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☆ CNBC Pro at Future Proof: Why it's time to buy European stocks
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Pro at Future Proof: Why it's time to buy European stocksCNBC Senior Markets Correspondent Bob Pisani sits down for an interview with Charles Schwab Managing Director Jeffrey Kleintop from the Future Proof conference in Huntington Beach, California to talk about why European stocks could perform better than their American counterparts in the near term and finding the best investing approach in this market environment.

Persons: Bob Pisani, Charles Schwab, Jeffrey Kleintop Organizations: CNBC, American Locations: Huntington Beach , California

☆ U.S. stocks are 'the cleanest shirt in dirty laundry,' John Hancock investment strategist says
▼ + stars: | 2023-09-11 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

U.S. stocks are the best place for investors compared to their international counterparts, according to Emily Roland, co-chief investment strategist at John Hancock Investment Management. "The U.S. is simply holding in better than the rest of the world," Roland said in an interview from the conference in Huntington Beach, California. "I would call it the cleanest shirt in dirty laundry today." Roland said part of her reasoning stems from her outlook that quality stocks will perform better in a late-cycle environment. But Roland said investors need to act quickly, as bond yields will likely "come down in a meaningful way" into the next recession.

Persons: Emily Roland, Roland, CNBC's Bob Pisani, — Organizations: John Hancock Investment Management Locations: Huntington Beach , California, U.S

☆ Hip-hop stars and financial luminaries: Ritholtz Wealth Management redesigns the investment conference
▼ + stars: | 2023-09-11 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Surf City USA —for a financial conference. A financial conference on a beach? Reinventing the financial conferenceWelcome to FutureProof, billed as "the largest gathering of top-tier wealth management professionals, CEOs, CTOs, COOs, and fast-growing financial advisors." It's the brainchild of Barry Ritholtz, co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, and CEO Josh Brown. "Coming out of the pandemic, it was obvious to us that the traditional financial conference was past its sell-by date," Ritholtz told me.

Persons: Tang, Redman, They're, Jeremy Siegel, Jeff Kleintop, Charles Schwab, Emily Roland, John Hancock, Cliff Asness, Jeff Gundlach, maven Jan van Eck, Barry Ritholtz, Josh Brown, Ritholtz, FutureProof, You'll, Goldman, Goldman Sachs, Morgan Stanley, JP Morgan, RIAs, Dan Ives, Scott Wapner, Siegel, Morningstar, Christine Benz, Jeffrey Ptak, Ben Johnson, podcasters Michael Batnick, Ben Carlson, Wu, Tang Clan Organizations: Wharton, Ritholtz Wealth Management, Chiropractic, Health, Investment Advisors, CNBC, Financial Locations: Huntington Beach , CA, Huntington Beach , California, Surf, Huntington Beach, AQR, DoubleLine, FutureProof, COOs, Wells, Wedbush, Young

It was his Lauren's first NY Fashion Week show since 2019. “For them, if you wore Ralph Lauren, you had made it, you know, and so that became popularized in my house with Polo Ralph Lauren. “Some of my favorite Ralph sweaters are 15, 20 years old,” the actor said, “beautiful cashmere sweaters. We're having a conversation about sustainable fashion right now, and .you can have less things if they're beautiful and they last a long time." “Through the years and years ... he’s stayed true to his designs and the kind of woman that he dresses," she said.

Persons: Ralph Lauren, Jennifer Lopez, Julianne Moore, Diane Keaton, Mindy Kaling, Gabrielle Union, James Marsden, Lauren, Christy Turlington, lacy, Lopez, Moore, Keaton, Amanda Seyfried, Keaton grooving, Keri Russell, Matthew Rhys, Ariana DeBose, Rachel Brosnahan, Robin Wright, Sheryl Crow, Thom Browne, Anna Wintour, Lauren’s, filet mignon, Kaling, she'd, “, Polo Ralph Lauren, ” Brosnahan, Ralph, Sofia Richie, he’s Organizations: Brooklyn, NY, Huntington Library, Brooklyn Navy, Associated Press, Vogue, Colorado — Locations: Bronx, New York, San Marino , California, Kaling, Colorado

Pros Check mark icon A check mark. Earn a higher interest rate with qualifying activities Check mark icon A check mark. Earn up to 15% cash back at local retailers if you use a SoFi debit card Check mark icon A check mark. No-fee overdraft coverage if you overdraw up to $50 Check mark icon A check mark. High bank account bonuses at other banksOther banks have high bank account bonuses, too.

