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☆ Regional banks hurt by higher interest rates, saving for depositor defaults after Q3
▼ + stars: | 2023-10-24 | by ( Sergio Padilla | ) edition.cnn.com time to read: +6 min

Following the bank closings, many other regional banks have had to pay higher interest rates on deposits in order to prevent customers from heading towards the exit. Comerica saw declines in both provisions and net interest income and a 28% decline in net income compared to last year. Zions Bancorp had a dramatic decline as well, seeing yearly declines in net interest income and provisions. Going forward, if demand for loans dries up, that gets rid of a key source of income for regional banks. The SPDR S&P Regional Banking ETF, a benchmark for judging the performance of shares of regional banks, was down 2.9% over five days as of midday trading on Friday.

Persons: “, ” Nathan Stovall, Stovall, ” Stovall, Huntington Bancshares, ”, Jerome Powell, JPMorgan Chase Organizations: CNN, Signature Bank, First Republic Bank, Silicon Valley Bank, Federal, P Global Market Intelligence, US Bancorp, Financial Corp, T Bank Corp, PNC Financial Services Group, Inc, Commerce, Comerica, Zions Bancorp, Keycorp, Zions, T Bank, PNC, Regional Banking, Fed, Citi Group, Wells, JPMorgan Locations: Ohio, Dallas, Salt, Huntington, Commerce, Keycorp, Regions, Gaza, Wells Fargo

☆ CD Rates and Savings Rates Today | New Nationally Available 6% APY Savings Account Comes to Market
▼ + stars: | 2023-10-24 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

Persons: Banks, —, Cash, we've Organizations: BMO, Cash, Products, Columbia, Savings, Mission Valley Bank, Newtek, United States, Federal Credit Union, Western Alliance Bank Locations: —

☆ Big Banks Are Making Huge Profits Off Today’s Savings Rates—Are You?
▼ + stars: | 2023-10-23 | by ( Mallika Mitra | ) www.wsj.com time to read: +6 min

That’s because many big banks have been playing a ‘do as I say, not as I do’ game with customers. Many large bricks-and-mortar banks pay even less—Wells Fargo, for example, pays 0.15% on its standard savings account while JP Morgan Chase pays 0.01%. Evergreen Bank—a locally-owned bank serving the Chicago suburbs—is currently offering a 5.25% APY on savings accounts, one of the best savings account rates for October. Compare that to what big banks offer and you can see the appeal of looking for alternatives to the big banks. For some of the current best interest rate deals, check out our list of the best savings accounts and CD rates.

Persons: Mallika Mitra, they’ve, ”, Mayra Rodriguez Valladares, Morgan Chase, Adam Stockton, you’ve, Susan Mitcheltree, ” Mitcheltree, Andrew Herzog, Herzog, Banks Organizations: Federal Reserve, JPMorgan Chase, MRV Associates, Wells Fargo, Evergreen Bank, Valley Bank, Signature Bank, First Locations: U.S, Wells Fargo, New York, Stockton, “, Baltimore, Plano , Texas, Chicago, —

☆ CD Rates and Savings Rates Today | 7% APY checking account still available
▼ + stars: | 2023-10-23 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

☆ CD Rates and Savings Rates Today | Find the best interest rates
▼ + stars: | 2023-10-22 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

☆ CD Rates and Saving Rates Today | Earn more on your bank deposits
▼ + stars: | 2023-10-21 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. Certificates of DepositThe best CD rates may outpace any of the other accounts we've described above. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

☆ Japan's property market shows signs of overheating, central bank says
▼ + stars: | 2023-10-20 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

In a heat map of economy sectors which are running hot, the ratio of investment by real estate firms to gross domestic product (GDP) turned "red", a signal that the property market was overheating, the central bank said. "The increase in real estate firms' investment has been accelerated by urban redevelopment projects by major real estate developers," it added. "In some limited commercial areas in central Tokyo, transactions in the higher price range have been increasing," it said, adding that developments in the real estate transaction market "continue to warrant close monitoring". Japanese banks could also face risks from the rising possibility of interest rates remaining high overseas, it added. But credit costs could rise abruptly, particularly for loans to Asia, if overseas interest rates stay higher for longer, it warned.

