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☆ CNBC Daily Open: Don’t be fooled by big banks’ earnings
  + stars: | 2023-04-17 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +3 min
On Friday three big U.S. banks reported better-than-expected first-quarter earnings. Investors weren't misled by big banks' bonanza of incredible earnings. Even though higher rates fueled big banks' earnings, they also expose weaknesses in balance sheets, as Dimon himself warned. In other words, what's good for big banks' income is not necessarily good for the economy. Despite the excitement over the big banks' earnings, then, investors kept a cool head, causing the three major indexes to fall.
☆ Should investors buy regional bank stocks? A bull and a bear weigh in — and share 3 top picks
  + stars: | 2023-04-17 | by ( Weizhen Tan | ) www.cnbc.com   time to read: +5 min
A bull and a bear on U.S. regional banks faced off on CNBC's " Street Signs Asia " on Thursday and shared their stock picks. 'Not the environment' for regional banks It's "not the environment" for regional banks right now, said Brian Stutland, portfolio manager at Equity Armor Investments. Stock picks For investors still keen on regional bank stocks, Marinac said his top two picks are Fifth Third Bancorp and First Citizens . First Citizens announced in late March that it will buy over Silicon Valley Bank's deposits and loans. He highlighted "the fact that [regional bank] stocks are down 40% when you've had earnings down about 5%.
☆ Apple offers 4.15% high-yield savings to its Apple Card holders
  + stars: | 2023-04-17 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +2 min
New York CNN —Apple on Monday announced that it is now offering its Apple Card holders a 4.15% high-yield savings account with Goldman Sachs. They may park both the 3% cash back they receive from using the Apple Card on select purchases plus other savings they may wish to deposit. For instance, you can only get an Apple Card if you use an Apple phone. Bankrate gives the Apple Card high marks as a no-fee rewards credit card, and the convenience of having a high-yield savings account for a cardholder’s cash rewards may be appealing. A high-yield savings account rate, by contrast — including Apple’s new offering — can move up or down without notice at any time.
☆ Fears mount that Europe's commercial real estate sector could be the next to blow
  + stars: | 2023-04-14 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: +6 min
Investors are questioning the health of the commercial real estate sector following a string of recent banking crises. Mike Kemp | In Pictures | Getty ImagesConcerns are mounting around the health of Europe's commercial real estate market, with some investors questioning whether it could be the next sector to blow following last month's banking crisis. Analysts at Citi now see European real estate stocks falling by 20%-40% between 2023 and 2024 as the impact of higher interest plays out. In a worst-case scenario, the higher-risk commercial real estate sector could plummet 50% by next year, the bank said. Pere Vinolas Serra, chief executive of Spanish real estate company Inmobiliaria Colonial and chairman of the European Public Real Estate Association (EPRA), said the situation in Europe looks paradoxically strong.
☆ What JPMorgan's Jamie Dimon, BlackRock's Larry Fink, and other Wall Street CEOs are saying about the impact of the banking crisis
  + stars: | 2023-04-14 | by ( Carter Johnson | Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com   time to read: +2 min
JPMorgan, BlackRock, Wells Fargo, and Citi reported earnings Friday. Top execs described their response to the banking crisis — and future opportunities. The message was clear, wrote Wells Fargo bank analyst Mike Mayo in a note to clients Friday. Quarterly earnings calls held with research analysts marked an opportunity for Wall Street's biggest executives to face questions about the impact of the March banking crisis on their firms' bottom lines. Here's what the leaders of JPMorgan, BlackRock, Wells Fargo, and Citigroup had to say about SVB.
☆ Some new offices are mini towns with their own restaurants, doctor offices, and hotels. Workers actually want to go.
  + stars: | 2023-04-13 | by ( Alex Nicoll | ) www.businessinsider.com   time to read: +9 min
The idea is getting replicated from the Bell Labs location, or Bell Works New Jersey, Keating said. The spaces run by Bell Works' own coworking brand, CoLab, are nearly 100% occupied. At Bell Works New Jersey, Zucker partnered with Toll Brothers to build a 185-home 55-and-over community. At BRIC, tenants can take advantage of a dozen art galleries, some of which show the work of building tenants. A lobby area near offices at Bell Works Chicagoland.