Persons: Chase, You'll, BMO Harris Organizations: Chase, Chase Bank, Morgan Wealth Management, Morgan Securities, SoFi Bank, Green, Reading Chevron, Chase Secure, Citibank, Citi, Huntington Bank, New Huntington Bank, BMO, U.S . Bank, Residents, U.S, Bank, Bank Standard Savings, Products, Secure Banking, Savings

☆ Lightning Round: Buying Rocket Lab is like sending money up in smoke, says Jim Cramer
▼ + stars: | 2023-08-21 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Buying Rocket Lab is like sending money up in smoke, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Applied Materials, Telus International, Tutor Perini, Google, NIO, Rivian, Medical Properties and Huntington Bancshares.

Persons: Jim Cramer, Perini Organizations: Materials, Telus International, Google, Huntington

☆ Cramer's Lightning Round: Alphabet is a buy
▼ + stars: | 2023-08-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Stock Chart Icon Stock chart icon Applied Materials' year-to-date stock performance. Stock Chart Icon Stock chart icon Telus International's year-to-date stock performance. Stock Chart Icon Stock chart icon Tutor Perini's year-to-date stock performance. Stock Chart Icon Stock chart icon Nio's year-to-date stock performance. Stock Chart Icon Stock chart icon Huntington Bancshares' year-to-date stock performance.

Persons: They're, Perini, They've, I'm, I'd, Huntington Bancshares, Huntington Organizations: Telus

☆ The decline of Boston Market: Why the chain that sparked the rotisserie chicken craze has closed dozens of stores
▼ + stars: | 2023-08-19 | by ( Nancy Luna | ) www.businessinsider.com time to read: +5 min

Boston Market, founded in 1985, sparked the rotisserie chicken craze in the late 1980s and 1990s. Between 2017 and 2022, the Golden, Colorado-based chain closed 161 stores, according to market research firm TechnomicAbout 50 more stores have closed this year. "Boston Market repeatedly has breached its payment obligations to US Foods," the suit states. Boston Market began serving its homestyle meals of spit-roasted rotisserie chickens, made-from-scratch cornbread, and creamy mac and cheese in 1985. Boston Market also faced competition from grocery stores like Costco and Kroger, which began selling rotisserie chickens in 1994.

Persons: Brenda Rivera, Rivera, Seth Wenig, Joseph Petrecca, McDonald's, Jay, Pandya, Tim Powell, That's, It's, it's Organizations: Boston, McDonald's, Service, New Jersey's Labor Department, The, Boston Market, Engage Brands, Restaurant Business, US Foods, Costco, Kroger, Sun Capital Partners, Sun Capital, Restaurant, Group, Companies Locations: New Jersey, Wall, Silicon, California, Boston, , Colorado, Jersey, Massachusetts, Arizona, Orange County , California, Huntington Beach , California

☆ Why stock investors are suddenly so scared
▼ + stars: | 2023-08-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

That means that if China’s economy slows down, global economic growth slows down. “When global economic growth slows down, that tends to be negative US equities. But a string of strong economic data has challenged those notions. Russia’s invasion of Ukraine continues to stoke fears of rising commodity prices, global economic instability and uncertainty around security. It’s been chock full of economic data and big corporate reports.

