DIRS.INFO The most relevant business & tech news

☆ Flagstar Bank hires six First Republic teams to expand private banking
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Flagstar Bank, a subsidiary of New York Community Bancorp (NYCB.N), said on Thursday it has hired six private client banking teams from the now-defunct First Republic Bank. Three of the teams are based on the West Coast and three teams are based in New York City, the bank said in a statement. Flagstar Bank also bought deposits and loans of New York-based Signature Bank from U.S. regulators after Signature was closed in March. The recruitment from First Republic is the second major hire of its private bankers by a regional bank after it was seized by regulators and bought by JPMorgan (JPM.N) in May. Citizens Financial Group (CFG.N) recently added 50 new senior private bankers and another 100 support staff in Boston, Florida, New York and San Francisco, mostly from First Republic.

Persons: Banks, Morgan Stanley, Manya Saini, Saeed Azhar, David Holmes Organizations: Flagstar Bank, New York Community Bancorp, Republic Bank, West Coast, Bank, Signature, JPMorgan, Citizens Financial, First, Wall, Bank of America, Thomson Locations: West, New York City, New York, U.S, Republic, Boston , Florida , New York, San Francisco, First Republic, Bengaluru

June 16 (Reuters) - Customers Bancorp (CUBI.N) said on Friday it acquired a $631 million venture banking loan portfolio from U.S. regulator Federal Deposit Insurance Corporation (FDIC) at about 85% of the book value. The portfolio belonged to failed lender Signature Bank, which was put under FDIC receivership in March, a source familiar with the matter told Reuters. Customers Bancorp shares rose on the news to their highest level since early March, and were up 3.3% at $30.23 at midday. On March 12, state regulators closed New York-based Signature Bank, marking this year's second high-profile bank collapse sparked by an exodus of depositors seeking higher returns and safer institutions. Following the bank's closure, the FDIC had announced in April the marketing process for the roughly $60-billion loan portfolio retained in receivership from Signature Bank.

Persons: Michael Perito, Keefe, Perito, Manya Saini, Saeed Azhar, Shailesh Kuber, Richard Chang Organizations: Customers Bancorp, Deposit Insurance Corporation, Signature Bank, Reuters, FDIC, Bancorp, Loans, Bank, New York Community Bancorp, Thomson Locations: Austin, Boston, Southern California, Chicago, New York, Bengaluru

☆ These are the top 10 stocks held by 'Big Short' investor Michael Burry
▼ + stars: | 2023-05-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Michael Burry invested a lot of money into the stock market last quarter, according to 13F filings. The "Big Short" investor who has held a bearish tilt towards stocks initiated 17 new positions last quarter. These are the top 10 stocks held by Burry's Scion Asset Management as of March 31. Burry posted on Twitter on multiple occasions over the last few months that he had a bearish view on stocks. These are the top 10 stocks held by Burry's Scion Asset Management as of March 31.

☆ Analysis: Overexposed US regional banks could sell commercial property loans
▼ + stars: | 2023-05-17 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

Still, previously unreported data from New York-based real estate data provider Trepp, shared with Reuters, show many regional banks' holdings exceed thresholds stipulated by regulators. While big banks have recently warned about CRE exposure, the new Trepp data underscores how acute and widespread the problem is across the banking sector. The regulatory guidance requires that banks exceeding these thresholds "should employ heightened risk management practices," including potential sales of specific loans. Meanwhile, New York Community Bancorp (NYCB.N) and Flagstar Bank [RIC:RIC:FBCANK.UL] were among the top five banks listed by Trepp that exceeded the CRE loan threshold. In Tuesday congressional testimony, FDIC chair Martin Gruenberg warned CRE loan portfolios "face challenges" should market conditions persist.

