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☆ Months into launching a pickleball eCommerce company with $10,000, I'm already over budget. Here are all of my startup costs, including a surprise $2,095 expense.
▼ + stars: | 2024-11-05 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

My friend and I budgeted $10,000 to launch a pickleball paddle company. Our product, pickleball paddles, would be more expensive to produce. Keeping our business money separate from our personal funds seemed like a smart bookkeeping move — and it made us feel more legit. We're working with a product sourcing company, 330 Trading, which helps eCommerce businesses connect with factories to manufacture their product. Between prototypes and a shipment of 20 of our final product paddles (seven of which went to USAP for testing), we've spent about $1,475.

Persons: —, I'd, we'd, hemming, hawing, USAP, we've, Kathleen Elkins Organizations: Service, Mercury, Shipping Locations: eCommerce, LA

Business vs. personal bank account interest rates at brick-and-mortar banks*Regional differences are possible at Regions Bank. Rates are as of July 22, 2024.Business vs. personal bank account interest rates at online banksPersonal bank accounts at online banks generally pay more than their business banking options. Business vs. personal bank account interest rates at credit unionsCredit unions also tend to offer competitive rates on business and personal bank accounts. Comparing account fees and accessibilityOpening a business bank account involves more documentation than opening a traditional bank account. Business vs. personal banking FAQsWhy might business savings accounts offer different interest rates than personal accounts?

Persons: you'll, Sophia Acevedo, Sophia, Axel Springer, Education Sophia Organizations: U.S . Bank, Business, Regions Bank, American, Consumers Credit Union, Federal Reserve, Finance, Bank, Savings, Education, California State University Fullerton, National Association of Hispanic Journalists, Angeles Locations: Florida, Alabama, U.S, Illinois, Wisconsin, California

Business checkingFirst Citizens Bank Business Checking Account Start banking On First Citizens Bank's site. You can get more competitive rates if you have a Premier Business Checking account or Professional Business Checking account and can deposit a minimum of $5,000. How First Citizens Bank worksFirst Citizens Bank has both personal banking and business banking. How First Citizens Bank compares to similar institutionsWe compared First Citizens Bank business banking with two other institutions: Citizens Bank and IberiaBank. First Citizens Bank Citizens Bank Iberia Bank Business accounts Checking, savings, CDs, money market accounts Business accounts Checking, savings, CDs, money market accounts Business accounts Checking, savings, CDs, money market accounts Max.

Persons: It's, hasn't, Max Organizations: First Citizens, Citizens Bank, SC, Bank Business, Citizens Bank Business, FDIC, First Citizens Bank Business, Bank, First, Arizona California Colorado Florida Georgia Hawaii Kansas Maryland, Arizona California Colorado Florida Georgia Hawaii Kansas Maryland Missouri Nebraska New Mexico North Carolina Oklahoma, Arizona California Colorado Florida Georgia Hawaii Kansas Maryland Missouri Nebraska New Mexico North Carolina Oklahoma South Carolina Tennessee Texas Virginia Washington, Apple, Google, First Citizens Bank, Better, IberiaBank, Bank Iberia Bank, Citizens Locations: CA, NM, NC, TN, TX, VA, WA, WI, WV, Arizona California Colorado Florida Georgia Hawaii Kansas, Arizona California Colorado Florida Georgia Hawaii Kansas Maryland Missouri Nebraska New Mexico North Carolina, Arizona California Colorado Florida Georgia Hawaii Kansas Maryland Missouri Nebraska New Mexico North Carolina Oklahoma South Carolina Tennessee Texas Virginia, Arizona California Colorado Florida Georgia Hawaii Kansas Maryland Missouri Nebraska New Mexico North Carolina Oklahoma South Carolina Tennessee Texas Virginia Washington West Virginia Wisconsin

The U.S. Small Business Administration recommends opening a business bank account once you're ready to spend money or begin collecting income. Whether you're a freelancer, small business owner, or full-scale corporation executive, a business bank account is an important stepping stone to becoming a fully-fledged business. Once you've developed a formal business plan and received the necessary certificates and licenses for your business, opening a business bank account will be the next step. These are the most common business bank accounts available at most banks:Business checking account : You can manage everyday business operations with a business checking account. Additional business documentationEvery business owner needs to provide basic business information to open a bank account, including the business name and address.