Persons: That’s, Lehman, ”, Alex Etra, Bond, Jamie Dimon, JPMorgan Chase, hasn’t, Banks, Michael Burry, Fitch, It’s Organizations: New, New York CNN, Nasdaq, Dow, CNN, country’s National Bureau of Statistics, Apple, Intel, Starbucks, Nike, Federal, Federal Reserve, Atlanta Fed, JPMorgan, CNBC, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Bank Locations: New York, China, Ukraine, Beijing, stoke, Huntington

☆ Tropical Storms Are Rare in California. The Last, in 1939, Killed Nearly 100.
▼ + stars: | 2023-08-18 | by ( Livia Albeck-Ripka | More About Livia Albeck-Ripka | ) www.nytimes.com time to read: +2 min

More than a dozen boats were declared missing, and the wreckage of an 80-foot yacht washed up near Huntington Beach, a usually picturesque surf spot. Twenty-three people drowned when a sport fishing boat capsized just 500 feet from a pier at Point Mugu, near Oxnard. The overall damage was estimated to be around $2 million, the equivalent of around $44 million in today’s dollars. Besides the 1939 storm, the only other tropical storm to make landfall in the state was on Oct. 2, 1858, when a hurricane shook San Diego, damaging homes, uprooting trees and causing inland flooding. Christopher Landsea, a forecaster with the National Hurricane Center and an author of the paper, noted that there were no reported injuries or fatalities.

Persons: Christopher Landsea Organizations: The Times, Man, Southwestern, Administration, National Hurricane Center Locations: Huntington Beach, Mugu, Oxnard, Los Angeles, Warsaw, Poland, Southwestern United States, California, San Diego, Daily Alta California

☆ Katie Mogg — Dow Jones News Fund Reporting Intern at The Wall Street Journal
▼ + stars: | 2023-08-17 | by ( Katie Mogg | ) www.wsj.com time to read: 1 min

Katie MoggKatie Mogg is a Dow Jones News Fund reporting intern and part of the summer 2023 newsroom intern class at The Wall Street Journal. Katie is a senior at Northeastern University studying journalism. She previously worked as a correspondent on the metro desk of the Boston Globe, where she wrote more than 100 stories and reported on everything from local politics to the World Cup. She also served as the lifestyle editor of her campus newspaper, the Huntington News.

Persons: Katie Mogg Katie Mogg, Katie Organizations: Dow Jones News Fund, Wall Street, Northeastern University, Boston Globe, Huntington News

☆ What do ‘Big Short’ Michael Burry and Warren Buffett know that we don’t?
▼ + stars: | 2023-08-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, also made a gigantic bet last quarter on a Wall Street crash. Bank of America released its August global fund manager survey on Tuesday and found that money managers are feeling the least pessimistic about markets since February 2022. So what do Buffett and Burry know that the rest of us don’t? Russia and Ukraine: Global inflation is finally coming down, but heightened geopolitical tensions threaten to raise food and oil prices across the globe. Russia’s invasion of Ukraine continues to stoke fears of increased commodity prices, global economic instability and uncertainty around security.

Persons: Warren, Berkshire Hathaway, That’s, Michael Burry, Buffett, Jamie Dimon, JPMorgan Chase, hasn’t, Fitch, ”, Gregory Daco, Catherine Thorbecke, Catherine Organizations: CNN Business, Bell, New York CNN, Nasdaq, Federal Reserve, Securities, Exchange, Scion Asset Management, Bank of America, Traders, National Bureau of Statistics, JPMorgan, CNBC, Bank, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Commerce Department Locations: New York, China, Ukraine, Russia, stoke, Huntington, Lahaina , Hawaii, Lahaina, Las Vegas, Maui

☆ Michael Burry, of ‘Big Short’ fame, just bet $1.6 billion on a stock market crash
▼ + stars: | 2023-08-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, has bet more than $1.6 billion on a Wall Street crash. Burry is making his bearish bets against the S&P 500 and Nasdaq 100, according to Security Exchange Commission filings released Monday. Burry is using more than 90% of his portfolio to bet on a market downturn, according to the filings. The S&P 500 and Nasdaq 100 have both notched big gains so far this year. While one big payoff doesn’t guarantee future returns, Burry does have a strong investment record.

Persons: New York CNN — Michael Burry, Burry, bearish, “, ”, Michael Lewis, Christian Bale, JPMorgan Chase, Michael Burry’s, Scion’s Organizations: New, New York CNN, Nasdaq, Security Exchange, Scion Asset Management, First Republic Bank, Huntington Bank, Western Alliance, JPMorgan, JD.com, Scion, Expedia, MGM Resorts, MGM, CVS, CNN, Warner Bros ., Traders Locations: New York, China, Huntington

☆ Watch CNBC's full interview with Huntington Private Bank's John Augustine and Wells Fargo's Jay Bryson
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Huntington Private Bank's John Augustine and Wells Fargo's Jay BrysonHuntington Private Bank's John Augustine and Wells Fargo's Jay Bryson join 'The Exchange' to discuss the CPI report and what it means for the markets and economy.

