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☆ These Asian firms in Buffett's Berkshire Hathaway portfolio have surged, with one soaring 30%
▼ + stars: | 2024-08-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Shares of the five trading firms in Warren Buffett-backed Berkshire Hathaway 's portfolio — Itochu Corp , Marubeni Corp , Mitsubishi Corp , Mitsui & Co , and Sumitomo Corp — have surged, with one rising as much 30% in 2024. These five names are also the biggest of Japan's so-called sogo-shosha, or general trading companies, in which Berkshire placed big bets in 2020 and subsequently increased stakes in later years. Japan's trading houses, which trade in a wide range of products and materials, played a big role in Japan's economic growth. Though it holds Japanese and Chinese equities, it mostly invests in American companies, with Apple, American Express, Bank of America Corp. and Coca-Cola Co forming the bulk of its portfolio. Here are the Asian companies which Berkshire has invested in:

Persons: Warren Buffett, Berkshire Hathaway, Buffett Organizations: Berkshire, Itochu, Marubeni Corp, Mitsubishi Corp, Mitsui & Co, Sumitomo Corp —, Apple, American Express, Bank of America Corp Locations: U.S, Omaha , Nebraska, Berkshire

☆ Bank of America fined $12 million for mortgage disclosure violations by federal watchdog
▼ + stars: | 2023-11-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

A man walks past an ATM outside Bank of America Corp. headquarters in Charlotte, North Carolina, May 2, 2016. WASHINGTON — The Consumer Financial Protection Bureau on Tuesday fined Bank of America $12 million for reporting false mortgage lending data to the federal government. "Bank of America violated a federal law that thousands of mortgage lenders have routinely followed for decades," CFPB director Rohit Chopra said in a statement. According to a CFPB consent order, Bank of America violated part of the 1975 Home Mortgage Disclosure Act (HMDA) that requires lenders to accurately report demographic data about mortgage applications to financial regulators. The firm also employed over 4,500 loan officers, and averaged over 300,000 mortgage loan applications per year between January 2016 and the present day, the CFPB said.

Persons: Rohit Chopra, —, Biden, Bill Halldin, Halldin Organizations: Bank of America Corp, WASHINGTON, Consumer Financial, Bank of America, of America, Justice Department Locations: Charlotte , North Carolina

☆ Bank of America will lend $10 mln to veteran business fund
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsCompanies Bank of America Corp FollowNEW YORK, Nov 8 (Reuters) - Bank of America (BAC.N) will provide a second round of funding to a veterans group that finances small businesses built by former military personnel, the lender said on Wednesday. The second largest U.S. bank will lend $10 million toward a $25 million fundraising round for the Veteran Loan Fund, which aims to grow to $100 million nationwide by 2027. The veterans group initially raised $15 million when it launched in 2021, with Bank of America investing $5 million of long-term capital below market rates. The fund offers an online platform to connect military veterans and their spouses with lenders to help them build small businesses.

Persons: Carlo Allegri, Saeed Azhar, Lananh Nguyen Organizations: of America, REUTERS, Companies Bank of America Corp, Bank of America, Veteran Loan Fund, Thomson Locations: Manhattan, New York City , New York, U.S

(Reuters) - EquiLend Holdings LLC, the securities lending platform owned by 10 of the biggest Wall Street firms, including Goldman Sachs Group Inc and BlackRock Inc, is exploring a sale following settlement of a major collusion lawsuit, people familiar with the matter said. Euronext NV is one of the parties interested in EquiLend, one of the sources added. EquiLend generates 12-month earnings before interest, taxes, depreciation and amortization of more than $25 million, two of the sources said. One of the sources added that EquiLend may fetch about $700 million in a sale. Goldman Sachs, JPMorgan, Morgan Stanley and UBS agreed to pay $499 million last month to settle the lawsuit that accused them of conspiring to stifle competition in the stock lending market using EquiLend.

Persons: Amr Alfiky, Broadhaven, Morgan Stanley, EquiLend, Goldman Sachs Organizations: Reuters, EquiLend Holdings, Goldman Sachs Group Inc, BlackRock Inc, Trade Center, REUTERS, Broadhaven Capital Partners, Wall Street, Bank of America Corp, UBS Group AG, JPMorgan Chase &, JPMorgan, UBS Locations: Manhattan, New York City, U.S, EquiLend

☆ Government shutdown doesn't halt, but hinders Pentagon work
▼ + stars: | 2023-09-28 | by ( Mike Stone | ) www.reuters.com time to read: +2 min

Troop pay is delayed during a government shutdown, but Singh said housing and bills are not. For example, Ukrainian "F-16 pilot training would continue," said Chris Sherwood a Pentagon spokesman. However, some "delivery of defense articles, services, and/or military education" could be paused, Sherwood said. "Under a shutdown, the government stops payments on invoices not yet paid for costs incurred before the shutdown," the letter said. NDIA and PSC represent companies like Lockheed Martin Corp (LMT.N), L3Harris Technologies Inc (LHX.N), Bank Of America Corp (BAC.N) and Oracle Corp (ORCL.N).

Persons: Carlos Barria, Sabrina Singh, Singh, Chris Sherwood, Sherwood, David Norquist, David Berteau, Mike Stone, Alistair Bell Organizations: Pentagon, REUTERS, Rights, Department of Defense, Democratic, U.S, Senate, National Defense Industrial Association, Professional Services Council, Congressional, NDIA, PSC, Lockheed Martin Corp, L3Harris Technologies, Of America Corp, Oracle Corp, Thomson Locations: Arlington , Virginia, U.S, Ukraine, Washington

[1/2] A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio Acquire Licensing RightsNEW YORK, Sept 21 (Reuters) - A U.S. federal judge on Thursday said American cities may pursue class-action claims accusing eight large banks of driving up interest rates they paid on a popular municipal bond. Cities led by Baltimore, Philadelphia and San Diego accused the banks of colluding to raise rates on more than 12,000 variable-rate demand obligations (VRDOs) from 2008 to 2016. Cities accused the eight banks of conspiring not to compete for remarketing services, and artificially inflating rates by sharing information about bond inventories and planned rate changes. The case is Philadelphia et al v Bank of America Corp et al, U.S. District Court, Southern District of New York, No.

