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But the plunge in the deal pipeline prompted soul-searching and job-hopping among investment bankers accustomed to a feast. Barclays, which has struggled to retain bankers following a shake-up in the management of its investment banking division, has lost at least nine top technology bankers in recent weeks. Traditionally, smaller firms have been reluctant to offer investment bankers guaranteed compensation, in order to have more of their pay tied to performance. Alan Johnson, managing director of compensation consultancy Johnson Associates, said that first-year guarantees were common practice in the hiring of investment bankers, but second-year guarantee used to be rare. "You get paid a higher percentage of revenue than in a big bank, but you have to generate the revenue with perhaps less help," Johnson said.

Persons: Goldman Sachs, Sam Britton, Britton, Anthony Keizner, Goldman, Nick Pomponi, Rob Chisholm, Troy Broderick, Goldman's, Perella Weinberg, Laurence Braham, Richard Hardegree, Steve Markovich, Ron Eliasek, Jason Auerbach, Alan Johnson, Johnson, Milana Vinn, Anirban Sen, Greg Roumeliotis, Jamie Freed Organizations: YORK, Goldman, Bank of America, Barclays, Qatalyst Partners, Jefferies Financial, Technology, LSEG, Intelligence, Search, Evercore, UBS, Centerview, Jefferies, SVB Securities, Bank, Reuters, Johnson Associates, Thomson Locations: Qatalyst, New York

☆ Credit-card crackdown will net limited rewards
▼ + stars: | 2023-06-22 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 22 (Reuters Breakingviews) - With more than two open accounts for every American, credit cards are practically part of the family. The point of credit cards is to make spending easier, yet in practice their complexity rivals the edgiest financial derivatives. At Capital One, late fees account for a little less than $2 billion of revenue, or roughly 5%, a year. If late fees have raised hackles among U.S. lenders, they’re only a taste of what could lie in store. Currently, issuers can charge $30 for a first late payment and $41 for late payments thereafter if they happen within the following six billing cycles.

Persons: Joe Biden’s, Biden, Banks, don’t, Goldman Sachs, Rohit Chopra, Michael Barr, that’s, There’s, Chase, they’re, –, Joe Biden, Jeffrey Goldfarb, Oliver Taslic Organizations: YORK, Reuters, JPMorgan, Consumer Financial, Bureau, American Bankers Association, Citigroup, Federal Reserve, Securities and Exchange Commission, Discover Financial Services, Bank of America, One, Fed, Biden, University of Michigan, Apple, Chase Sapphire, American Express, Capital, U.S, Consumer Financial Protection Bureau, New York Fed, Thomson Locations: U.S, United Kingdom

This spike bodes well for the IPO market, bankers say, because both new listings and secondary stock sales rely on strong demand from equity investors. "Historically, follow-on activity of this magnitude should lead to animal spirits in the IPO market," said Daniel Burton-Morgan, head of Americas syndicate for equity capital markets at Bank of America Corp (BAC.N). The IPO market has been in the doldrums since the start of 2022, when Russia's invasion of Ukraine and a spike in inflation fueled a bout of market volatility as investors fretted over U.S. interest rate hikes. The week of June 5 saw 19 follow-on and secondary stock sales in the United States, totaling proceeds of $6.6 billion, one of the highest weekly tallies since the end of 2021. IPO HOPEFULSMajor companies are waiting in the wings to launch their market debut come September, when the IPO window traditionally opens after a summer lull.

Persons: Daniel Burton, Morgan, Goldman Sachs, Electric's, Alex Wellins, Keith Townsend, Echo Wang, Lance Tupper, Greg Roumeliotis, Sam Holmes Organizations: YORK, LSEG, Intelligence, Bank of America Corp, Dealogic, Reuters Graphics, Federal, Goldman, Intel Corp, GE Healthcare Technologies, SoftBank Group Corp, chipmaker, Holdings, Blueshirt, King, Spalding, Thomson Locations: United States, Ukraine, Cava, New York

☆ JPMorgan cuts around 20 Asia investment banking jobs
▼ + stars: | 2023-06-21 | by ( Selena Li | ) www.reuters.com time to read: +1 min

