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Top related persons:
Goldman Sachs - 2 Greg Baer - 1 Baer - 1 — CNBC's Hugh Son - 1 Tim Cook - 1 Apple - 1 Rohit Chopra - 1 Nick Carcaterra - 1
Top related locs:
Cupertino , California
Top related orgs:
CNBC - 2 Federal Reserve - 1 Bank Policy Institute - 1 Citigroup - 1 American Bankers Association - 1 Ohio Bankers League - 1 Ohio Chamber of Commerce - 1 U.S . Chamber - 1

Search resuls for: "— CNBC's Hugh Son"


7 mentions found


☆ Biggest banks sue the Federal Reserve over annual stress tests
  + stars: | 2024-12-24 | by ( Sara Eisen | ) www.cnbc.com   time to read: +2 min
A group of banks and business groups are suing the Federal Reserve over the annual bank stress tests. The groups said they don't oppose stress testing, but that the current process falls short and "produces vacillating and unexplained requirements and restrictions on bank capital." The Fed's stress test is an annual ritual that forces banks to maintain adequate cushions for bad loans and dictates the size of share repurchases and dividends. It didn't outline any specific modifications to the framework of the annual stress tests. Also, the alterations may not go far enough to satisfy the banks' concerns about onerous capital requirements.
Persons: Goldman Sachs, Greg Baer, Baer, — CNBC's Hugh Son Organizations: Federal Reserve, Bank Policy Institute, Citigroup, American Bankers Association, Ohio Bankers League, Ohio Chamber of Commerce, U.S . Chamber, Commerce, CNBC, Fed, BPI
☆ Apple and Goldman Sachs ordered to pay more than $89 million for Apple Card failures
  + stars: | 2024-10-23 | by ( Kristian Burt | In | ) www.cnbc.com   time to read: +3 min
Apple CEO Tim Cook introduces the Apple Card during a launch event at the Apple headquarters in Cupertino, California, on March 25, 2019. The Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions. Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. "Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service.
Persons: Tim Cook, Goldman Sachs, Apple, Rohit Chopra, Nick Carcaterra, —, Hugh Son, Steve Kovach Organizations: Apple, Consumer Financial Protection, Apple Card, Big Tech, CNBC Locations: Cupertino , California
☆ First Republic's dramatic slide continues as regional bank looks for rescue deal
  + stars: | 2023-04-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com   time to read: +1 min
Shares were down 13% in premarket trading, extending losses of nearly 50% on Tuesday. First Republic 's stock sank again on Wednesday as investors kept an eye on a potential rescue deal for the troubled regional bank. First Republic was seen by customers and investors alike as a risky bank after the collapse last month of Silicon Valley Bank, which had a similar financial profile. First Republic also said in its quarterly report Monday that it was reviewing strategic options to help reshape its balance sheet. Advisors to First Republic are trying to convince at least some of those banks to provide further support by buying some of First Republic's assets at above-market rates, CNBC has learned.
☆ SVB crisis reveals how tough higher rates can be — but these 3 stocks are resilient, strategist says
  + stars: | 2023-03-14 | by ( Weizhen Tan | ) www.cnbc.com   time to read: +1 min
Many companies will find a higher-interest-rate environment very difficult to operate in — as demonstrated by the Silicon Valley Bank crisis, according to Anthony Doyle, head of investment strategy at Firetrail Investments. "It is not a time to be taking beta and index exposure in a higher-interest-rate and a higher-cost-of-capital world," Doyle told CNBC's "Street Signs Asia" on Monday. It comes after financial regulators closed Silicon Valley Bank and took control of its deposits, in what is the largest U.S. bank failure since the global financial crisis over a decade ago. SVB was a major bank for tech and venture-backed companies, which are under pressure due to higher interest rates. "We expect the market to tighten up despite some of the glut of semiconductors that we've seen more recently.
☆ Wells Fargo shares fall as bank's profits cut in half by higher reserves, settlement costs
  + stars: | 2023-01-13 | by ( Yun Li | ) www.cnbc.com   time to read: +3 min
People walk past a Wells Fargo bank on 14th Street on December 20, 2022 in New York City. Wells Fargo shares came under pressure Friday after the bank reported shrinking profits, weighed down by a recent settlement and the need to build up reserves amid a deteriorating economy. Meanwhile, Wells Fargo also said last month that it would have a $2.8 billion after-tax operating loss tied to legal and regulatory costs. After excluding severance costs and a tax gain, Wells Fargo earned 61 cents a share, shy of the 66 cents analysts surveyed by Refinitiv were expecting. As the most mortgage-dependent of the six biggest U.S. banks, Wells Fargo has faced pressure as sales and refinancing activity has fallen steeply amid mortgage rates that have topped 6%.
☆ U.S. consumer is soldiering on despite soaring inflation and recession risk, credit card giants say
  + stars: | 2022-10-21 | by ( Yun Li | ) www.cnbc.com   time to read: +2 min
The company said overall customer spending jumped 21% year over year, driven by growth in goods and services as well as travel and entertainment. "Card member spending remained at near-record levels in the quarter," American Express CEO Stephen Squeri said Friday on an earnings call. "We expected the recovery in travel spending to be a tailwind for us, but the strength of the rebound has exceeded our expectations throughout the year." Bank of America isn't experiencing any slower growth in spending either, despite inflation having reached historic highs. "Analysts might wonder whether the talk of inflation, recession and other factors could [result] in a slower spending growth," Moynihan said Monday during a conference call.
☆ Wells Fargo profit falls as bank boosts loan loss reserves; shares rise
  + stars: | 2022-10-14 | by ( Yun Li | ) www.cnbc.com   time to read: +2 min
Pedestrians pass a Wells Fargo bank branch in New York, U.S., on Thursday, Jan. 13, 2022. Wells Fargo on Friday reported lower quarterly earnings than a year ago as a decision to build up reserves cut into profits. Wells Fargo shares were up 2% in premarket trading, as revenue topped expectations. Wells Fargo, with its focus on retail and commercial banking, was widely expected to be one of the big beneficiaries of higher rates. "Wells Fargo is positioned well as we will continue to benefit from higher rates and ongoing disciplined expense management," Scharf said.
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