☆ 'Big Short' investor Burry bet on regional banks in first quarter
▼ + stars: | 2023-05-15 | by ( David Randall | ) www.reuters.com time to read: +2 min

[1/2] A branch of First Republic Bank is seen. First Republic collapsed May 1, making it the largest bank failure since the 2008 financial crisis. The filings did not show whether Scion had sold its positions before then. The positions were revealed in quarterly securities fillings known as 13-fs. Burry was featured in the 2010 nonfiction book "The Big Short" by Michael Lewis which was made into a popular movie five years later.

May 15 (Reuters) - Greg Becker, the former chief executive officer of Silicon Valley Bank, is set to appear before the U.S. Congress on Tuesday, two months after the collapse of his bank sparked panic among bank customers and investors, forcing the government to backstop deposits. California banking regulators moved quickly to shut down Silicon Valley Bank on March 10 after depositors withdrew $42 billion in 24 hours. Becker will testify before the Senate Banking Committee alongside Scott Shay and Eric Howell, the former chair and president, respectively, of Signature Bank. When his manager left to work for Silicon Valley Bank, Becker followed, he said on a 2021 Bloomberg podcast. Before becoming president and CEO of SVB Financial Group, Becker co-founded SVB Capital, the company's investment arm.

The latest case in point: The Federal Deposit Insurance Corp (FDIC) chose JPMorgan Chase & Co (JPM.N) as the winning bidder in an auction to buy collapsed lender First Republic Bank on Monday. FDIC officials, however, say would-be buyers risk losing out if they allow the value of an acquisition target to deteriorate over time while waiting for an FDIC receivership. SWEETENERSU.S. bank mergers were already sluggish as interest rates rose and recession loomed, analysts at Raymond James wrote in an Apr. The first quarter was the quietest opening to a year for bank deals in a generation, they said. Market volatility stops bank buyers from pulling together enough money to cover writedowns on struggling assets, which would be triggered by a traditional acquisition, said David Sandler, co-head of financial services investment banking at Piper Sandler Companies (PIPR.N).

☆ Signature Bank failure due to 'poor management,' US FDIC report says
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +4 min

April 28 (Reuters) - Last month's failure of New York-based Signature Bank was caused by "poor management" and a pursuit of "rapid, unrestrained growth" with little regard for risk management, the Federal Deposit Insurance Corporation said on Friday in a report detailing its supervision and regulation of the regional bank. Bank management and its board chased growth and deposits without "developing and maintaining adequate risk management practices and controls appropriate for the size, complexity and risk profile of the institution," according to the 63-page report. The same day SVB failed, Signature lost 20% of its total deposits in a matter of hours, FDIC Chair Martin Gruenberg has said. Similar to SVB, Signature examiners reported weak corporate governance practices and failures by bank management to address shortcomings identified by supervisors, including the firm's reliance on uninsured deposits. Like SVB, Signature relied heavily on uninsured deposits and experienced a boom in growth between 2019 and 2020, when its assets grew 64%, according to Gruenberg.

☆ Big Tech earnings are on deck this week. Why that matters
▼ + stars: | 2023-04-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —With Microsoft, Alphabet, Amazon and Meta Platforms all slated to report earnings this coming week, investors are turning their attention away from bank earnings to Big Tech. Another major theme for tech earnings is the race toward artificial intelligence. Earnings reports from Meta Platforms (META), Boeing (BA) and ServiceNow (NOW). Earnings reports from Amazon (AMZN), MasterCard (MA), T-Mobile (TMUS), Keurig Dr Pepper (KDP) and Capital One (COF). Earnings reports from Exxon Mobil (XOM), Chevron (CVX), Colgate-Palmolive (CL) and New York Community Bancorp (NYCB).

Mohawk Industries — Shares of the flooring manufacturer gained 5% after Loop Capital upgraded the company to buy from its previous hold rating. WisdomTree — Shares of the financial firm gained 3% after the company said it had $1.9 billion of net flows in March. New York Community Bancorp — Shares of the regional bank gained 2.7% after Jefferies upgraded the stock to buy from hold. LendingClub — The lending stock gained 5% after JPMorgan initiated coverage of the stock at overweight. Murphy Oil — The natural gas company's shares gained 2.6% after Truist upgraded shares to buy from hold.