HONG KONG, June 21 (Reuters) - JPMorgan Chase & Co (JPM.N) has in a new round of downsizing cut around 20 investment banking jobs in Asia, a source with direct knowledge of the matter said, joining global peers in trimming headcount as dealmaking slows. The cuts are the second round of layoffs at JPMorgan in Asia this year with the Wall Street bank cutting around 20 investment banking jobs, mostly mid-level bankers focused on China deals, in the first quarter. JPMorgan is the latest among a string of global banks to trim investment banking teams in Asia. The decline was roughly in line with the rest of the world, as higher interest rates, volatile markets and geopolitical tensions weighed on dealmaking globally, causing a number of Wall Street banks to cut jobs over the past year. Reporting by Selena Li in Hong Kong;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Selena Li, Elaine Hardcastle Organizations: JPMorgan Chase &, JPMorgan, Bloomberg, Bank of America Corp, Citi, Asia, Thomson Locations: HONG KONG, Asia, China, Refinitiv, Hong Kong

☆ In 7 Great Cities, 7 Great Walks
▼ + stars: | 2023-06-19 | by ( Christine Chitnis | The New York Times | ) www.nytimes.com time to read: +32 min

Urban Walks In 7 Great Cities, 7 Great Walks The pleasures of strolling through an urban landscape are manifest. Credit... Joann Pai for The New York Times Its organically styled bouquets feel as though they’ve been freshly picked from the garden. Credit... Joann Pai for The New York Times Image Astier de Villatte specializes in antiques and tableware. Three quarters of a mile into the walk, you’ll be standing atop the first of three mountains, the 1,100-foot-high Inwangsan. Credit... Petrina Tinslay for The New York Times Few cities are so abundant with forest-like parks, coastal walks and beaches as Sydney, which is best explored on foot.

Persons: Joann Pai, Sandra Sigman, ”, Sigman, de Mars, you’ll, Dominique, Boulangerie Laurent B, Bellechasse, Germain, Bac, Pierre Hermé, monsieur, Le, Rue de Babylone, Sèvres, Rue de l’Abbaye, de Furstemberg, Furstemberg, they’ve, Tournon —, Villatte, Queen Marie de ’, Palazzo Pitti, Fna, Imane, —, Rue Riad Zeitoun, Rue Djane Ben Chegra, Rue Laarassi, darija, Rue Sidi Boulabada, Rue Bab Ahmad, Rue Bin Lafnadek, Michael Park, it’s, Earl Grey scones, Hadid, Petrina, It’s, Strickland, Carlos Drummond de Andrade, Ian Cheibub, Ayrton Senna, touristy, Clarice Lispector, altinha, Tom Jobim, toting Tom Jobim, Osório, Rua Vinícius de Moraes Organizations: Shops, Jardin de, The New York, Rue Saint, Mars, ., The New York Times, des Invalides, Saint, Blvd . Saint, Rue de, Rue du, Rue de Rennes, de, Compagnie Française, Français, du, Palazzo, Credit, Rue Riad, des, Rue Bahia Bab, Moors, Jewish, Rue, Rue Sidi, Tachenbacht, Rue Bin, Wall ., Korean, South Korean, Milk, Nielsen, New, Opera, Milk Beach, Gibsons, Reserve, South, Heritage, Hornby, Fort, Francisco, Rua Locations: Cities, Paris, Seoul, Marrakesh, Jardin, Jardin de Luxembourg, Rue, Esplanade des Invalides, Blvd, Raspail, bac, Rue de Bac, Bac, Rue de Babylone, Seine, Astier, Français ., du Luxembourg, Italian, Florence, medina, Moroccan, Central Park, Jemaa, ., El, unburied, El Badi, Spain, Marrakesh ., darija —, Marrakesh enfolds, Morocco, Naksan Park, Gyeongbokgung, Scoff, Inwangsan, Seongbuk district, Dongdamun, Sydney, Hermitage, Bayview Hill, Vaucluse, Watsons, Queens Beach, . Credit, Bayview, Fort Denison, Sydney Harbour’s, Milk, Camp Cove . Credit, Parsley Bay, Hopetoun, Palmerston, Moreton, Camp Cove Beach, Mosman, Balgowlah, Manly, Bay, Watsons Bay, de Janeiro, Copacabana, Rio de Janeiro, Brazilian, Ipanema, Rio, Beach . Credit, Italy, Copacabana Beach . Credit, de, Leme, Fort Copacabana, Arpoador, Vero, Polis Sucos, Polis

☆ What is open on Juneteenth 2023?
▼ + stars: | 2023-06-18 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

Almost 40% of US employers now provide Juneteenth as a paid holiday, a significant increase from just 9% two years ago, according to data from HR consulting firm Mercer. It became a federal holiday in 2021, after President Joe Biden signed the Juneteenth National Independence Day Act. Here is what’s open and closed on Juneteenth 2023. TD Bank, which remained open last Juneteenth, will also be closed on Monday. RetailersMost major retailers and grocery stores will be open on Juneteenth.

