

Persons: Moody's, BNY Mellon, Huntington, Juby Babu, Muralikumar Anantharaman Organizations: Moody's Corporation, T Bank, Pinnacle Financial Partners, Prosperity Bank, BOK Financial Corp, BNY, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Citizens, Fifth Third Bancorp, PNC Financial Services, Thomson Locations: Manhattan , New York, U.S, Silicon, Bengaluru

☆ US stocks fall as Moody's downgrades drag bank shares lower
▼ + stars: | 2023-08-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Moody's bank downgrades late Monday added to the uncertain macroeconomic landscape. Bank stocks moved lower, and investors will look ahead to Thursday's CPI report. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The smaller lenders that Moody's officially downgraded include Pinnacle Financial, Webster Financial, and M&T Bank. Already, 89% of S&P 500 companies have reported for the second quarter, and nearly 80% have beaten Wall Street expectations, FactSet data shows.

Persons: Stocks, Moody's Organizations: Dow, Nasdaq, CPI, Service, US Bancorp, Bank of New York Mellon, Northern Trust, Pinnacle Financial, Webster Financial, T Bank, Federal, Dow Jones Locations: Bank, Wall, Silicon, Here's

☆ Factbox: Major US banks downgraded by Moody's on worsening outlook
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: 1 min

A Moody's sign on the 7 World Trade Center tower is photographed in New York August 2, 2011. REUTERS/Mike Segar/File PhotoAug 8 (Reuters) - Ratings agency Moody's on Monday downgraded several mid-sized U.S. banks, warning that the credit strength of lenders will likely be tested by funding risks and weaker profits. Moody's also said it may downgrade some of the largest U.S. lenders, in a blow to the industry that regained stability after several bank failures earlier this year. Here's the list of banks and action taken by Moody's:Below are the U.S. banking giants that Moody's have put under review for potential downgrades. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Moody's, Jaiveer Singh, Arun Koyyur Organizations: Trade, REUTERS, Thomson Locations: New York, U.S, Bengaluru

☆ Fed policy is weighing on US banks. Here's everything to know about the Moody's downgrades.
▼ + stars: | 2023-08-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In what amounted to 27 rating actions on US banks, Moody's pointed to rising costs of capital, deteriorating profits, and climbing risks to assets. In effect, much of the stress on banks Moody's is responding to can be chalked up to the Federal Reserve's policy decisions over the past year and a half. "Most banks' deposits were flat or down only modestly, but the mix worsened, with non-interest-bearing deposits declining and banks paying more for deposits," Moody's strategists wrote. So Moody's downgrades aren't all doom and gloom for these firms, and it's always possible the moves are reversed once the outlook turns rosier. Banks are in the money business, he explained, and the Fed has made money harder to come by.

Persons: Moody's, Service It's, they've, it's, Michael Bell, Honigman, Banks, Bell Organizations: Bank of New York Mellon, US Bancorp, Service, Northern Trust, State Street, Capital, Citizens Financial, Fifth Third Bancorp, Bank, KBW Nasdaq, Fed, Silicon Valley Bank, First Republic Bank, Signature Bank, Reserve, Moody's, Treasury Locations: Wall, Silicon, Japan

☆ Factbox: US banks outline expected costs to replenish FDIC's deposit insurance fund
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: 1 min

The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington, February 23, 2011. REUTERS/Jason Reed/File PhotoAug 3 (Reuters) - U.S. banks have started to detail the expected impact to their costs from the "special assessment" fee they have to pay to replenish the Federal Deposit Insurance Corporation's deposit insurance fund. In May, the banking regulator said large U.S. lenders would bear most of the costs to replenish the fund. Here is what banks have disclosed so far:Source: Bank quarterly filingsCompiled by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Reed, Jaiveer Singh, Shounak Dasgupta Organizations: Federal Deposit Insurance Corp, REUTERS, Deposit Insurance, Bank, Thomson Locations: Washington, U.S, Bengaluru

"So why not be in a situation where you're just much more ready in case you...need to access this discount window?" An analysis of Fed data by Reuters, though, shows a lot still needs to be done to meet that goal. All told, about 3,800 banks borrowed from the discount window during the 11-year period detailed in the central bank data. The biggest banks also stepped up to borrow so as to reduce discount window stigma. Minneapolis Fed President Neel Kashkari said small banks should think of the discount window as a backup.