Persons: you've, Merchant, EIN, hasn't Organizations: U.S, Small Business Administration Locations: Chevron

Today, there are 55 Hispanic American banks and credit unions that are FDIC or NCUA insured around the United States. Nave BankBranches: 0 (online-only)ATMs: 0Services: savings accounts, business banking, business loansNave Bank is currently only available for businesses, and has a waitlist to join. We selected Hispanic American-owned credit unions from the National Credit Union Administration's list of minority depository institutions which was also updated in September 2023. You can open up savings accounts, checking accounts, CDs, and money market accounts in most of the institutions listed. Results from the study found that Hispanic Americans made up a greater percentage of those who took out home loans or small business loans at Hispanic American banks in comparison to non-minority banks.

These are the general business structures eligible for business credit cards:Sole proprietorships and freelancersLimited Liability CorporationsCorporationsPartnershipsNonprofitsWhat credit score do you need to qualify for a business credit card? Business credit card eligibility requirements vary from card to card, but most credit card companies look for at least a good credit score. Compare credit cardsThe process of choosing the right business credit card is similar to the process of choosing a personal credit card. Business credit card vs. consumer credit cardBusiness credit cards often have very sweet incentives to sign up, but they can also be harder to get than personal credit cards. Business Credit Card Qualifications Frequently Asked QuestionsWhat do you need to get a credit card for your business?

Persons: Uber, Banks, You'll, you've Organizations: Business, Business †, U.S . Bank Business, Cash, Mastercard, Costco, Citi, CitiBusiness, eBay, IRS, Social, Facebook Locations: U.S, Chevron

☆ We are upgrading our rating on Wells Fargo as investors dump stock post-earnings
▼ + stars: | 2024-07-12 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Wells Fargo Why we own it : We bought Wells Fargo as a turnaround story under CEO Charlie Scharf. We are more excited by the outperformance of non-interest income than we are disappointed with the miss on net interest income. However, the team added, many of the factors driving net interest income are uncertain heading into the second half of the year. We don't like to see guidance misses, but bank interest income estimates depend on interest rates, which Wells Fargo has no real control over. Non-interest income increased 12% thanks to higher asset-based fees driven by an increase in market valuations.

Persons: Wells Fargo, Wells, Charlie Scharf, He's, Scharf, Wells Fargo's, —, It's, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Wells, Bank of America, Citigroup, Management, Silicon Valley Bank, Consumer, Auto, Corporate, Wealth, CNBC, Getty Locations: Wells Fargo, Wells, NII, Silicon

☆ The next airport terminal lounge or club you pass may also be a bank branch
▼ + stars: | 2024-05-03 | by ( Kevin Williams | ) www.cnbc.com time to read: +9 min

"One woman wanted to rent my office to work," remembers Lisa Slocum, the airport Fifth Third Bank branch manager. Capital One closed its branch at Washington, D.C.'s Dulles International Airport in 2020, instead creating "airport lounges" for cardholders in Dulles, along with similar spots at airports in Denver and Dallas. Yet full-service airport bank branches are a relative rarity, surprising in a retail landscape that often resembles an upscale mall more than a terminal. Fifth Third BankWells Fargo operates a full-service branch in Las Vegas's Harry Reid International Airport, and according to a bank spokeswomen, has a multi-year relationship with the airport that involves both the branch and multiple ATMs throughout terminals. McAdam says ATMs and advanced-function kiosks are one thing, but a full-service branch, except maybe in the largest markets, is overkill.

Persons: Kevin Williams Nicolette Nelson, Nelson, It's, Lisa Slocum, Slocum, Hannah Thelen, Ashley Thelen, Mindy Kershner, CVG's, Marketing Brent Andersen, Andersen, that's, Chase, John Sieg, Sieg, Harry Reid, Wells Fargo, Brian Davis, Paul McAdam, Power, McAdam Organizations: Northern, Northern Kentucky International, Fifth Third Bank, Fifth, Bank, TSA, Third, Dulles, Airport, Capital One, Washington , D.C, Wings Credit Union, Paul International Airport, Wings, Marketing, JPMorgan Chase, PNC, Sky, Fifth Third Bank Wells, Harry Reid International Airport, Truist Bank, Hartsfield, Jackson Atlanta International Airport, Financial Locations: Fairbanks, Cincinnati, Northern Kentucky, Spain, Washington ,, cardholders, Dulles, Denver, Dallas, it'd, Kentucky, Minneapolis, St, Las, Vegas, New York City, New York