Persons: Mercer, Juneteenth, Joe Biden, Gordon Granger, —, Abraham Lincoln, Brandon Bell, Wells, Patrick T, Fallon Organizations: New, New York CNN, Union Army, Communities, United States Post, FedEx, UPS, Federal Reserve, Bank of America, Chase, TD Bank, Getty, Nasdaq, New York Stock Exchange, Juneteenth ., Pew, Walmart, Target Locations: New York, Galveston , Texas, United States, Houston , Texas, Rolling Hills Estates , California, AFP

☆ Major banks cut China 2023 GDP forecasts as recovery falters
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 16 (Reuters) - Four major Western banks have cut their 2023 gross domestic product (GDP) growth forecasts for China after May data showed a post-COVID recovery was faltering in the world's second-largest economy. The government has set a modest GDP growth target of around 5% for this year after badly missing its 2022 goal. UBS economists on Friday cut their GDP forecast to 5.2% from 5.7% and said in a note that they expected more policy support to come. Economists at Standard Chartered lowered their 2023 growth forecast to 5.4% from 5.8% previously. BofA downgraded its 2023 GDP growth forecast to 5.7% from 6.3%, while JPMorgan had earlier trimmed its outlook to 5.5% from 5.9%.

Persons: BofA, Kevin Yao, Jamie Freed Organizations: UBS, Standard Chartered, Bank of America, JPMorgan, Chartered, Thomson Locations: BEIJING, China, Beijing

☆ Bank of America commits $500 million to funds led by minority, women entrepreneurs
▼ + stars: | 2023-06-15 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

NEW YORK, June 15 (Reuters) - Bank of America Corp (BAC.N) on Thursday said it has committed more than $500 million in equity investments to funds led by minority and women entrepreneurs, more than doubling from its initial commitment of $200 million. The bank has committed equity to more than 150 funds, which to date have invested in over 1,000 companies that span 40 states, it said. These companies are led by 1,500 diverse entrepreneurs and employ over 21,000 people. "As a company, we looked at how to support women and diverse entrepreneurs," Tram Nguyen, global head of Strategic and Sustainable Investments at Bank of America, told Reuters. "Each time we support a minority or women-led fund, they in turn support diverse entrepreneurs, which ultimately helps us toward achieving our goal to advance racial equality and economic opportunity," Nguyen said.

Persons: Nguyen, Nasir Qadree, George Floyd, Saeed Azhar, Chizu Nomiyama, Mark Porter Organizations: YORK, Bank of America Corp, Strategic, Sustainable Investments, Bank of America, Reuters, Capital Partners, Thomson Locations: Esusu

REUTERS/Caitlin OchsJune 13 (Reuters) - Shares of U.S. banks rose on Tuesday after inflation data backed the view that the Federal Reserve will keep interest rates unchanged on Wednesday while leaving the door open for more hikes later that will further boost interest income. The data lifted the S&P 500 Banks Index (.SPXBK) 1.5%, while the KBW Regional Banking Index (.KRX) gained about 1.6%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. On Tuesday, Wells Fargo CFO Mike Santomassimo said the lender expected an upside to interest income this year going ahead. Missing the rally were shares of Zions Bancorporation (ZION.O) after executives said at a conference that interest income at the regional lender was trending toward.

Persons: Caitlin Ochs, Wells, Mike Santomassimo, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Organizations: JPMorgan Chase Bank, REUTERS, Federal Reserve, Banks, JPMorgan, Citigroup, Bank of America, PacWest Bancorp, Western Alliance, Comerica, U.S . Bancorp, Thomson Locations: New York City, U.S, KBW, Monday's, Wells Fargo, Bengaluru

[1/3] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. The S&P 500 Banks Index (.SPXBK) rose 1.14%, while the KBW Regional Banking Index (.KRX) gained about 2%. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), Goldman Sachs (GS.N), Morgan Stanley (MS.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 1% and 2%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. Zions Bancorporation (ZION.O) shares fell 0.56% after its executives forecasted a slowdown in net interest income.

Persons: JP Morgan, Wells, Mike Santomassimo, Jack Janasiewicz, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Kalluvila, Lisa Shumaker Organizations: JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Federal Reserve, Labor Department, Traders, Natixis Investment, Banks, JPMorgan, Citigroup, Bank of America, Comerica Inc, Comerica, Bancorp, Western Alliance, U.S . Bancorp, National Bancorp, Thomson Locations: U.S, Wells, KBW, Monday's, Wells Fargo, Bengaluru

☆ Final Trade: GILD, TOL, BAC & MU
▼ + stars: | 2023-06-09 | by ( Melissa Lee | ) 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 EmailFinal Trade: GILD, TOL, BAC & MUThe final trades of the day with CNBC's Melissa Lee and the Fast Money traders.