Persons: Huntington Private Bank's John Augustine, Wells Fargo's Jay Bryson Huntington, Bank's John Augustine, Wells Fargo's Jay Bryson Organizations: Huntington Private

☆ Market choppiness continuing is dependent on Fed's next moves: Huntington Private Bank's Augustine
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarket choppiness continuing is dependent on Fed's next moves: Huntington Private Bank's AugustineHuntington Private Bank's John Augustine and Wells Fargo's Jay Bryson join 'The Exchange' to discuss the CPI report and what it means for the markets and economy.

Persons: Augustine Huntington, Bank's John Augustine, Wells Fargo's Jay Bryson Organizations: Huntington

☆ 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

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

[1/2] People shop for clothes at Target retail chain in Westbury, New York, U.S., May 20, 2021. Walmart (WMT.N) and Target (TGT.N), the two biggest retailers in the United States, have set a cautious tone for the rest of the year. David Klink, senior equity analyst at Huntington Private Bank, said he saw "encouraging" signs in Amazon's results. Walmart, which reports on Aug. 17, had a better-than-expected first quarter and forecast sales to be up about 3.5% for the year. "I think that value-based retailers like Walmart and Target" will hold up better than others, he said.

Persons: Shannon Stapleton, David Klink, Neil Saunders, Joseph Feldman, Siddharth Cavale, Ananya Mariam Rajesh, Rosalba O'Brien Organizations: REUTERS, Walmart, Target, Foods, Huntington Private Bank, Amazon, Apple, Maersk, WPP, Telsey, Thomson Locations: Westbury , New York, U.S, United States, Seattle, New York, Bengaluru

HUNTINGTON BEACH, California, Aug 3 (Reuters) - Electric vehicle (EV) maker Fisker Inc (FSR.N) unveiled a pickup truck on Thursday, weeks after starting deliveries of its flagship sport utility vehicle (SUV) and as it tackles persistent supply chain issues. Fisker aims to make a mark in the crowded EV market with lower-priced vehicles that still have high-design sensibility. Fisker said Alaska, reservations for which opened on Thursday, would be built on the same platform as its Ocean SUV. Fisker, which uses contract manufacturing for its vehicles, aims to keep cost of production as well as vehicle prices low. While the Ocean SUV starts at $37,499, its smaller Pear SUV, which was also unveiled on Thursday, is priced at $29,990.

Persons: Henrik Fisker, Fisker, Tesla, We're, Lisa Baertlein, Abhirup Roy, Christopher Cushing Organizations: Fisker Inc, Reuters, Ford, Thomson Locations: HUNTINGTON BEACH , California, Alaska, Huntington Beach , California, Huntington Beach, San Francisco

☆ US Navy stealth destroyer Zumwalt's deck guns are basically useless, but it's on its way to get new hypersonic missile launchers
▼ + stars: | 2023-08-04 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +4 min

Destroyer USS Zumwalt has long had problems with its main deck guns, which don't have any ammunition. The Zumwalt is changing homeports to receive upgrades including a new hypersonic missile system. US Navy guided-missile destroyer USS Zumwalt arrives in Yokosuka for a port visit, September 26, 2022. Unlike China and Russia, the US does not currently have any hypersonic weapons systems deployed. True hypersonic weapons pose a new and potentially unstoppable threat due to their ability to maneuver unpredictably at these speeds.

