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☆ Crypto is banned in China, but Binance employees and support volunteers tell people how to bypass the ban
▼ + stars: | 2023-03-23 | by ( Rohan Goswami | ) www.cnbc.com time to read: +18 min

The messages CNBC reviewed come from accounts identified as Binance employees or Binance-trained volunteers known as "Angels." Whatever the method, Binance's Chinese users take on a significant risk: In China, crypto exchanges have been outlawed since 2017, while crypto itself was outlawed in 2021. But Chinese customers have continued to seek ways to trade on Binance, which include using instructions provided by employees and volunteers. "'Binance does not offer a 'Binance Chinese Android app," a spokesperson said. In addition, hours after Binance responded to CNBC, messages apeared on Twitter suggesting that some customers' Binance debit cards had been frozen.

☆ Futures fall as Credit Suisse rescue, liquidity steps fail to quell bank scare
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.99%, S&P 0.96%, Nasdaq 0.70%March 20 (Reuters) - U.S. stock index futures fell on Monday as steps taken by central banks to boost liquidity and a deal to rescue Credit Suisse failed to quell investor worries of severe turbulence in the banking sector. U.S.-listed shares of Credit Suisse and UBS were down 59.6% and 12.5%, respectively, in premarket trading. Separately, top central banks, faced with the risk of a fast-moving loss of confidence in the financial system's stability, moved on Sunday to bolster the flow of cash around the world. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) on Friday logged their largest two-week drop since March 2020. Treasury yields edged lower on Monday, with investors flocking to bonds on worries over the interest-rate path the U.S. central bank may take.

☆ I've worked on Wall Street for more than 15 years. Here are 5 ways middle managers go wrong.
▼ + stars: | 2023-03-20 | by ( Jenna Gyimesi | ) www.businessinsider.com time to read: +4 min

Matthew C. Meade has worked on Wall Street for firms including JP Morgan Chase and Bank of America. He's seen middle managers struggle when they neglect to get feedback from the people they manage. Mid-level managers must delegate while upselling their team's work to senior management, he writes. As a mid-level manager, your job is to delegate to your team while also upselling your team's work to senior management. Here are five ways I've seen middle managers go wrong.

The rescue package came shortly after embattled Credit Suisse (CSGN.S) tapped an emergency central bank loan of up to $54 billion to shore up its liquidity. The ECB supervisors saw no contagion to euro zone banks from the market turmoil, a source familiar with the content of the meeting told Reuters, adding that supervisors were told deposits remained stable across euro zone banks and exposure to Credit Suisse was immaterial. "I don't think we are in the crux of a global financial crisis. The ECB pressed forward with its 50 basis point rate hike, arguing that euro zone banks were in good shape and that if anything, higher rates should bolster their margins. Japan's finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.

March 17 (Reuters) - European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank (FRC.N) eased fears of its imminent collapse. The rescue package came less than a day after Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. The two deals helped restore some calm to global markets, after a torrid week for banking stocks. "French and European banks are very solid," ECB policymaker and French central bank governor Francois Villeroy de Galhau, told BFM business radio. Japan's finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.

"Jamie Dimon knew in 2008 that his billionaire client was a sex trafficker," attorney Mimi Liu told Manhattan U.S. District Judge Jed Rakoff at a hearing late Thursday, referring to the year Epstein was first criminally charged with sex crimes. "If Staley is a rogue employee, why isn't Jamie Dimon?" The lawyer continued: "Staley knew, Dimon knew, JPMorgan Chase knew" about Epstein's criminal conduct. Simon Dawson | Bloomberg | Getty ImagesA lawyer for JPMorgan disputed those arguments, "in particular the point about Jamie Dimon having any specific knowledge." Wexler also said, "Jamie Dimon has no recollection of reviewing the Epstein accounts."