Persons: CNBC's Melissa Lee Organizations: MU, Fast Money Locations: TOL

With the IPO still some way off, Ola is embarking on investor meetings earlier than usual to explain the business potential of India's nascent EV market. Aggarwal plans to meet investors, including BlackRock (BLK.N), Singapore's sovereign wealth fund GIC, and mutual funds such as T Rowe Price (TROW.O), the first source said. Ola Electric declined to comment. Ola Electric is likely to file regulatory papers on the IPO for approval by August, the two sources said. Ola competes with other startups and bigger companies like TVS Motors (TVSM.NS), Ather Energy and Hero Electric, which are ramping up their EV scooter plans.

Persons: Ola, Bhavish Aggarwal, Rowe Price, Bhavish, Ola Electric, T Rowe Price, Goldman Sachs, Sriram, Scott Murdoch, Aditya Kalra, Jane Merriman Organizations: Blackrock, Bank of America, Temasek, BlackRock, Reuters, TVS Motors, Ather Energy, Hero, EV, Citi, ICICI Securities, Thomson Locations: Singapore, UK, U.S, GIC, MUMBAI, United States, United Kingdom, India

☆ Exclusive: Bank of America promotes Bettamio to co-head of investment banking; Ahmad to co-head capital markets
▼ + stars: | 2023-06-08 | by ( Lananh Nguyen | Thomson Reuters | Lananh Nguyen Is The U.S. Finance Editor At Reuters In New York | ) www.reuters.com time to read: +1 min

NEW YORK, June 8 (Reuters) - Bank of America Corp (BAC.N) promoted the head of its Latin America business, Alex Bettamio, to co-head of global investment banking alongside Thomas Sheehan, according to a memo seen by Reuters on Thursday. It also elevated Faiz Ahmad to jointly lead global capital markets with Sarang Gadkari. Bank of America's investment-banking revenue rose 19% to $6.2 billion in the first quarter, its second-best quarter for revenue, even as investment banking fees sank 20%. Jin Su will become the bank's sole president for the Asia Pacific region when Seguchi retires. Peter Guenthardt will lead global corporate investment banking in the region.

Persons: Alex Bettamio, Thomas Sheehan, Faiz Ahmad, Sarang Gadkari, Ahmad, Bilgi Zapparoli, Bernie Mensah, BofA's, Mark Monaco, Augusto Urmeneta, Jiro Seguchi, Jin Su, Seguchi, Peter Guenthardt, Lananh Nguyen, Lisa Shumaker Organizations: YORK, Bank of America Corp, Reuters, Sarang, Global Transaction Services, Bank of, GTS, Asia, Thomson Locations: America, U.S, Asia Pacific

☆ US stocks are in the firing line if China’s economy stalls further
▼ + stars: | 2023-06-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Recent data shows that China is also contending with worse-than-expected consumer spending, slowing manufacturing and weak home sales. What it means for markets: US-based companies doing business in China stand to lose if the economy continues on a downward trajectory. Qualcomm (QCOM), with a 67% exposure rate to China, issued disappointing forward guidance during earnings last month, citing China’s slow recovery. JD.com (JD), one of the largest Chinese companies trading in the United States, has fallen by nearly 36% this year. The air purifier market is poised to grow as climate change increases air pollution and exacerbates breathing difficulties.

Persons: That’s, China —, Capvision, China Nicholas Burns, ”, Goldman Sachs, Dow, JD.com, Morgan Stanley, Goldman, Ayaz Ebrahim, CARR, Johnson, Ivan Menezes, Diageo, Menezes ’, Menezes, King Charles III, Debra Crew, Johnnie Walker, Ivan, Javier Ferrán, “ Ivan Organizations: CNN Business, Bell, New York CNN, International Monetary Fund, Factories, Bain, Group, Micron Technology, Nasdaq, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, China . Companies, Dragon, Goldman Sachs Group, Nomura, Barclays, JPMorgan, Asia Pacific, Bloomberg, Google, Carrier Global, Johnson Controls, Economic Co, Diageo, India, Business, ”, Whisky Association, Northwestern University’s Kellogg School of Management Locations: New York, China, Washington, Beijing, United States, Hong Kong, Dragon China, Canada, Pune, India