Persons: Brittany Hosea, Jerome Powell, I’ve, Lorie Logan, Banks, Goldman Sachs, Huberto Ennis, Michelle Bowman, Brad Tidwell, SVB, Austan Goolsbee, Richmond Fed's Ennis, Neel Kashkari, Ann Saphir, Michael S, Andrea Ricci Organizations: Bank, REUTERS, Federal Reserve, Reuters, Dallas, U.S, Fed, Reuters Graphics Reuters, Richmond Fed, National Credit Union Association, Chicago Fed, Federal Home Loan Bank, Minneapolis, Home Loan Bank, Thomson Locations: Santa Clara , California, U.S, Silicon, Washington, While California, Texas, Logan's, New Mexico, Louisiana, Henderson , Texas

☆ Morgan Stanley: These are the 5 key themes shaping the housing market for years to come, and the 5 stock-market industries filled with opportunities and pitfalls investors need to watch for
▼ + stars: | 2023-08-02 | by ( Mark Reeth | ) www.businessinsider.com time to read: +8 min

Morgan Stanley economists see a stronger housing market cycle and interest rates being cut in 2024. Luckily, Morgan Stanley strategists think the housing market is finally reaching a turning point. That will mark the end of the current craziness and the beginning of a new housing market cycle. As for the US industries and stocks connected to the housing market, Wilson noted that tomorrow's market will bring about different winners and losers. Higher interest rates mean higher mortgage rates, and higher mortgage rates mean lower demand for mortgages.

Persons: Morgan Stanley, Mike Wilson, Wilson, homebuyers, there's, isn't, Morgan Stanley Wilson Organizations: Housing Locations: homeownership, rentership

The Fed's quarterly Senior Loan Officer Opinion Survey, or SLOOS, also showed that banks expect to further tighten standards over the rest of 2023. Monday's SLOOS report - which Fed policymakers had in hand last week when they decided to deliver an 11th interest-rate hike after skipping one at their June meeting - suggests credit tightening is ongoing. For small firms, a net 49.2% of banks said credit terms were stiffer, versus 46.7% in the last survey. Smaller net shares of banks reported tightening standards for auto loans, though terms for credit cards did tighten somewhat. While still weak, demand for auto loans was the least soft in four quarters, while demand for credit card loans was essentially flat after two straight negative quarters.

Persons: Monday's, You've, you've, Jerome Powell, Daniel Silver, Ann Saphir, Nick Zieminski, Dan Burns, Cynthia Osterman Organizations: Federal, Survey, Reuters, Thomson

☆ How you could be impacted by higher bank capital requirements
▼ + stars: | 2023-07-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Their risk-level assessments have been the basis for informing how much capital they need to hold on top of baseline requirements. Silicon Valley Bank accumulated a lot of paper losses, or unrealized losses, from holding bonds while the Fed hiked interest rates. But it did not need to hold capital to protect depositors from those losses. Some also expressed concerns that banks would pass on their higher capital costs to consumers in the form of higher fees to maintain their profit levels. However, UBS, Citizens Bank and Capital One will have to hold more capital.

Persons: wouldn’t, ”, Banks, aren’t, Steven Kelly, won’t, SVB, Jonathan McKernan, Michelle Bowman, Kelly, ” Kelly, JPMorgan Chase, Morgan Stanley Organizations: New, New York CNN, Federal Reserve, Federal Deposit Insurance Corporation, Huntington Bank, Silicon Valley Bank, Signature Bank, Valley Bank, FDIC, ”, Manufacturers, JPMorgan, JPMorgan Chase, Bank of America, UBS, Citizens Bank, Capital, Nasdaq Locations: New York, Basel, Banc, California, Silicon

[1/3] FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File PhotoNEW YORK, July 25 (Reuters) - U.S. banking giants may take up to four years to set aside profits to meet new capital rules, according to a report by Morgan Stanley. U.S. banking regulators will on Thursday unveil a sweeping proposal for stricter bank capital requirements known as the "Basel III endgame" aimed at ensuring the stability of big banks under international rules rolled out after the 2008 financial crisis. Holding more RWA will require banks to set aside more capital under the new standards. Most of the need to raise capital would come from assessments of the bank's operational risks and their trading books.