☆ This small bank is breaking out during the crisis, and Jefferies sees more to go
▼ + stars: | 2023-04-11 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

NYCB's stock has jumped more than 30% since then. NYCB 1M mountain Shares of NYCB jumped after the bank acquired some of Signature Bank. Jefferies analyst Casey Haire upgraded the stock to buy from hold, saying in a note to clients Tuesday that the deal for Signature diversified and strengthened NYCB's balance sheet. "Post the FDIC-assisted deal for SBNY, we like NYCB's [balance sheet] positioning given dramatic improvement in the liquidity profile as well as increased scale and diversification within the loan portfolio. "The cash-rich nature of the balance sheet (cash =23% of assets) enables mgmt.

☆ Here are Tuesday's biggest analyst calls of the day: Apple, Amazon, UPS, Netflix, WW, Disney & more
▼ + stars: | 2023-04-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Morgan Stanley names UnitedHealth a top pick Morgan Stanley says the healthcare company is best positioned in a recession. Morgan Stanley reiterates Netflix as equal weight Morgan Stanley said Netflix is the "streaming winner" but that it's "priced as such." Morgan Stanley downgrades Nasdaq to equal weight from overweight Morgan Stanley said that it has growth concerns for the exchange operator. JPMorgan upgrades Federated Hermes to overweight from underweight JPMorgan said the rate environment makes the capital market company's stock more attractive. Morgan Stanley upgrades AstraZeneca to overweight from equal weight Morgan Stanley said the pharmaceutical company is "leading the race" to outsmart cancer.

☆ FDIC announces sale process of former Signature Bank loan portfolio
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - The Federal Deposit Insurance Corporation (FDIC) on Monday announced the marketing process for the about $60 billion loan portfolio retained in receivership following the failure of Signature Bank. The FDIC expects to begin its marketing of the retained loan portfolio of the former Signature Bank later this summer, it said in a statement. The portfolio is comprised primarily of commercial real estate (CRE) loans, commercial loans and a smaller pool of single–family residential loans. Last week, Reuters reported that FDIC has retained advisers to sell the securities portfolios that the new owners of failed Silicon Valley Bank and Signature Bank rejected. The FDIC said on Monday it has retained Newmark & Company Real Estate Inc as an advisor on the sale.

☆ FDIC exercises rights in First Citizens, New York Community Bank stocks
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - Regulator Federal Deposit Insurance Corporation (FDIC) exercised its equity rights in First Citizens BancShares Inc (FCNCA.O) and New York Community Bancorp Inc (NYCB.N) as part of the deals to rescue failed lenders Silicon Valley Bank and Signature Bank. A spokesperson for the regulator confirmed FDIC also exercised its option to acquire shares of New York Community Bancorp. U.S. regulators said on Monday they would backstop the deal for First Citizens to buy Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund. First Citizens did not pay cash upfront for the Silicon Valley Bank deal. New York Community Bank entered into an agreement with regulators to buy deposits and loans from New York-based Signature Bank earlier this month.

[1/3] FDIC representatives Luis Mayorga and Igor Fayermark speak with customers outside of the Silicon Valley Bank headquarters in Santa Clara, California, U.S. March 13, 2023. REUTERS/Brittany Hosea-SmallNEW YORK/WASHINGTON, March 31 (Reuters) - The Federal Deposit Insurance Corporation (FDIC) has retained advisers to sell the securities portfolios that the new owners of failed Silicon Valley Bank and Signature Bank rejected, according to people familiar with the matter. Silicon Valley Bank's and Signature Bank's securities portfolios carry a face value of around $90 billion and $26 billion, respectively, according to regulatory filings and statements by government officials. The FDIC estimates the sale of Silicon Valley Bank and Signature Bank will cost the deposit fund $20 billion and $2.5 billion, respectively. It will release final figures once sales of the loan books of the banks and their securities portfolios are complete.