☆ Warren Buffett wants harsher penalties for top leaders of failed banks
  + stars: | 2023-04-12 | by ( Chris Isidore | ) edition.cnn.com   time to read: +4 min
New York CNN —Billionaire investor Warren Buffett isn’t worried about the state of the US banking industry — but he would like to see much tougher consequences for top leaders of the banks that fail. In the wake of the failure of Silicon Valley Bank, Buffett reflected on the public’s frustration after the 2008 financial crisis. The FDIC’s move was an extraordinary one, and Buffett said it gives him confidence about the state of the industry. It will be the banks, not US taxpayers, who will have to pay if the costs of bank failures rise, he added. “I do not think I could run the Fed as well as Jay Powell has done,” Buffett said.
☆ A credit crunch is coming for the US that'll tip the economy into recession, 'Dr. Doom' economist Nouriel Roubini warns
  + stars: | 2023-04-11 | by ( Zahra Tayeb | ) www.businessinsider.com   time to read: +3 min
"Dr. Doom" economist Nouriel Roubini said a sure-fire credit crunch will tip the US into recession. "That credit crunch is going to make the likelihood of a recession, a hard landing, much greater than before," he said. And therefore we're going to have a credit crunch," Roubini said. "That credit crunch is going to make the likelihood of a recession — a hard landing — much greater than before. So we're facing a serious credit crunch for a good chunk of the US banking system," he said.
☆ American offices are half-empty. That could be the next big risk for banks
  + stars: | 2023-04-10 | by ( Julia Horowitz | ) edition.cnn.com   time to read: +9 min
“I’m more concerned than I’ve been in a long time,” said Matt Anderson, managing director at Trepp, which provides data on commercial real estate. About $270 billion in commercial real estate loans held by banks will come due in 2023, according to Trepp. Questions about the health of banks with sizable exposures to commercial real estate loans cause customers to pull deposits. That forces lenders to demand repayment — exacerbating the sector’s downturn and further damaging the banks’ financial position. The likeliest outcome is thought to be an uptick in defaults and reduced access to funding for the commercial real estate industry.
☆ Here are all of the Republican elected officials backing Trump's 2024 campaign
  + stars: | 2023-04-10 | by ( Bryan Metzger | Oma Seddiq | ) www.businessinsider.com   time to read: +11 min
Michael Burgess — the Texas congressman endorsed Trump in March after being named to the former president's campaign's Texas leadership team. Eli Crane — the Arizona freshman tweeted his support for Trump's 2024 bid the night of his announcement. Barry Moore — the Alabama congressman endorsed Trump in a radio interview in December, citing the former president's "experience level." 3 House Republican endorsed Trump days before his widely expected 2024 announcement in November. Roger Williams — the Texas congressman endorsed Trump in March after being named to the former president's campaign's Texas leadership team.
☆ Three major risks that have the banking industry on edge
  + stars: | 2023-04-10 | by ( Allison Morrow | ) edition.cnn.com   time to read: +6 min
The toll of the WFH eraCommercial real estate — offices, apartment complexes, warehouses and malls — has come under substantial pressure, my colleague Julia Horowitz reports. Commercial property valuations could fall by roughly 20% to 25% this year, according to Rich Hill, head of real estate strategy at Cohen & Steers. About $270 billion in commercial real estate loans held by banks will come due in 2023. The proportion of commercial office mortgages where borrowers are behind with payments is rising, according to Trepp, which provides data on commercial real estate, and high-profile defaults are making headlines. That might seem simplistic, but it’s especially relevant for an industry as uniquely reliant on trust as banking is.
☆ Working from home: The latest on who is WFH and who isn't
  + stars: | 2023-04-09 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +6 min
In other words, 72.5% of private-sector organizations — up from 60% in the July-to-September 2021 period — said they did not have employees working remotely. The BLS survey also interpreted respondents’ answers as referring to a company’s formal telework policies, not whether some employees informally work remotely on occasion, such as responding to work emails from home. The same survey respondents said their employers plan to allow employees to work remotely 2.2 days a week, for those who can. “I have talked to hundreds of organizations about WFH [working from home] over the past three weeks, and this is now clearly stabilizing to a post-pandemic norm,” he said in an email. In Pew’s February survey, 35% of people who could work remotely were doing so full time, down from 55% in October 2020, but still well above the 7% of people working remotely full-time before the pandemic.