☆ US bank stocks rebound, regional banking index hits 6-week high
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Shares of major U.S. banks and regional lenders outperformed broader markets in morning trading on Tuesday with the KBW Regional Banking index (.KRX) hitting its highest since late April. The tenuous relief rally comes at a difficult time for the banking sector that has been grappling with worries around deposit flight, rising interest rates and exposure to commercial real estate since March. The S&P 500 Banks index (.SPXBK) advanced about 2.3%. Regional lenders were also higher, with PacWest Bancorp (PACW.O), Western Alliance (WAL.N), Zions Bancorp (ZION.O), Comerica (CMA.N), M&T Bank Corp (MTB.N) and KeyCorp (KEY.N) rising between 4.9% and 8.5%. The volatility in shares of regional lenders has underscored ongoing investor uncertainty over the health of the sector, with the KBW Regional Banking index losing roughly 22% so far this year.

Persons: Wells, Goldman, Morgan Stanley, Manya Saini, Shounak Dasgupta Organizations: KBW, JPMorgan Chase &, Wells Fargo & Co, Goldman Sachs Group Inc, Citigroup, Bank of America Corp, PacWest Bancorp, Western Alliance, Zions Bancorp, Comerica, T Bank Corp, Bank, Reuters, Thomson Locations: U.S, Bengaluru

☆ James Beard Award 2023 winners announced
▼ + stars: | 2023-06-06 | by ( Marnie Hunter | Forrest Brown | ) edition.cnn.com time to read: +12 min

The awards have been presented in the Windy City since 2015 and are set to remain there through 2027. Like last year, much of the 2023 show was focused on showcasing the new push for greater diversity. The James Beard Foundation has been mired in controversy over the past few years. The winner of the South category, Natalia Vallejo, is the first Puerto Rican native to win a James Beard Award. Here’s the full list of the 2023 James Beard Restaurant and Chef Awards nominees.