☆ I'm a former JP Morgan exec who now works to distribute basic income payments to those in need. Here's why I do it.
▼ + stars: | 2024-04-22 | by ( Katie Balevic | ) www.businessinsider.com time to read: +4 min

Wole Coaxum is the CEO of MoCaFi, which has distributed over $52 million in basic income payments. I thought, "How can I use my time and talents, which is financial services, to bring an economic justice agenda to the social justice agenda?" Related storyMartin Luther King, Jr. talked about universal basic income and guaranteed basic income just before he passed away, and I feel that we as a company are very fortunate to be standing on the shoulders of others to bring these powerful ideas into the marketplace. Some of them are through MGI, Mayors for a Guaranteed Income. Why is a universal basic income that much different?

Persons: Morgan, —, Wole Coaxum, JP Morgan, Ferguson, Martin Luther King, Jr, they've Organizations: Service, Corporation, JP Locations: Los Angeles, Atlanta, San Francisco, MGI

☆ Wells Fargo is flat after an earnings beat — here's why and our outlook on shares
▼ + stars: | 2024-04-12 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Wells Fargo Why we own it : We bought Wells Fargo as a turnaround story under CEO Charlie Scharf. In addition, the bank's net interest margin came up short, and therefore net interest income. However, bank interest income estimates depend on interest rates, a factor Wells can't control. Net interest income fell 17% year over year as deposits declined due to customers reallocating cash into higher-yielding securities. Non-interest income increased 9% thanks to higher asset-based fees driven by an increase in market valuations.

Persons: Wells, Charlie Scharf, He's, Scharf, Charles Scharf, Wells Fargo, it's, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank, Bank of America, Citigroup, Management, Consumer, Auto, Corporate, Wealth, CNBC Locations: Silicon, Wells Fargo, U.S, That's, Wells, San Bruno , California

☆ NatWest profit jumps 20% as Thwaite confirmed as CEO
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: +2 min

The logo of NatWest, a retail unit of RBS, outside a bank branch in London, U.K., on Tuesday, June 26, 2012. British bank NatWest confirmed Paul Thwaite as its permanent chief executive on Friday and reported forecast-beating profit for 2023, as it gears up for a crunch sale of state-owned stock in the company after a scandal-hit year. The taxpayer-backed lender reported pre-tax profit of 6.2 billion pounds ($7.81 billion) for the 12-month period, up 20% on 5.1 billion pounds the prior year and ahead of a 5.95 billion pounds average of analyst forecasts compiled by the bank. NatWest also announced a final dividend of 11.5 pence per share and a share buyback of 300 million pounds. NatWest set aside 578 million pounds for potential soured loans, up from 337 million pounds the prior year - but the figure came in below analyst forecasts.

Persons: Paul Thwaite, Thwaite, Alison Rose, Nigel Farage, Rose, Peter Flavel Organizations: NatWest, RBS, Brexit Party Locations: London

☆ Wealth Assistants claims in a new lawsuit its accounts were frozen in the weeks before it shut down
▼ + stars: | 2024-01-18 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

The complaint against Thread Bank lists five accounts that Wealth Assistants held with the bank, saying that CEO Ryan Carroll first noticed the accounts had been frozen on October 11. Carroll and Thread Bank did not return a request for comment from Business Insider on the suit. The timing detailed in the complaint aligns with Wealth Assistants' collapse. However, the lawsuit filed in early January describes Wealth Assistants as a "thriving business." Wealth Assistants filed a similar lawsuit against Bank of America in January 2023, claiming that accounts with more than $3.78 million in them had been closed without explanation.

Persons: Ryan Carroll, Carroll Organizations: Business, Bank, Court, Southern, Southern District of, Houston Division, Carroll, Thread Bank, Forbes , LA Wire, Bank of America Locations: Tennessee, Southern District, Southern District of Texas, Forbes ,, mstone@insider.com

☆ Small businesses have 'tempered optimism' this holiday season, says Chase Business Banking CEO
▼ + stars: | 2023-11-22 | 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 EmailSmall businesses have 'tempered optimism' this holiday season, says Chase Business Banking CEOBen Waller, Chase Business Banking CEO, joins 'Squawk on the Street' to discuss what the CEO sees from small businesses' holiday expectations, why there's a gap between expectations, and more.