☆ Shadow banks: The other financial firms worrying investors and regulators
  + stars: | 2023-04-06 | by ( Anna Cooban | ) edition.cnn.com   time to read: +7 min
London CNN —The International Monetary Fund warned this week of “vulnerabilities” among so-called non-bank financial institutions, saying global financial stability could hinge on their resilience. The term encompasses financial firms, other than banks, that provide all manner of financial services, including lending to households and businesses. The sector has grown strongly since the global financial crisis in 2008, with its asset base expanding by 7% a year on average, according to FSB data. Non-banks that provide credit are known as “shadow banks,” although the term is often used imprecisely to mean all non-banks. Shadow banks now make up about 14% of the world’s financial assets and, like many non-banks, operate without the same level of regulatory oversight and transparency as banks.
☆ JPMorgan’s Jamie Dimon warns banking crisis will be felt for ‘years to come’
  + stars: | 2023-04-04 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +3 min
New York CNN —The banking crisis triggered by the recent collapses of Silicon Valley Bank and Signature Bank is not over yet and will ripple through the economy for years to come, said JPMorgan Chase CEO Jamie Dimon on Tuesday. He said that SVB’s high Interest rate exposure and large amount of uninsured deposits were already well-known to both regulators and to the marketplace at large. Current regulations, he argued, could actually lull banks into complacency without actually addressing real system-wide banking issues. Lawmakers in Congress, including Democratic Sen. Sherrod Brown of Ohio, have suggested that new legislation meant to regulate banks is in the works. But, wrote Dimon, “the debate should not always be about more or less regulation but about what mix of regulations will keep America’s banking system the best in the world.”
☆ Cramer: Here's why I plan to trim some stocks at this stage of the bull market
  + stars: | 2023-04-02 | by ( Jim Cramer | ) www.cnbc.com   time to read: +17 min
Back when bulls were everywhere From the time the great bull market began in 1982 until the financial collapse of 2007, we pretty much assumed stocks would always go higher. We often forget what the Great Recession of 2007 to 2009 was all about. A runaway bull market in all but banks — which are actually fueling the rally with their own ineptitude. My closing take, though, is that we have at last shaken off the ghosts of the Great Recession. But accept we are in a bull market and recognize that those who don't know it yet never will.
☆ China’s banking troubles are not the same as Silicon Valley Bank, economist says
  + stars: | 2023-03-31 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +2 min
A Silicon Valley Bank office is seen in Tempe, Arizona, on March 14, 2023. - With hindsight, there were warning signs ahead of last week's spectacular collapse of Silicon Valley Bank, missed not only by investors, but by bank regulators. Issues at a handful of smaller Chinese banks have emerged in the last few years. On the other hand, SVB reflects a macro risk, Zhu said, noting the U.S. mid-sized lender had adequate capital and liquidity before it collapsed. The banking crisis in the U.S. involved a structural risk from savers moving funds to take advantage of higher interest rates, Zhu pointed out.
☆ Stocks making the biggest moves midday: Bed Bath & Beyond, Digital World Acquisition, Nikola and more
  + stars: | 2023-03-31 | by ( Alex Harring | ) www.cnbc.com   time to read: +3 min
An exterior view of a Bed Bath & Beyond store on February 7, 2023 in Clifton, New Jersey. Digital World Acquisition — Shares of the SPAC linked to former President Donald Trump advanced 6.3%. Nikola — Nikola shares sank 11% after the electric-truck maker announced plans for a $100 million secondary stock offering priced 20% below Thursday's close. Regional banks — Shares of closely followed regional bank stocks advanced, with the SPDR S&P Regional Banking ETF (KRE) up 0.8%. elf Beauty — The cosmetic company's stock gained 5.2%, reaching a 52-week high.
☆ Wall Street Elite Investors Will Profit From Banking Crisis, Stock Market Chaos
  + stars: | 2023-03-29 | by ( Linette Lopez | ) www.businessinsider.com   time to read: +11 min
Dumb because they were run by bankers who failed to do the business of banking or manage risk. But other investors, the kind of Wall Street sharks who thrive on uncertainty, stand to make a killing. While some of the sharper investors on Wall Street see this mess as an opportunity, chaos cannot suit everyone. Last week the Federal Reserve reiterated its commitment to fighting inflation and continued to hike interest rates. The new rules — higher interest rates — will remain for the foreseeable future.
☆ Bitcoin is poised to blow up Africa's $86 billion banking system
  + stars: | 2023-03-26 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +16 min
Then there's mobile money, which has been around since the early 2000s. Africa's mobile money transactions rose 39% to more than $700 billion in 2021, according to data from the GSM Association, a non-profit representing mobile network operators worldwide. That cash network was extraordinarily difficult and expensive to build, which is why there aren't a lot of direct competitors. Bitnob is SMS-based and piggybacks on the mobile money system, making it easier for people to send money directly into bank accounts and mobile money wallets in African countries. "We're able to settle into bank accounts or mobile money accounts, without the recipients having to interact with bitcoin themselves," Parah tells CNBC.