March 17 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The package is backed by U.S. regulators, and media reports said JP Morgan boss Jamie Dimon met with Treasury Secretary Janet Yellen on Thursday to discuss it. What started as another grim-looking session on Thursday - safe-havens like the yen and Treasuries were riding high in early trade - culminated in a solid risk rally across the board. But Friday, in Asia at least, looks like being an up day. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Premarket Stocks: Who do we blame for the fall of SVB?
▼ + stars: | 2023-03-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Blame the Fed: SVB’s downfall was largely caused by a record $42 billion bank run that left the bank in desperate need of cash. But the Fed’s rate hikes had undermined the value of bonds, a critical source of capital for SVB. “The Federal Reserve failed as a bank supervisor,” he wrote. On Capitol Hill, frequent Fed critic Sen. Elizabeth Warren has been quick to blame Federal Reserve Chair Jerome Powell for a lack of oversight. Blame SVB: Others say the blame should be placed on the banks themselves.

☆ Wall Street closes higher as First Republic helps lift banks
▼ + stars: | 2023-03-16 | by ( David Carnevali | ) www.reuters.com time to read: +3 min

SummarySummary Companies European Central Bank raises key policy rateFirst Republic Bank shares reverse course and turn higherMeta, Snap climb as U.S. threatens TikTok banNEW YORK, March 16 (Reuters) - A strong rebound by financials helped Wall Street's main indexes close firmly positive on Thursday, after some of the country's largest lenders came to the rescue of embattled First Republic Bank. "Banks are looking out for one another," said Huntington Private Bank chief investment officer, John Augustine. Shares of JP Morgan and Morgan Stanley were up 1.94% and 1.89% respectively, while the lifeline buoyed First Republic Bank (FRC.N), which gained 9.98%. The KBW regional banking index (.KRX) gained 3.26%, while the S&P 500 banking index (.SPXBK) advanced 2.16%, as both sub-indexes reversed losses. Concerns about banks have rattled the stock market in recent days after the collapse of SVB Financial fueled contagion fears.

March 15 (Reuters) - European bank stocks fell sharply on Wednesday, with embattled Credit Suisse (CSGN.S) tumbling to a new low, on renewed investor concerns about stresses within the sector triggered by Silicon Valley Bank's sudden collapse. A more than 20% drop in Credit Suisse shares led a 6% plus fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. BlackRock (BLK.N) Chief Executive Laurence Fink warned on Wednesday that the U.S. regional banking sector remains at risk, and predicted further high inflation and rate increases. And in an attempt to avert a similar crisis down the line, the U.S. Federal Reserve is considering tougher rules and oversight for midsize banks similar in size to SVB.

☆ Silicon Valley Bank seizure leaves a massive hole — and a large opportunity — in the world of climate finance
▼ + stars: | 2023-03-15 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +7 min

"Nobody understands startups as well as Silicon Valley Bank and how to lend to them," says Zachary Bogue, a long-time tech investor and cofounder of DCVC. "Silicon Valley Bank understood that even though we may have only had $10,000 or so in deposits at the time, we had a lot of potential," Clerico told CNBC. "That early investment in our relationship paid off," Clerico told CNBC. In this, the bank "was a climate bank pioneer," said Steph Speirs, co-founder and CEO of Solstice Power Technologies, which has built a technology to help connect people to community solar projects. But it will take some time, and delays can be costly in the fight against climate change," Bhatraju told CNBC.

Biden said his administration's actions over the weekend meant "Americans can have confidence that the banking system is safe", while also promising stiffer regulation after the biggest U.S. bank failure since the 2008 financial crisis. Shares in U.S. banking giants JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) nevertheless weakened. But your second thought is, how big was that crisis, how big were the risks that this step had to be taken?" U.S. regulators stepped in on Sunday after the collapse of SVB, which had seen a run after a big bond portfolio hit. [1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023.