Persons: James Beard, Eric Adjepong, Esther Choi, Andrew Zimmern, Gail Simmons, ”, ” Simmons, Gregory Gourdet, Kann, ” Sherry Pocknett, Sly Fox, James, Ellen Yin, J.B . Pritzker, Chicago Mayor Brandon Johnson, foodie, James Beard’s, “, Timothy Hontzas, Sam Fore, Mariah Carey, Monti Carlo, Natalia Vallejo, Rachel Miller, Nightshade Noodle, Lynn, Niki Nakayama, Erik Ramirez, NY Rob Rubba, Hajime Sato, Sozai, Celeste Noche, NY Don, Brandon Chrostowski, Greg Dulan, CA Aaron Hoskins, Sarah Simmons, Elie Yigo, Quynh Pham, WA Ellen Yin, Damarr Brown, Virtue, Rashida, LA Charlie Mitchell, Clover, NY Amanda Shulman, Angelo, Bakeshop, Zak, Baker, Baker Veronika Gerasimova, Elaine Uykimpang Bentz, Café Mochiko, Vince Bugtong, Margarita Manzke, CA Shawn McKenzie, Café, AL Lula Drake, Los Angeles , CA Spencer, Ann, Brownsville , TX Rob Roy, California Gilberto Cetina Jr, CA Kyle, Katina, Brandon Hayato Go, Hayato, Los Angeles , CA Justin Pichetrungsi, Carlos Salgado, Taco, Omar Anani, Saffron De, Diana Dávila, IL Tim Flores, Genie Kwon, IL Andy Hollyday, MI Sarah Welch, Marrow, Jesse Ito, Cantina La, Kate Lasky, Tomasz Skowronski, Michael Rafidi, Sanaa, Gregory León, Francesco Mangano, Osteria, Madison , WI Itaru Nagano, Andrew Kroeger, Madison , WI David Utterback, Salvador Alamilla, Amano, Caldwell, Michael Diaz de Leon, Suchada Johnson, WY Kris Komori, Ali Sabbah, Brooklyn , NY Mary Attea, Amanda Cohen, Dirt, Valentine Howell, Hunter, CT Sherry Pocknett, Renee Touponce, Joshua Dorcak, Vince Nguyen, Thomas Pisha, Gado, Beau Schooler, Bocca Al, AK Aaron Verzosa, KY Josh Habiger, TN Sam Hart, NC Terry Koval, Paul Smith, Ana Castro, Lengua, LA Timothy Hontzas, AL Henry Moso, Alex Perry, Kumi Omori, Cocina al, Oscar Amador, Kaoru Azeuchi, KAISEKI, Andrew Black, Jeff Chanchaleune, Ma Der, Justin Pioche, Texas Reyna, Painter, Houston , TX Emiliano Marentes, El Paso , TX John Russ, Clementine, San Antonio , TX Ernest Servantes, David Kirkland, Jim Embry, Valerie Horn, Savi ” Horne, Ira Wallace, Olivia Watkins, Karen Washington, Madur Jaffrey Organizations: Washington , D.C, Lyric Opera of, Illinois Gov, Chicago Mayor, Philadelphia, James Beard Foundation, James, New York Times, CNN, Foundation, WA Coracora, Sunday, of Culture, NY, Neng, EDWINS, Restaurant Institute, Hospitality, SC Yenvy, Street Hospitality, Mbaye, Dakar, WA Bottega, AL, SC, Beverages, Merchant, WA BEST, Sherman, Taco María, Selden, D.C, Madison , WI Itaru, Fairchild, Madison , WI, WY, New, New York State, NY Shaina Loew, Pacific, AK, TN, EDO, Food, Burnt Bean, Sustainable Communities Network, Cooperative Farming, Community Center, Southern, Sierra, Burgerville Workers Union, Black Farmer Fund Locations: Philadelphia, Haitian, Pacific, Washington ,, Lyric Opera of Chicago, livestream, Windy City, Boise , Idaho, Madison , Wisconsin, Oklahoma, Monson , Maine, Haiti, Charlestown , Rhode Island, Puerto Rican, Los Angeles, Brooklyn, NY, Washington, Clawson, MI, Seattle, West Hartford, Philadelphia ,, Lucia, Dallas ,, Cincinnati, Portland , Oregon, of Culture , New York, Mexican, Fort Worth , TX Kann, Portland, Milwaukee ,, Asheville , NC, Chicago, Houston , TX, Cleveland, Crenshaw, Columbia, WA, Rashida Holmes, Bridgetown Roti, Los Angeles ,, Dakar NOLA , New Orleans, LA, Clover Hill, New Orleans, Richardson ,, Kansas City ,, Miami, Billings, San Francisco ,, Café Cerés, Minneapolis, Cypress, Pullman, Birmingham, Quarry, Monson, IL, New York, Houston ,, Ann Arbor, Honolulu, Shawnee, KS, Las Vegas, Brownsville , TX, Healdsburg, Sherman Oaks, Costa Mesa ,, Lakes, Saffron De Twah, Detroit ,, Detroit, NJ, PA, , Philadelphia, Cantina La Martina, Apteka, Pittsburgh, Albi , Washington, Kalaya, MN, MO, Sioux Falls, Amilinda, Milwaukee, Osteria Papavero, Madison ,, Yoshitomo, Omaha, UT, WY, Salvador, BRUTØ, Denver, Teton, Teton Village, Boise, Salt Lake City, Sofreh, Brooklyn , NY, , New York, Hudson, Atomix , New York, NH, RI, Krasi, Boston, New Preston, Charlestown, Siu, Yunnan, The, MÄS, Ashland, Berlu, Gado Gado, Bocca Al Lupo, Juneau, Archipelago, KY, NC, TN, WV, Lexington, Bastion, Nashville, Charlotte, Decatur, Charleston, Lengua Madre , New Orleans, Homewood, Orlando, Springs, Cocina, Cocina al Fondo, San Juan, AZ, NM, Oklahoma City, Fruitland, Navajo Nation, Sandwich Hag, El Paso , TX, San Antonio ,, Seguin ,, City of Whitesburg

Most big bank stocks were trading lower in afternoon trading with the S&P 500 banking index (.SPXBK) down nearly 1% on Monday. U.S. regulators, led by the Federal Reserve, are also expected to propose this month increasing average bank capital requirements by as much as 20% a person familiar with the matter told Reuters. Regional bank stocks also logged broad declines on Monday, with the KBW Regional Banking Index (.KRX) shedding 2%. The impending international capital rules come amid a broader Fed review of lenders' capital requirements. "It's not shocking that you should expect to see some capital requirements being increased and a little more oversight is expected given what has happened with regional banks," Janasiewicz said.