☆ Stocks making the biggest moves premarket: Deutsche Bank, Coinbase, Block, Marathon Oil and more
  + stars: | 2023-03-24 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +2 min
A Deutsche Bank AG flag flies outside the company's office on Wall Street in New York. Banks — Shares of U.S. banks fell as investors worried about the global banking system. First Republic Bank fell 3%, while Western Alliance , Zions Bancorporation and Fifth Third all lost more than 2%. Energy stocks — Energy names fell in in the premarket as oil prices slid, with investors worried about potential oversupply. Marathon Oil and Devon Energy fell about 3%.
☆ Police arrested senior citizens who blockaded banks in a 'Rocking Chair Rebellion' to end fossil fuel use
  + stars: | 2023-03-24 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com   time to read: +6 min
They say Wells Fargo, Chase, Citibank, and Bank of America should stop lending to fossil-fuel companies. Grey-haired San Francisco protestors donned hats and rain jackets, set up a tent, passed around colorful banners and signs, and sang songs about protecting future generations. Organizers reported that 10 activists who occupied a Chase Bank were arrested on March 22, 2023. There were no arrests in San Francisco, where three young people and three older people chained themselves to the Wells Fargo doors. Morgan McFall-Johnsen"We're hoping to damage the reputation enough that people say: 'Oh no, Wells Fargo is not a good guy.
☆ Yellen says Treasury is ready to take 'additional actions if warranted' to stabilize banks
  + stars: | 2023-03-23 | by ( Christina Wilkie | ) www.cnbc.com   time to read: +2 min
WASHINGTON — Treasury Secretary Janet Yellen said Thursday that the federal emergency actions to back up Silicon Valley Bank and Signature Bank customers could be deployed again in the future if necessary. And they are tools we could use again," Yellen said in written testimony before a House Appropriations subcommittee. Certainly, we would be prepared to take additional actions if warranted," she added. In Washington, Yellen has drawn criticism from lawmakers who argue that the decision to insure deposits at SVB and Signature amounted to a reward for big banks that took excessive risks. Last week, Yellen said uninsured deposits would only be covered in the event that a "failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences."
☆ 'This is not the financial crisis': Banks are OK, but investing in them right now is risky, analysts say
  + stars: | 2023-03-23 | by ( Ryan Ermey | ) www.cnbc.com   time to read: +4 min
Most analysts say what happened earlier isn't likely to spread across the banking sector and cause a full-blown meltdown. 'Banks are OK' — SVB and Signature were 'unique' failuresWhat happened at Silicon Valley Bank and Signature Bank could theoretically happen anywhere if depositors get worried enough about the safety of their money. Both banks catered to volatile industries that needed cash quickly — tech startups for SVB and crypto-related companies in the case of Signature. Nathan Stovall head of financial institutions research at S&P Global Market Intelligence"It was really those unique characteristics that led to those issues," says Nathan Stovall, head of financial institutions research at S&P Global Market Intelligence. Investors have since bid down shares of other banks — First Republic among them — whose profiles bear resemblance to SVB and Signature.
☆ These beaten-down bank stocks have strong deposit bases and are well liked by analysts
  + stars: | 2023-03-23 | by ( Alex Harring | ) www.cnbc.com   time to read: +4 min
Bank stocks have been pummeled in recent weeks amid the ongoing crisis centered around regional banks — but Wall Street sees some buying opportunities among the financial shares that have solid fundamentals and strong deposit bases. The financial shock spurred by the closure of Silicon Valley Bank has pushed down a bevy of bank stocks in recent days as investors considered the risk of contagion. Silicon Valley Bank had around 95% of it deposits uninsured as of December. But Wall Street is expecting some bank stocks to come back as investors look past the broader crisis and find comfort in those with relatively strong fundamentals and customers. First Citizens BancShares and Goldman Sachs also made the list, with each having 33% of its deposits uninsured.
☆ CNBC Daily Open: Not everyone’s happy about UBS buying Credit Suisse
  + stars: | 2023-03-21 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets might face a Minsky moment soon, warned Marko Kolanovic, JPMorgan Chase's chief market strategist and co-head of global research. With that in mind, investors might want to heed Kolanovic's warning that a Minsky moment could be on the horizon. Subscribe here to get this report sent directly to your inbox each morning before markets open.
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