Persons: Morgan Stanley, Lucas Jackson, Betsy Graseck, Goldman Sachs, JPMorgan Chase, Morgan, Michael Barr, Tatiana Bautzer, Pete Schroeder, Lananh Nguyen, Chris Reese Organizations: New York U.S, REUTERS, Citigroup, JPMorgan, Bank of America, Federal, Federal Reserve, Federal Deposit Insurance Corporation, Thomson Locations: New York, Basel, Washington

The U.S. Treasury started rebuilding its account through T-bills after the government's debt ceiling was suspended last month. Since early June, the Treasury General Account at the Fed has increased by about $460 billion. "The risk of reserve scarcity in the near-term has receded as more cash has left the RRP facility," said Gennadiy Goldberg, Head of US Rates Strategy at TD Securities USA. "However, money market funds shifted their allocation out of the RRP facility into outright purchases of T-bills and private repo markets," they said. Reporting by Davide Barbuscia; Editing by Dan Burns and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Gennadiy Goldberg, Davide Barbuscia, Dan Burns, Andrea Ricci Organizations: YORK, Treasury, U.S . Treasury, Fed, Federal, Securities USA, Citi, repo, ON, Thomson Locations: U.S

☆ US banks' second quarter earnings: the results in charts
▼ + stars: | 2023-07-21 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +3 min

The results follow a tumultuous first quarter in which Silicon Valley Bank and two other lenders failed. Signs of a revival in the investment banking sector, as higher rates and economic uncertainty have hampered deals and trading, also drove share gains. The upbeat results sparked a rally in bank stocks with the S&P 500 Banks Index (.SPXBK) gaining 9.3% and the KBW Regional Banking Index (.KRX) rising 13.7% month-to-date. Here are three charts on mid-sized banks' second-quarter results:DEPOSIT LEVELSReuters GraphicsWhile regional bank earnings in recent days have reassured investors that the crisis has subsided, regional banks are being squeezed as they pay customers more to retain their deposits. The KBW Regional Banking Index (.KRX) has rallied 13.7% month-to-date but remains down 13.6% so far this year.

Persons: Banks, Manya Saini, Michelle Price, Barbara Lewis, Nick Zieminski Organizations: Bank, Banks, Federal, Reuters Graphics, Bank of America, Graphics, Graphics Bank, Thomson Locations: Silicon, KBW, Bengaluru

☆ FedNow: A new instant payment system may be coming to a bank near you
▼ + stars: | 2023-07-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Fed Chair Jerome Powell. FedNow instant payments won’t benefit you, however, if:You don’t have a bank or credit union accountYour financial institution is not part of the FedNow network. If your bank or credit union is among them, it may take some time before they start offering instant payments and deposits for customers using FedNow. And some initially may only offer to receive FedNow payments for their customers, but not send them. And in this first phase of use, the FedNow Service will only be available to process domestic payments between US depository institutions.

Persons: ”, Jerome Powell, “, it’s, Wells Organizations: New, New York CNN, Federal Reserve, Service, FedNow Service, …, Fiscal Service, JPMorgan Chase, Community Bank Locations: New York, Treasury’s, Wells Fargo

When you use your debit card abroad, you'll probably have to pay a foreign transaction fee. But know that you will pay foreign transaction fees on non-360 accounts. RobinhoodThe Robinhood Cash Management Account doesn't charge foreign transaction fees or out-of-network ATM fees. Debit card foreign transaction fees at other banksForeign transaction fee FAQsWhat is a normal foreign transaction fee? Betterment, Capital One 360, Charles Schwab, Chime, Discover, Robinhood, and Varo do not charge foreign transaction fees.

Persons: you'll, Charles Schwab, Robinhood, Chase Organizations: Visa, Mastercard, Banking, The Bancorp Bank, Stride Bank, N.A, FDIC, Visa . Capital, Schwab, Chase Sapphire ℠ Banking, HSBC

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