☆ FDIC hires Newmark Group to sell billions of Signature Bank debt - source
▼ + stars: | 2023-03-29 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

[1/2] The company logo for Signature Bank is displayed at a location in Brooklyn, New York, U.S., March 20, 2023. Earlier this month, state regulators closed New York-based Signature Bank, making it the third largest failure in U.S. banking history. The subsidiary, Flagstar Bank, assumed substantially all of Signature Bank's deposits, some of its loan portfolios and all 40 of its branches. On Tuesday, FDIC told Signature Bank's crypto clients they have until April 5 to close their accounts and move their money. New York's financial regulator had said earlier in March its decision to close Signature Bank had "nothing to do with crypto."

☆ FDIC hires Newmark Group to sell billions of Signature Bank debt - WSJ
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] The company logo for Signature Bank is displayed at a location in Brooklyn, New York, U.S., March 20, 2023. REUTERS/Brendan McDermidMarch 29 (Reuters) - The Federal Deposit Insurance Corp (FDIC) has hired Newmark Group Inc (NMRK.O) to sell about $60 billion of Signature Bank loans, the Wall Street Journal reported on Wednesday citing people familiar with the matter. Earlier this month, state regulators closed New York-based Signature Bank, making it the third largest failure in U.S. banking history. On March 19, a subsidiary of New York Community Bancorp (NYCB.N) entered into an agreement with U.S. regulators to buy deposits and loans from Signature Bank. The subsidiary, Flagstar Bank, assumed substantially all of Signature Bank's deposits, some of its loan portfolios and all 40 of its branches.

☆ U.S. FDIC tells Signature Bank's crypto clients to close accounts by April 5
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 28 (Reuters) - The U.S. Federal Deposit Insurance Corp (FDIC) has informed collapsed lender Signature Bank's (SBNY.O) crypto clients that they have until April 5 to close their accounts and move their money. "Flagstar's bid did not include about $4 billion in deposits related to Signature's digital-asset business," an FDIC spokesperson said. Flagstar on March 19 entered into an agreement with U.S. regulators to buy deposits and loans from New York-based Signature Bank. The FDIC had said that the deal would see Flagstar Bank assume substantially all of Signature Bank's deposits, some of its loan portfolios and all 40 of its former branches. Roughly $60 billion of Signature Bank's loans and $4 billion of its deposits would remain with it in receivership.

☆ Analysis: Investors seek value in clobbered U.S. regional bank shares
▼ + stars: | 2023-03-28 | by ( David Randall | ) www.reuters.com time to read: +4 min

The ETF has slumped nearly 26% since March 8, when SVB's troubles became known, while the S&P Regional Banks Select Industry Index (.SPSIRBK) is down around 23%. Concerns over deposit flight are still swirling around some regional banks. He owns shares of large regional banks including Citizens Financial Group Inc (CFG.N), which have fallen about 22% so far this year, and US Bancorp (USB.N), which are down some 18%. Margie Patel, a senior portfolio manager at Allspring Global Investments, has been adding new positions in regional banks over the last few weeks, citing "value." Regional banks "need positive news that shows their deposits are holding firm or growing," said Rick Meckler, a partner at family office Cherry Lane Investments.

WASHINGTON, March 23 (Reuters) - Treasury Secretary Janet Yellen said on Thursday the U.S. Federal Deposit Insurance Corporation's (FDIC) estimate of a $2.5 billion loss related to Signature Bank (SBNY.O) was not a final determination. New York-based Signature Bank closed earlier this month, days after the failure of Silicon Valley Bank (SIVB.O), sending stock markets into turmoil and the banking system into a crisis. On Sunday, a subsidiary of New York Community Bancorp (NYCB.N)entered into an agreement with U.S. regulators to buy deposits and loans from Signature Bank. According to that deal, New York Community Bancorp would purchase deposits, loans and 40 branches from Signature Bank. New York Community Bancorp will purchase $12.9 billion of loans at a discount of $2.7 billion.