Persons: Zumwalt, Seaman Darren Cordoviz, Michael Monsoor, Lyndon, Johnson Organizations: Service, US Navy, Ingalls Shipbuilding, Huntington Ingalls Industries, Navy, Systems, US, Army, CPS Locations: Wall, Silicon, San Diego , California, Pascagoula , Mississippi, Ingalls, Yokosuka, Hawaii, China, Russia, Virginia

The rule, which would implement a 2017 agreement by global regulators, aims to overhaul how banks gauge their riskiness, and in turn how much money they must keep on hand. Industry opponents have already begun to criticize the plan as banks seek to soften, delay, or otherwise derail the government's long-planned effort. The proposal would see U.S. regulators implement a previous global agreement via the Basel Committee on Banking Supervision. "Bank capital is critical," said Dennis Kelleher, president and CEO of Better Markets, which advocates for tougher financial rules. "However, maximizing Wall Street’s bonuses depends on minimizing capital and that’s why Wall Street fights to prevent regulators from requiring them to have enough capital."

Persons: it’s, Ian Katz, JPMorgan Chase, Morgan Stanley, Michael Barr, Barr, Joe Biden, Dennis Kelleher, Pete Schroeder, Susan Heavey Organizations: Federal Deposit Insurance Corporation, Federal, Industry, Washington, Capital Alpha Partners, JPMorgan, Banking Supervision, Citizens Financial, Bank, Better, Thomson Locations: U.S, Basel, Huntington, that’s

☆ 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

☆ The 10 most affordable places to live in the U.S.—none are in Florida
▼ + stars: | 2023-07-27 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

According to U.S. News and World Report, Hickory, North Carolina is the cheapest place to live in the U.S. This month, U.S. News and World Report released its ranking of the cities with the lowest cost of living, based on the median gross rent and annual housing costs for mortgage-paying homeowners. The average Hickory home value is $276,748, up 5.3% over the past year, according to Zillow's Home Value Index. Youngstown, Ohio is the second cheapest place to live in the U.S., according to U.S. News and World Report. Since 2010, new businesses have been popping up in its downtown, according to U.S. News and World Report.

Persons: it's, IN, TN Organizations: U.S . News, Black, U.S . Census Bureau, FBI, U.S . Department of Labor, Hickory, Hickory Furniture Mart, Huntsville, AL Fort Wayne, IL, . Census, Tri - State, Istock, Getty Locations: U.S, Hickory , North Carolina, Hickory , NC Hickory , North Carolina, Catawba County, Charlotte, Asheville, Hickory, North Carolina, Youngstown , Ohio, Hickory , NC Youngstown, Huntington, WV, Ashland , KY, IN Beaumont , TX Peoria, IL Green, , WI, IL Knoxville, Pittsburgh, Cleveland, Youngstown, Ashland , West Virginia , Kentucky, Ohio

That special fee, which the FDIC proposed in May, would be assessed based on their uninsured deposits at the end of 2022. The regulator said some banks were "not reporting estimated uninsured deposits in accordance with the instructions." A July 6 report by S&P Global noted 55 banks restated their fourth-quarter uninsured deposits in FDIC reports, more than twice the norm. Specifically, the FDIC reminded banks they must report uninsured deposits backed by pledged assets as well as uninsured deposits held at their own subsidiaries. “Earlier this year, we identified certain internal or intra-bank accounts that shouldn’t have been reported,” Bank of America spokesman Bill Halldin said.

Persons: Zions, Paul Burdiss, Bill Halldin, Bank spokespeople, Niket, Pete Schroeder, Tatiana Bauzer, Shweta Agarwal, Megan Davies Organizations: U.S, Federal Deposit Insurance Corporation, Valley Bank, FDIC, P Global, Bank of America, ” Bank of America, P, Huntington National Bank, Bank, Bank Policy Institute, Thomson Locations: Bengaluru, Washington

☆ Bank of America, Huntington National Stand Out for Large Reductions in Uninsured Deposits
▼ + stars: | 2023-07-24 | by ( Jonathan Weil | Shane Shifflett | ) www.wsj.com time to read: 1 min

The Federal Deposit Insurance Corporation is doing what it was designed to do when banks like Silicon Valley and Signature go under: cover insured deposits. Here’s how the FDIC works and why it was created. Photo illustration: Madeline MarshallWhen Silicon Valley Bank ran into financial trouble, its customers ran for the exits because most of their deposits weren’t insured. In the weeks after, dozens of banks tweaked their numbers to reduce the portions of their deposits that they said were uninsured.

Persons: Madeline Marshall Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank Locations: Silicon

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