Persons: Kim Kyung, Banks, Leika Kihara, Kim Coghill, Clarence Fernandez Organizations: REUTERS, Bank of Japan, Bank, U.S . Federal Reserve, Thomson Locations: Tokyo, Japan, TOKYO, Asia

☆ CD Rates and Saving Rates Today | Earn top interest rates on your deposits
▼ + stars: | 2023-10-20 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

☆ Elon Musk warned of Cybertruck headaches, consumers' debt woes, and a 'stormy' economic backdrop on Tesla's earnings call. Here are his 14 best quotes.
▼ + stars: | 2023-10-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Elon Musk tackled a wide range of topics during Tesla's third-quarter earnings call on Wednesday. The world's richest man and CEO of the electric-vehicle maker underscored the difficulties of scaling Cybertruck production, touted Tesla's Optimus humanoid robot over Boston Dynamics' mechanical dogs, and trumpeted his cost-cutting efforts, according to a transcript provided by AlphaSense/Sentieo. Tesla's Optimus robot appearing to do yoga. (Musk was describing Tesla's focus on cutting the cost of car parts by even a few cents.) Tesla is "not going to sink," says Elon Musk.

Persons: Elon Musk, Musk, —, Elon, Oz, Marie Antoinette, Tesla's, that's, Tesla, they've, You've Organizations: Service, Boston Dynamics, AlphaSense, General Motors, Chrysler, Getty, Silicon Valley Bank, Suisse — geez Locations: Silicon

☆ Elon Musk just warned about credit-card debt, commercial real estate, and foreign conflicts. Here's why the Tesla chief is so worried.
▼ + stars: | 2023-10-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Musk flagged overseas wars as worrying, and cautioned the economic situation could deteriorate. The world's richest man cautioned there's likely to be more fallout as higher rates, tighter lending, and declining asset values hit vulnerable sectors of the economy. "I think there's still quite a few shoes to drop on the bad credit situation," he said. The auto executive also drilled down on how the economic situation is hurting his industry specifically. Most strikingly, Musk warned the current economic backdrop could worsen, causing headaches for Tesla regardless of its strength as a business.

Persons: Elon Musk, —, Musk, they've, there's, Tesla, I'm Organizations: Service, EV, Silicon Valley Bank, General Motors, Chrysler Locations: Silicon, Russia, Ukraine, Israel, Mexico

☆ Savings Account and CD Rates Today | Get the top deposit rates available today
▼ + stars: | 2023-10-19 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A savings account often limits the number of monthly transfers, while a checking account doesn't. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

Persons: Banks, —, Cash, we've Organizations: BMO, Cash, Products, DR, Savings, Mission Valley Bank, Newtek, United States, Federal Credit Union, Western Alliance Bank Locations: —

REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Oct 18 (Reuters) - Several U.S. regional banks beat analysts third-quarter profit expectations on Wednesday as higher interest rates allowed them to charge more for loans, although rising loan loss provisions and deposit retention costs crimped margins. Shares of several regional banks fell, including M&T Bank and US Bancorp. Regional banks remain a focus of investor scrutiny. The KBW regional banking index (.KRX) is down nearly 24% year-to-date, while the S&P regional bank (.SPCOMBNKS) has also dropped 33% in the same period. Citizens Financial Group (CFG.N) and First Horizon Corp (FHN.N) both reported a decline in their third quarter profit weighed down by rising credit loss provisions and deposit costs.

Persons: Brendan McDermid, Chris Marinac, Janney Montgomery Scott, Marinac, Citizen Financial's, Chibuike Oguh, Michelle Price, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, U.S, T Bank, US Bancorp, T Bank Corp, Wall, Bank, Citizens Financial, Horizon Corp, Citizens, Citizen, Thomson Locations: New York, U.S, Silicon

☆ CD and Savings Account Rates Today | Savings Rates vs CD Rates
▼ + stars: | 2023-10-18 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

Persons: Banks, —, Cash, we've Organizations: BMO, Cash, Products, DR, Savings, Mission Valley Bank, Newtek, United States, Federal Credit Union, Western Alliance Bank Locations: —

REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - Bank of America (BAC.N) reported unrealized losses of $131.6 billion on securities held until maturity in the third quarter, growing from nearly $106 billion in paper losses in the second quarter. Unrealized losses have come under closer scrutiny by investors since March. "All of these are unrealized losses are on government- guaranteed securities," Bank of America's chief financial officer, Alastair Borthwick, told reporters on conference call discussing third-quarter earnings. JPMorgan Chase (JPM.N) had unrealized losses of $40 billion in its HTM portfolio in the third quarter. If banks have intention to hold debt securities until maturity they keep them in held to maturity portfolio.