Persons: Wells, Goldman, Morgan Stanley, Jack Janasiewicz, Janasiewicz, Chibuike Oguh, Manya Saini, Michelle Price, Lance Tupper, Aurora Ellis Organizations: YORK, JPMorgan Chase &, Wells Fargo & Co, Goldman Sachs Group Inc, Citigroup, Bank of America Corp, Treasury, Natixis Investment, U.S, Federal Reserve, Reuters, Street Journal, Basel Committee, KBW, PacWest Bancorp, Western Alliance, Comerica Inc, Thomson Locations: U.S, Basel, Regional, New York

"That would suggest that core prices will come down, albeit at a much slower rate than originally thought." ET, Dow e-minis were up 31 points, or 0.09%, S&P 500 e-minis were up 2.75 points, or 0.06%, and Nasdaq 100 e-minis were down 17 points, or 0.12%. Palo Alto Networks Inc (PANW.O) climbed 4.6% as the cybersecurity firm looks set to replace Dish Network (DISH.O) in the S&P 500 index. Apple Inc (AAPL.O) rose 1.0% ahead of its annual software developer conference, where it is widely expected to announce a new mixed-reality headset. Reporting by Sruthi Shankar and Shristi Achar A in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Hewson, Loretta Mester, Sruthi Shankar, Shristi, Vinay Dwivedi Organizations: Dow, Nasdaq, Wall, Traders, CMC Markets, P Global, Institute for Supply Management, Fed Cleveland, Dow e, . Energy, Exxon Mobil Corp, Chevron Corp, Schlumberger Ltd, Saudi, Palo Alto Networks, Dish Network, Big, Wall Street Journal, Bank of America Corp, Citigroup Inc, Apple Inc, Thomson Locations: Saudi Arabia, U.S, Washington, Big U.S, Bengaluru

☆ For its 2024 Olympics, Paris wants the Seine river swimmable
▼ + stars: | 2023-06-05 | by ( Manuel Ausloos | ) www.reuters.com time to read: +3 min

PARIS, June 5 (Reuters) - On a sunny spring day, Dan Angelescu was testing the water quality of Paris' Seine river by the bridge Alexander III - a scenic view for next year's swimming marathon and triathlon Olympic trials. Angelescu has been working for the city since 2017 on its longtime project to make the Seine swimmable. The 2024 Games are a good opportunity to fast-track it in order to host some sporting events in the famous river - as was done at the first Paris Olympics of 1900. Stephane Vidalie, who lives in Neuilly-Plaisance in the east of Paris, was happy to no longer send wastewater into the Marne river, a tributary that joins the Seine just outside Paris. Bastien Coignon, a member of a kayak club in Sevres, west of Paris, said he had been waiting for this.

Persons: Dan Angelescu, Alexander III, Angelescu, Pierre Rabadan, Rabadan, Manuel Ausloos, Stephane Vidalie, Colombe Brossel, Bastien Coignon, Clotaire Achi, Juliette Jabkhiro, Alex Richardson Organizations: Paris Olympics, Olympic, Games, REUTERS, Manuel Ausloos SYSTEM, Thomson Locations: Paris, Seine, Austerlitz, Sevres, France, Neuilly, Plaisance, Marne, Olive

NEW YORK, June 2 (Reuters) - JPMorgan Chase & Co's (JPM.N) President and Chief Operating Officer Daniel Pinto said loan demand is declining at a time when regional and small banks are also tightening credit. JPMorgan's revenue for investment banking and trading are expected to decline 15% in the second quarter, Pinto said last month at the bank's annual investor day. Uncertainty and increased market volatility as central banks approach the end of their monetary tightening cycles have dented investment banking demand. Rival Goldman Sachs (GS.N) has said its dealmaking and trading revenue may slide by 25% in the second quarter, leading to job cuts. Bank of America Corp (BAC.N) expects investment banking fees and trading revenue to be broadly flat this quarter.

Persons: Daniel Pinto, Pinto, Goldman Sachs, Andy Saperstein, Morgan Stanley, Nupur Anand, Lananh Nguyen, David Gregorio Our Organizations: YORK, JPMorgan Chase, Federal Reserve, JPMorgan, Bank of America Corp, Thomson Locations: New York

NEW YORK, June 2 (Reuters) - Citigroup Inc (C.N) CEO Jane Fraser said scrapping the sale of its Mexican retail business, known as Banamex, and pursuing an initial public offering (IPO) was in the best interest of shareholders. "We acted decisively, we acted very swiftly and we said 'okay, we're gonna go down the IPO path,'" Fraser said in an investor conference in New York. Citi announced last week the sale process, which had dragged on for more than a year, had been scrapped. It has signed nine sales agreements nine markets and closed seven deals, including in Australia, India and Vietnam. The CEO held off on giving guidance about trading revenue, citing a landmark U.S. bill to lift the debt ceiling that has just passed and is still being digested by markets.