Persons: Ben Waller Organizations: Chase Business, Chase Business Banking

☆ Wells Fargo employees at two branches mount unionization campaign
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsNov 20 (Reuters) - Wells Fargo (WFC.N) employees at two of the bank's branches filed for union elections on Monday, laying the groundwork for potential unionization in an industry that has largely been immune to such labor campaigns. In a petition to the National Labor Relations Board (NLRB), bankers and tellers at Wells Fargo branches in Albuquerque, New Mexico and Bethel, Alaska declared their intent to join the Communications Workers of America's Wells Fargo Workers United (WFWU). "While we are the first Wells Fargo workers to file for union elections, we will not be the last," said Sabrina Perez, a senior premier banker at Wells Fargo's Albuquerque branch. "We have a deep commitment to invest in and support everyone who works at Wells Fargo ... have significantly improved compensation and benefits for our lower paid employees in recent years," he said.

Persons: Stephanie Keith, Wells, Sabrina Perez, Wells Fargo's Saul Van Beurden, Niket, Anil D'Silva, Shounak Organizations: REUTERS, National Labor Relations Board, Communications Workers, America's Wells Fargo Workers United, Labor, Detroit Three, Wells, Wall Street, Thomson Locations: New York City, U.S, Wells Fargo, Albuquerque , New Mexico, Bethel , Alaska, America's Wells, United States, Wells, Albuquerque, Bengaluru

AdvertisementAdvertisementThere are many ways to narrow down your options for a business bank account, including interest rates. Business vs. personal bank account interest rates at online banks*Current and prior American Express Rewards Checking customers aren't eligible for American Express Business Checking. Business banking vs. personal banking: What you need to knowOpening a business bank account involves more documentation than opening a traditional bank account. AdvertisementAdvertisementFor example, you might consider getting a business checking account over a personal checking account because it offers greater protection and access to merchants' services. Products in this post: Bank of America Advantage Savings Account, Bank of America Savings Account, Chase Business Premier Savings, Chase Premier Savings℠ Account, Regions Bank Business Premium Money Market, Regions LifeGreen® Savings Account, U.S. Bank Platinum Business Money Market Account, U.S. Bank Elite Money Market Account, Wells Fargo Business Platinum Savings, Wells Fargo Platinum Savings Account, American Express Business Checking, American Express® High Yield Savings Account, Axos Business Interest Checking, Axos Bank Rewards Checking, Live Oak Bank Business Savings, Live Oak Bank Online Savings Account, Nationwide Business Premium Savings, Nationwide My Savings Account, NBKC Business Money Market Account, NBKC Money Market Account, BlueVine Business Checking Account, Bethpage Federal Credit Union Business Money Market, Bethpage Federal Credit Union Money Market Account, Blue Federal Credit Union Business Tiered Money Market, Blue Federal Credit Union Accelerate Savings, Consumers Credit Union Business Money Market, Consumers Credit Union Free Rewards Checking Account, Premier Members Credit Union Money Market Account, Premier Members Credit Union Business Money Market Account, Signature Federal Credit Union High-Yield Checking Account, Signature Federal Credit Union Business High Yield Checking

Persons: —, you'll Organizations: Service, U.S . Bank, Business, American, Consumers Credit Union, Products, Bank of America, Chase Business Premier Savings, Chase Premier, Regions Bank, LifeGreen, Bank, Wells, Savings, Wells Fargo, Express, Oak Bank Business Savings, Oak Bank, Business Premium Savings, Nationwide, Bethpage Federal Credit Union, Money, Federal Credit Union, Blue Federal Credit Union, Money Market, Consumers Credit, Credit, Credit Union Locations: Florida, Alabama, U.S, Illinois, Wisconsin, Wells Fargo, Bethpage

I've used several banks over the years, and I recently looked into switching to online banking. I've moved most of my investments to an online account so I don't focus on it every day. I inherited my first bank from my mother — the largest of Canada's Big Five banks, Royal Bank of Canada. When I lived in Switzerland, my husband and I had a shared bank account with United Bank of Switzerland. When I had all of my investments with BMO, it meant that I would see what my long-term investments were doing anytime I logged into my online banking.