Persons: Carlo Allegri, Alastair Borthwick, JPMorgan Chase, Saeed Azhar, Nupur Anand, Tatiana Bautzer, Manya Saini, Lananh Nguyen, Megan Davies Organizations: of America, REUTERS, Bank of America, U.S, Silicon Valley Bank, Bank of, JPMorgan, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Banks

☆ Priced for earnings recession, European equities could weather storm
▼ + stars: | 2023-10-17 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

After a long period of scepticism towards European equities, some investors and analysts are finding cause for optimism. European companies are expected to enter their first earnings recession - two consecutive quarters of falling earnings - since 2020. But European stocks are better priced for a recession than their U.S. counterparts, said Matthew McLennan, co-head of First Eagle’s Global Value team. First Eagle's McLennan said the weaker euro in part supported the outlook for European equities. "There's some possibility that European equities, by both their valuation and their currency valuation, could do better than U.S. equities over a period of time".

Persons: Jefferies, Mohit Kumar, LSEG, Matthew McLennan, Goldman Sachs, Oliver Collin, Europe's, Collin, LVMH, Ayesha Akbar, Eagle's McLennan, Joice Alves, Mark Potter Organizations: Silicon Valley Bank, Credit Suisse, Deutsche Bank, U.S, drugmaker Novo Nordisk, Fidelity, Thomson Locations: Frankfurt, Silicon, Germany, U.S

☆ SVB didn't have a steady source of capital and a stable bond portfolio, says Jim Cramer
▼ + stars: | 2023-10-17 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSVB didn't have a steady source of capital and a stable bond portfolio, says Jim Cramer'Mad Money' host Jim Cramer talks what went wrong with Silicon Valley Bank.

Persons: Jim Cramer Organizations: Valley Bank

☆ Marc Andreessen is getting raked over the coals for calling social responsibility the 'enemy'
▼ + stars: | 2023-10-17 | by ( Melia Russell | ) www.businessinsider.com time to read: +5 min

VC Marc Andreessen wrote a lengthy missive this week, titled "The Techno-Optimist Manifesto." AdvertisementAdvertisementIt wouldn't be a Marc Andreessen essay if the internet didn't lose its mind over it. Rather, technology, he wrote, can solve for "any material problem" under the sun and herald a new era of "abundance for everyone." The backlash to Andreessen's essay was swift. He runs one of the biggest venture capital firms by assets and perceived importance.

Persons: Marc Andreessen, —, Kara Swisher, Andreessen, Ben Collins, Andreessen's missive, Dorothea Baur, Cameron Moll, he's, Gary Marcus, Marcus, what's, Aravind Srinivas, A16z, Collins, Andreessen Horowitz, Del, Johnson Organizations: Service, Securities and Exchange Commission, Facebook, Backstage Capital, Silicon Valley Bank, Venture Locations: Silicon Valley, Del Johnson, Silicon

☆ Jim Cramer’s guide to investing: Lessons from the Silicon Valley Bank crisis
▼ + stars: | 2023-10-17 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer acknowledged that he makes mistakes, including his recommendation to buy Silicon Valley Bank stock at the beginning of 2023 shortly before it collapsed. The bank failed after capital and startup clients withdrew money en masse and it was forced to sell bonds at a huge loss. When SVB could not raise enough capital, regulators seized and closed it, wiping out the bank's stock. Regulators weren't monitoring it as closely as they should have and were too lenient with the bank, he added. "So many of us got Silicon Valley Bank wrong because we relied on the regulators, who were also wrong.

Persons: CNBC's Jim Cramer, SVB, Cramer, they've, I'd Organizations: Valley Bank, Regulators

☆ Jim Cramer talks what went wrong with Silicon Valley Bank
▼ + stars: | 2023-10-17 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer talks what went wrong with Silicon Valley Bank'Mad Money' host Jim Cramer talks what went wrong with Silicon Valley Bank.