Persons: Jane Fraser, we're, Fraser, Goldman, John Waldron, Morgan Stanley, Tatiana Bautzer, Saeed Azhar, David Gregorio, Lananh Nguyen, Nick Zieminski Organizations: YORK, Citigroup Inc, Citi, Goldman Sachs, Inc, JPMorgan, Bank of America Corp, Citigroup, Thomson Locations: New York, Australia, India, Vietnam, U.S, Ukraine

[1/4] Holly O’Neill, President of Retail Banking at Bank of America speaks during a Newsmaker interview with Reuters in New York City, New York, U.S., May 31, 2023. "The consumer is still very healthy," Holly O'Neill, Bank of America's president of retail banking, said at a Reuters Newsmaker event. U.S. consumer spending increased more than expected in April, boosting the economy's growth prospects for the second quarter. Consumer spending on Bank of America cards fell 1.2 percent in April compared with a year earlier, the first year-on-year decline since February 2021, its data showed. The biggest shot O'Neill took in her career was moving to the consumer bank after serving as chief operating officer of the private-banking division.

Persons: Holly O’Neill, Mike Segar, Holly O'Neill, O'Neill, Erica, Lananh Nguyen, Saeed Azhar, Nupur Anand, Nick Zieminski Organizations: Retail Banking, Bank of America, Reuters, REUTERS, Bank of America Corp, Bank of, JPMorgan Chase &, First, Bank, Thomson Locations: New York City , New York, U.S

☆ Bank of America CEO sees investment banking and trading staying flat in Q2
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, June 1 (Reuters) - Bank of America Corp (BAC.N) expects investment banking fees and trading revenues to be broadly flat this quarter, its CEO, Brian Moynihan, told investors at a conference on Thursday. The second-largest U.S. bank posted investment banking fees of $1.1 billon in the second quarter last year. Loan growth will probably remain flat, Moynihan said. Reporting by Saeed Azhar and Lananh Nguyen; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Brian Moynihan, Moynihan, Saeed Azhar, Lananh Nguyen, Leslie Adler Organizations: YORK, Bank of America Corp, U.S, Thomson

☆ Wall Street faces life in China’s second tier
▼ + stars: | 2023-06-01 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

Recent earnings reports from U.S. investment banks defy the sober mood among China-focused financiers. Morgan Stanley’s (MS.N) Asia revenue in the first three months of the year was almost 40% above the final quarter of 2022. Companies going public in Hong Kong have raised $2 billion so far this year, per Dealogic. At some point Hong Kong IPOs and cross-border M&A are likely to perk up. Many of those trades flow through the Hong Kong bourse’s Stock Connect links to the Shanghai and Shenzhen exchanges.

Persons: Jamie Dimon, outlast, It’s, Morgan Stanley’s, Sharon Yeshaya, Goldman Sachs’s, that’s, Stephanie Hui, Goldman Sachs, ”, Morgan Stanley, Goldman, That’s, Breakingviews, Hong Kong, Peter Thal Larsen, Katrina Hamlin Organizations: MELBOURNE, Reuters, JPMorgan, Communist Party, Companies, HK, KKR, Reuters Graphics, Tuesday, Bank of America, Wall, China Securities, Financial Times, Apple, Hong Kong bourse’s, Goldman, JPMorgan –, Bloomberg, Thomson Locations: China, Shanghai, U.S, Asia, Hong Kong, Macau, Taiwan, Beijing, Washington, United States, People’s Republic, Germany, Hong, Shenzhen, Greater China, Pacific

NEW YORK, May 31 (Reuters) - Wells Fargo & Co's (WFC.N) Chief Executive Officer Charlie Scharf said on Wednesday that there will be losses in the office loan space but the lender was proactively managing its portfolio. But in the context of the overall portfolio and the overall size of our loan portfolio with the company, we are not overly concentrated in office (loan space)," Scharf said while speaking to investors at a conference. The bank's outstanding commercial real estate (CRE) loans stood at $154.7 billion, or 16% of total loans, with $35.7 billion in office loans at the end of March. Office loans have posed concerns for some lenders as property values decline and more borrowers default on their loans. The San Francisco-based bank set aside $1.21 billion in the first quarter to cover potential loan losses, compared to $787 million a year earlier.

Persons: Charlie Scharf, " Scharf, Scharf, Banks, We've, Wells Fargo, Nupur Anand, Saeed Azhar, Jason Neely, Nick Zieminski Organizations: YORK, U.S, Regulators, JPMorgan Chase &, Bank of America Corp, Citigroup Inc, Thomson Locations: San Francisco, New York

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