Persons: I've, —, Scott, I'm Organizations: Service, Royal Bank of Canada, United Bank of Switzerland, BMO, Big Locations: Switzerland, Canada

☆ Wells Fargo remains a stock to own, as the bank reports stellar quarterly results
▼ + stars: | 2023-10-13 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Bottom line Wells Fargo's quarterly revenue outpaced expectations on the back of better-than-expected results for both net interest income (NII) and non-interest income. Middle-market banking revenue increased 23% year-over-year, as higher interest rates and loan balances were only partially offset by lower deposits. Asset-based lending and leasing revenue was up 3% annually, a result of loan growth and increased revenue from renewable energy investments. Total banking revenues increased 20% year-over-year, a result of higher rates and lending revenues, along with "higher investment banking revenue on increased activity across all products." Commercial real estate revenue increased 14% year-over-year, due to higher rates and revenue growth in the firm's low-income housing business.

Persons: Wells, Wells Fargo, we've, Charlie Scharf, Wall, Scharf, NII, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Wells, Basel III, Management, Consumer, Auto, CNBC, Wells Fargo Bank Locations: Wells Fargo, Basel, U.S, San Bruno , California

☆ How 27-year-old Nick Simpson built the freelancing tax tool he wished he had and then raised $7.5 million in venture funding
▼ + stars: | 2023-10-11 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

WorkMade is a new startup that lets freelancers keep track of their earnings and pay taxes. Frequent freelancer Nick Simpson founded WorkMade in 2022 and scaled the startup to 12 employees. Now, the startup is launching publicly with $7.5 million in venture capital funding to date. AdvertisementAdvertisementWhen it comes time for a freelancer to pay their taxes, WorkMade manages that process too, including the payment without any forms, mail or extra calculations. According to Statista, there are an estimated 73 million freelancers working in the US this year, and that number is projected to grow to over 90 million by 2028.

Persons: Nick Simpson, WorkMade, —, Simpson, Anna Barber's, Gale Wilkinson's, Slack, Statista, I'd, I've Organizations: Service, Venture Capital, WorkMade, Piermont Bank Locations: Wellington, New

SYDNEY, Sept 29 (Reuters) - The blocking of three major deals by Australia's antitrust regulator in the past year was a coincidence, its chair told Reuters, pushing back against concerns among bankers that it has become deal-averse. "There happens to have been a sequence, frankly coincidentally as it turns out, of oppositions," ACCC Chair Gina Cass-Gottlieb said in an interview. There are some concerns that it could be blocked as Brookfield owns AusNet, a poles and wires asset in Victoria state. Cass-Gottlieb also said she doubted foreign investors have been dissuaded from pursuing deals in Australia which does not require companies to get formal clearance before proceeding with a takeover. "The recent stream of merger blockages will make foreign investors think twice."

Persons: Gina Cass, Gottlieb, Canada's Brookfield, Cass, Stephen Corones, Hannah Marshall, it's, Byron Kaye, Scott Murdoch, Edwina Gibbs Organizations: Australian Competition, Consumer Commission, Telstra, TPG, ANZ, Transurban, Origin Energy, Brookfield, FOCUS Cass, Investors, Queensland University of Technology, Cass, Marque Lawyers, Thomson Locations: Melbourne, AusNet, Victoria, Australia, Queensland

☆ CIBC's profit falls below estimates as it guards against bad loans
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. CIBC, the last big six Canadian bank to report results for the third quarter, was also the latest to guard against potentially sour loans, a factor that is dragging on earnings across the sector. The issue was reflected in its core Canadian personal and business banking segment, where net income fell 16%. At its commercial banking and wealth management segment, net income fell 4%. CIBC's peers TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and National Bank (NA.TO) missed quarterly profit estimates earlier in the week, also weighed down by higher provisions.

Persons: Carlos Osorio, Nivedita Balu, Pritam Biswas, Shweta Agarwal, David Holmes Organizations: Canadian Imperial Bank of Commerce, CIBC, REUTERS, Bank, Bank of Montreal, Bank of Nova, National Bank, Thomson Locations: Toronto , Ontario, Canada, Bank of Nova Scotia, Toronto, Bengaluru

SummaryCompanies ATM, branch, card services restored -OCBCBank on standby to deploy additional resourcesLarger peer DBS faced 6.5-hour disruption in MayAug 28 (Reuters) - Singapore's second-biggest bank, Oversea-Chinese Banking Corp (OCBC) (OCBC.SI), restored ATM, branch and card services on Monday after grappling with technical problems that disrupted various banking channels. OCBC, which is also Southeast Asia's second biggest lender by assets, had taken to its social media accounts earlier to warn of the issues that began at 8.33 a.m.Internet banking, mobile banking and Velocity arrangements were still affected, an OCBC spokesperson said in a response to Reuters. "We are on standby to deploy additional resources at branches and extend branch banking hours," the spokesperson added. "Our channels were impacted by a technical problem, affecting consumer and business banking customers." On May 5, the digital banking services of larger peer DBS (DBSM.SI) faced a 6-1/2-hour disruption.