Germany's Commerzbank (CBKG.DE) fell as much as 12.7%, while Credit Suisse (CSGN.S) hit a new record low after falling 15%. Biden said his administration's rapid actions at the weekend should reassure Americans that the U.S. banking system is safe, and promised stiffer bank regulation after the country's biggest bank failure since the 2008 financial crisis. "Americans can have confidence that the banking system is safe. But big U.S. banks including JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) also weakened. In the money markets, a closely watched indicator of credit risk in the U.S. banking system edged up, as did other indicators of credit risk in the euro zone.

[1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023. Germany's Commerzbank (CBKG.DE) fell as much as 12.7%, while Credit Suisse (CSGN.S) hit a new record low after falling more than 15%. Dowding said he did not think that a lot of the issues affecting U.S. banks would be present in European lenders. It said Silicon Valley Bank UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds as of March 10. U.S. banks lost more than $100 billion in stock market value late last week following SVB's failure, while European banks have now lost a similar amount, a Reuters calculation showed.

Venture capital firms on both sides of the Atlantic have been urging their portfolio companies to move money out of embattled lender Silicon Valley Bank, deepening fears of a run on the tech-focused bank. Silicon Valley Bank shares plunged 60% Thursday after disclosing that it needed to shore up its capital with a $2.25 billion equity raise from investors including General Atlantic. Pear VC, an early-stage VC firm based in San Francisco, urged its portfolio network to withdraw funds from SVB on Thursday. The wind-down of crypto-centric Silvergate Bank and pressure on Silicon Valley Bank this week reminded some founders of the 2008 financial crisis, in which banks toppled during the mortgage bust. We are seeing other funds encouraging companies to withdraw their funds from SVB.

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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."

The Marcy Lab School in Brooklyn, New York, however, has created an alternative path — a one-year program to help students get lucrative tech jobs that typically go to college graduates with a four-year degree. Partnering with the business communityThe Marcy Lab School co-founders Reuben Ogbanna and Bhattacharjee-Marcantonio share ideas at the whiteboard. Tara McCurrie, CNBCThe co-founders worked with the local community to design a program to prepare students for upwardly mobile careers. "We think The Marcy Lab School can scale to thousands of students here in New York City, and potentially have impacts across the country," said Ogbonna. Overcoming degree requirementsDevonte Duncan was part of the orginal class of nine students at the Marcy Lab School in Brooklyn, New York.

☆ Lawsuit alleges Jeffrey Epstein sent JPMorgan Chase exec photos of young women
▼ + stars: | 2023-02-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

New York CNN —Former Barclays CEO Jes Staley allegedly exchanged sexually suggestive emails with disgraced financier Jeffrey Epstein, some of which included photos of young women, according to newly unsealed passages of a federal lawsuit. He isn’t a defendant in the lawsuit and has not been charged criminally with any activities related to Epstein. The lawsuit alleges JPMorgan Chase “had a more than close-up view of Epstein’s sex-trafficking” and “ignored obvious red flags relating to Epstein’s accounts.”Both JPMorgan Chase and Barclays declined to comment on the newly unsealed passages. I have few so profound.”One month later, Staley allegedly sent another email to Epstein: “I realize the danger in sending this email. JPMorgan Chase did not flag any of the emails between Epstein and Staley in connection with risk reviews, according to the lawsuit: “Moreover, JP Morgan Chase allowed Staley to remain a decision-maker on Epstein’s accounts.

Say hi to Snow White," Staley emailed Epstein in July 2010, according to filings on Wednesday with the U.S. District Court in Manhattan. "Beauty and the Beast," Staley allegedly responded, to which Epstein replied: "Well one side is available," according to the filing. According to the lawsuit, Staley exchanged around 1,200 emails with Epstein from his JPMorgan email account between 2008 and 2012. Staley allegedly wrote to Epstein on Nov 1, 2009, describing his relationship with Epstein as "profound". One month later, Staley allegedly wrote to Epstein to say how great it had been to give him "a long, heartfelt hug", after which Epstein allegedly sent Staley two pictures of young women.