Persons: Jim Cramer Organizations: Bank, Valley Bank

☆ Savings Account and CD Rates Today | National Banks Offering 5% APY or More
▼ + stars: | 2023-10-15 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A savings account often limits the number of monthly transfers, while a checking account doesn't. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

Persons: Banks, —, Cash, we've Organizations: BMO, Cash, Products, Western Alliance, Savings, Mission Valley Bank, Newtek, United States, Federal Credit Union, Western Alliance Bank Locations: —

☆ Here are 3 things to watch in the stock market after a very difficult week
▼ + stars: | 2023-10-14 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +10 min

MS YTD mountain Morgan Stanley YTD We certainly hope Morgan Stanley's numbers are as good as Friday's report from our other bank holding Wells Fargo (WFC). Morgan Stanley is expected to grow revenue by more than 2% year over year to $13.2 billion in the third quarter. During a recent conference, Morgan Stanley executives said that capital markets will likely improve in 2024. Shares of Morgan Stanley have struggled this year, dropping more than 8% compared to the S & P 500's nearly 13% advance in 2023. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, WTI, Jerome Powell's, There's, Patrick Harker, John Williams, Harker, Austan Goolsbee, Lorie Logan, Powell, Christopher Waller, Philip Jefferson, Waller, Jefferson, – Morgan Stanley, Gamble –, Morgan Stanley YTD, Morgan, Jim Cramer, Morgan Stanley, there's, Gamble, Jim, we'll, Charles Schwab, Goldman Sachs, Johnson, Philip Morris, — CNBC's Zev Fima, Jim Cramer's, Spencer Platt Organizations: Nasdaq, Dow, Columbus Day, West Texas, Federal Reserve, Club, Fed, Market, Philadelphia Fed, New York Fed, Chicago Fed, Dallas Fed, United Auto Workers, General Motors, Chrysler, Ford, National Association of Realtors, Procter, Procter & Gamble, Natural Resources, Exxon Mobil, Coterra Energy, of America, United Airlines, Gamble, Housing, Netflix, Alcoa, American Airlines, Taiwan Semiconductor Manufacturing Company, Alaska Air, CSX, American Express, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Israel, U.S, New, Wells, KBW, Silicon, Manhattan, New York City

☆ Bank Bonuses and CD Interest Rates Today | Earn up to $3,000 opening a new checking account
▼ + stars: | 2023-10-14 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. A savings account often limits the number of monthly transfers, while a checking account doesn't. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

Persons: —, Cash, we've Organizations: BMO, Cash, Products, Western Alliance, Savings, Mission Valley Bank, Newtek, United States, Federal Credit Union, Western Alliance Bank Locations: —

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

☆ How U.S. bank balance sheets have changed as Fed raises rates
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

Alongside that, overall U.S. commercial bank credit during the third quarter began shrinking on a year-over-year basis for the first time in more than a decade, Fed data show. Overall bank credit, reported weekly, stood at $17.26 trillion on the last Wednesday of September on a non-seasonally adjusted basis, down from $17.30 trillion on the last Wednesday of June and $17.33 trillion a year earlier. Reuters Graphics Reuters GraphicsBank deposits overall stabilized during the quarter, after falling sharply in the wake of the March bank failures. Reuters Graphics Reuters GraphicsDeposits at smaller banks fell sharply after the March bank turmoil, but have recovered much of their losses, and are now down about 2% from their April 2022 level. Reporting by Ann Saphir; Editing by Dan Burns and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Reuters Graphics Banks, Ann Saphir, Dan Burns, Diane Craft Organizations: Silicon, JPMorgan, Citigroup, Reuters Graphics, Reuters Graphics Reuters, Bank, Graphics, Thomson Locations: U.S, Wells Fargo

☆ Bankruptcies are surging - and Fed rate hikes are to blame, economist says
▼ + stars: | 2023-10-13 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Rising US corporate bankruptcies are due to Fed rate hikes, Apollo chief economist said. "The September data for bankruptcy filings are out, and more and more companies are going bankrupt because of Fed hikes," said Apollo chief economist Torsten Sløk in a note on Friday. "Bankruptcies are hitting companies with high levels of debt and low earnings in the Consumer discretionary, Healthcare, and Industrials sectors," Sløk added. AdvertisementAdvertisementSome of the other headline bankruptcies this year have included the collapse of Yellow, Bed Bath & Beyond, and Silicon Valley Bank. According to experts, a rising wave of bankruptcies and debt defaults could risk rocking the economy towards a recession.

Persons: —, Torsten Sløk, Sløk Organizations: Service, P, Healthcare, SmileDirectClub Inc, Silicon Valley Locations: Silicon

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