☆ Wall Street is confident high-yielding banks won't cut their dividends
▼ + stars: | 2023-03-22 | by ( Scott Schnipper | ) www.cnbc.com time to read: +5 min

Atlanta's Truist Financial ($41 billion) now yields 6.2% while Minneapolis's U.S. Bancorp ($53 billion) pays 5.1% on its common stock. After all, high dividend yields are often a sign of financial or business distress, or a red flag that the payments so many mom-and-pop investors depend on are unsustainable. Wall Street just doesn't think most payouts will be cut — so long as any recession this year stays on the mild side. "Despite these lower dividend growth expectations, we believe these bank holdings still have attractive dividends," Peris added. A final straw in the wind: Wall Street has issued dozens of research reports since Silicon Valley Bank went under.

☆ Here are Tuesday's biggest analyst calls: Apple, Meta, Harley-Davidson, Exxon, Amazon, Roblox & more
▼ + stars: | 2023-03-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are Tuesday's biggest calls on Wall Street: Morgan Stanley upgrades Meta to overweight from equal weight Morgan Stanley said it sees a more "structurally" disciplined company. " Morgan Stanley upgrades Emerson Electric to overweight from neutral Morgan Stanley said shares of the multinational tech company are too attractive to ignore. Morgan Stanley reiterates Apple as overweight Morgan Stanley said Microsoft is a long-term threat to Apple that's worth watching. Morgan Stanley upgrades Harley-Davidson to overweight from equal weight Morgan Stanley said the stock is attractive at current levels. Morgan Stanley reiterates Exxon as overweight Morgan Stanley said it likes the oil and gas giant's robust "competitive positioning."

March 20 (Reuters) - Shares of First Republic Bank (FRC.N) closed 47% lower on Monday, adding to recent losses as concerns about its liquidity continued to worry investors despite a $30 billion influx of deposits last week. The bank's stock fell as much as 50% and closed at $12.18 after the New York Stock Exchange halted it several times due to volatility. S&P Global downgraded First Republic deeper into junk status on Sunday and said the recent cash infusion from 11 large U.S. banks last week may not solve its liquidity problems. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. First Republic Bank's stock market collapseFirst Republic's stock market value has collapsed by over 80% in the past 10 trading sessions due to fears of a bank run as a large proportion of the lender's deposits are uninsured.

March 20 (Reuters) - Shares of U.S. lender First Republic tumbled nearly 50% on Monday on fears it will need a second rescue to stay afloat, bucking a broader rally in bank shares driven by UBS Group's state-backed takeover of Credit Suisse. "First and foremost, the Credit Suisse, UBS merger certainly takes a lot of stress out of the global banking system." The 3 billion Swiss franc ($3.2 billion) deal for the troubled Swiss bank - which was once worth more than $90 billion - was engineered by Swiss regulators and announced on Sunday. European bank shares (.SX7P) rebounded from recent losses, while on Wall Street the S&P 500 banks (.SPXBK) index recovered 0.6%. [1/2] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023.

☆ Wall St ends higher as bank contagion fears ease, Fed eyed
▼ + stars: | 2023-03-20 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

UBS late on Sunday agreed to buy rival Credit Suisse (CSGN.S), for $3.23 billion, in a merger engineered by Swiss authorities to avoid more turmoil in the banking group. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) were higher following sharp losses last week. The collapse of Silicon Valley Bank and Signature Bank (SBNY.O) shook markets earlier this month. "Where it is another bank coming in, that is the kind of headline that helps underpin confidence in the banking system," Krosby said. The Credit Suisse takeover helped the market, but U.S.-listed shares of Credit Suisse were down sharply on Monday, while UBS Group shares were up.

Search resuls for: "NYCB"

25 mentions found