☆ Keith Meister's Corvex Management bets on media companies, cuts big tech and biotech holdings
▼ + stars: | 2023-02-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Corvex Management increased its stakes in media-related companies while slashing technology and biotech investments, according to its latest quarterly 13F filing with the SEC. Crown Holdings was Meister's second-largest acquisition in the fourth quarter, when Corvex bought $74 million of shares. In November, billionaire Carl Icahn disclosed an 8.5% stake in the packaging company once known as Crown Cork & Seal. Corvex in the fourth quarter increased its position in Fomento Economico Mexicano , a Mexican multi-national retail and beverage company, by 9.5%, bringing the holding to almost $200 million. Corvex exited its positions in Amazon , JP Morgan Chase & Co . and Uber in the fourth quarter.

Winner: TD Bank The TD Bank Convenience Checking Account makes it easier to waive monthly service fees than Chase Total Checking®. Interest rates are variable and subject to change Minimum Deposit Amount $0 View Full Details Learn moreChase Savings℠ 3.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25 out of 5 Stars Annual Percentage Yield (APY) 0.01% effective as of 10/10/2022. Winner: TD Bank TD Bank CDs require a much lower minimum opening deposit than Chase CDs. TD Bank vs. Chase Trustworthiness and BBB RatingsWe include ratings from the Better Business Bureau to evaluate how a bank deals with customer issues. The BBB also gave TD Bank an B rating because government action was taken against the TD Bank.

Read our review Read Our Review A looong arrow, pointing rightCiti vs. Bank of America vs. Chase Ssavings Account ComparisonsSee how Citi, Bank of America, and Chase savings accounts compare. Citi® Accelerate Savings Bank of America Advantage Savings Account Chase Savings℠ APY 3.85% (vary by location) 0.01% to 0.04% 0.01% effective as of 10/10/2022. Winner: Bank of America and Citi Bank of America and Citi tie in this category because their savings accounts stand out for different reasons. Citi Fixed Rate CD 3.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25 out of 5 Stars Annual Percentage Yield (APY) 0.05% to 4.15% Minimum Deposit Amount $500 View Full Details Learn moreCiti Fixed Rate CD 3.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25 out of 5 Stars Annual Percentage Yield (APY) 0.05% to 4.15% Minimum Deposit Amount $500 View Full Details Learn more at Citi's secure site. Which bank of the three, Citi, Bank of America, or Chase, is the safest?

☆ Goldman Sachs, JPMorgan, Wells Fargo are among Wall Street giants named as possible FTX creditors
▼ + stars: | 2023-01-27 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

The 116-page document connects some of the biggest names on Wall Street to FTX's bankruptcy case. The list doesn't disclose the size or kind of debts the collapsed crypto firm might owe the banks, Bloomberg reported. Other elite financial institutions on the list were Deutsche Bank, HSBC Bank and MUFG Bank. "Goldman Sachs has not filed a claim against the debtors," a spokesperson for the bank told Bloomberg. But the total number of creditors FTX is seen to have tops over a million.

☆ Jamie Dimon says Congress shouldn't play games with the creditworthiness of the U.S. government
▼ + stars: | 2023-01-19 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Jamie Dimon, President, CEO & Chairman of JP Morgan Chase, speaking on Squawk Box at the WEF in Davos, Switzerland on Jan. 19th, 2023. JPMorgan Chase CEO Jamie Dimon said Thursday that politicians should be serious about the debt ceiling as Congress remains locked in a political fight to increase the U.S. borrowing limit. It should never happen," Dimon said Thursday on CNBC's "Squawk Box" from the World Economic Forum in Davos, Switzerland. His comments come as Congress remains in a standoff over the debt ceiling, the amount of money the U.S. is authorized to borrow to pay its bills. Today, Dimon said, "Of course Democrats will blame the Republicans and Republicans will blame the Democrats.

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