Persons: Tharman Shanmugaratnam, Lavanya Ahire, Yantoultra Ngui, Kim Coghill, Clarence Fernandez Organizations: OCBC Bank, DBS, Chinese Banking Corp, Reuters, Monetary Authority of Singapore, Thomson Locations: Oversea, Bengaluru, Singapore

☆ Wall Street says buy the dip on India's Nifty 50 — and Morgan Stanley names its favorite stock
▼ + stars: | 2023-08-10 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Bank of America has revealed its year-end price target for India's Nifty index, forecasting that it will reach 20,500 points by December 2023. The Nifty 50 benchmark index is composed of the market capitalization-weighted average of 50 of the largest Indian companies. The Wall Street bank's price target points towards a 4.5% upside from its current level of 19,625. Bank of America (BofA) said the change in outlook from its U.S. economics team was a key driver behind this prediction. The Wall Street bank said the Indian lender's asset quality remains robust and margins have experienced only minor declines despite higher funding costs.

Persons: Shah, Udit, Nifty's, Patrick Harker, Morgan Stanley's, Morgan Stanley, Sumeet Kariwala, Michael Bloom Organizations: of America, Bank of America, Federal Reserve, Philadelphia Federal, ICICI Bank, New York Stock Exchange Locations: United States, U.S, China

☆ Australia's Westpac splits consumer and business banking unit into two
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: 1 min

July 19 (Reuters) - Westpac Banking Corp (WBC.AX) on Wednesday said it would split its consumer and business banking business into two, with each having its own CEO, effective Aug. 1. The bank said Chris de Bruin, currently head of the combined unit, will leave and named Jason Yetton as CEO of the consumer business and Anthony Miller as CEO of the business and wealth division. Westpac also promoted Nell Hutton to head its institutional bank unit. These changes come at a time when Australia's biggest banks are reeling under the pressures of increased interest rates, which have contributed to slowing credit growth. The Reserve Bank of Australia has raised interest rates by a whopping 400 basis points in just 14 months.

Persons: Chris de Bruin, Jason Yetton, Anthony Miller, Nell Hutton, Harish Sridharan, Savio D'Souza Organizations: Westpac Banking Corp, Westpac, Reserve Bank of Australia, Thomson Locations: Bengaluru

☆ Wells Fargo follows a solid quarter, promising investors something many of them count on
▼ + stars: | 2023-07-14 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Don't let Friday's stock action fool you: Wells Fargo (WFC) had a very good quarter. Shares of Wells Fargo initially climbed more than 2% following the earnings release, before giving up some of those gains. Wells Fargo stock was trading up slightly and down slightly Friday afternoon. WFC YTD mountain Wells Fargo YTD performance Bottom line It was very good quarter for Wells Fargo as the better-than-expected headline results came on the back of a lower-than-expected efficiency ratio, and slightly higher-than-expected net interest margin (NIM). Charlie Scharf, CEO, Wells Fargo, speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023. speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023.

Persons: Wells, Wells Fargo, NIM, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Charlie Scharf, Patrick T, Fallon Organizations: —, Refinitiv, Auto, CNBC, Milken Institute Global Conference, Afp, Getty Locations: Wells Fargo, Wells, Beverly Hills , California

☆ StanChart to sell sub-Saharan Africa business to Access Bank
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

DUBAI, July 14 (Reuters) - Standard Chartered (STAN.L) said on Friday it has reached an agreement to sell its subsidiaries in sub-Saharan Africa to Nigeria's Access Bank, putting into motion a plan announced last year to divest those businesses. Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access. It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings (ACCESSCORP.LG). "Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered's businesses across the five aforementioned countries," Standard Chartered said in a statement. The agreement is in line with Standard Chartered's global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale," it said.

Persons: Sunil Kaushal, Roosevelt Ogbonna, Yousef Saba, Jason Neely Organizations: Nigeria's Access Bank, Chartered, Access Bank, Access Holdings, Thomson Locations: DUBAI, Saharan Africa, Angola, Cameroon, Gambia, Sierra Leone, Tanzania, Africa, Nigeria

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