Persons: Carlos Osorio, Jesse Furman, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells, San Diego, Banks, Furman, Dan Brockett, Jonathan Stempel, Marguerita Choy Organizations: Royal Bank of Canada, REUTERS, U.S, Bank of America, Barclays, Citigroup, JPMorgan, Municipal Securities Rulemaking Board, al, Bank of America Corp, Court, Southern District of, Thomson Locations: Toronto , Ontario, Canada, Manhattan, Baltimore, Philadelphia, San, colluding, U.S, Southern District, Southern District of New York, New York

A signage is seen at the Bank of America Tower in Manhattan, New York City, New York, U.S., November 2, 2022. REUTERS/Andrew Kelly Acquire Licensing RightsCompanies Bank of America Corp FollowNEW YORK, Sept 20 (Reuters) - Bank of America (BAC.N) will boost its minimum hourly wage to $23 in October as it heads toward a goal of raising hourly pay to $25 by 2025, the company said in a statement Wednesday. The pay bump translates to a minimum salary of almost $48,000 a year for full-time employees, according to the second largest U.S. lender. BofA has increased pay several times in recent years, starting with a move to $15 an hour in 2017. "Providing a competitive minimum rate of pay is foundational," Sheri Bronstein, the bank's chief human resources officer said in the statement.

Persons: Andrew Kelly, BofA, Sheri Bronstein, Lananh Nguyen, Miral Organizations: Bank of America, REUTERS, Companies Bank of America Corp, Thomson Locations: Manhattan , New York City , New York, U.S

☆ US business borrowing for equipment falls 2% in July - survey
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly Acquire Licensing RightsAug 28 (Reuters) - U.S. companies borrowed nearly 2% less in July than last year to finance equipment investments, an Equipment Leasing and Finance Association (ELFA) survey showed on Monday. The companies signed up for new loans, leases, and lines of credit worth $9.9 billion last month, compared with $10.1 billion a year earlier, the industry body's survey said. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 75.3%, down from 76.1% in June. Washington-based ELFA's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in August stood at 50.4, an increase from 46.4 in July.

Persons: Andrew Kelly, Ralph Petta, Craig Ault, Honour, Pratyush Thakur, Maju Samuel Organizations: REUTERS, Leasing, Finance Association, Bank of America Corp, Caterpillar Inc, Dell Technologies Inc, Siemens AG, Canon Inc, Volvo, Finance Foundation, Thomson Locations: Manhattan , New York City, U.S, Washington, United States, Bengaluru

☆ Goldman, JPMorgan, Morgan Stanley, UBS in $499 mln stock lending settlement
▼ + stars: | 2023-08-23 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

FILE PHOTO-A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsNEW YORK, Aug 23 (Reuters) - Goldman Sachs (GS.N), JPMorgan Chase (JPM.N), Morgan Stanley (MS.N) and UBS (UBSG.S) have agreed to pay $499 million to settle an antitrust lawsuit by investors who accused them of conspiring to stifle competition in the stock lending market. They also agreed to cooperate in the investors' case against the final defendant, Bank of America (BAC.N). Spokespeople for Bank of America and UBS declined to comment. EquiLend's governance changes include new restrictions on how board members share information, and limits on how many board seats each bank can hold.

Persons: Denis Balibouse, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Jonathan Stempel, David Gregorio Our Organizations: Swiss, UBS, REUTERS, JPMorgan, Investors, Credit Suisse, Bank of America, Spokespeople, U.S . Department, Iowa Public Employees, Bank of America Corp, Court, Southern District of, Thomson Locations: Zurich, Switzerland, Manhattan, U.S, Southern District, Southern District of New York, New York

Logos of Swiss banks UBS and Credit Suisse are seen on an office building in Zurich, Switzerland March 19, 2023. The changes are aimed at producing unified teams following the completion of UBS's emergency takeover in June of Credit Suisse. Under the shake-up some Credit Suisse bankers will take on bigger roles in the combined company while some others leave, the sources said. Matt Eilers, UBS's global head of financial sponsors, is also in talks about possibly leaving, two of the sources said. His co-head would be Christian Lesueur, who has been global head of TMT investment banking, the sources added.

Persons: Denis Balibouse, Sergio Ermotti, Jeff Rose, Jon Levin, Matt Eilers, Rob DiGia, Rose, Levin, Eilers, DiGia, Laurence Braham, Lesueur, Steve Pettigrew, Braham, Neil Meyer, Abigail Summerville, Milana Vinn, David Carnevali, Leslie Adler Organizations: UBS, Credit Suisse, REUTERS, UBS Group AG, Suisse, Reuters, Swiss, Barclays Plc, Bank of America Corp, Barclays, Thomson Locations: Zurich, Switzerland, Americas, Milana, New York

The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. UBS was 8th in Refinitiv's global M&A league table in the first half of 2023, down from 6th a year earlier. Steve Pettigrew, who just joined UBS from Bank of America Corp (BAC.N), would be leading software M&A under Braham, according to the sources. Some Credit Suisse technology bankers may lose their jobs as part of the shake-up, while others may be retained or also be promoted, the sources said. Reuters reported on Wednesday that Credit Suisse had initiated broad layoffs in New York.

Persons: Sergio Ermotti, Laurence Braham, Lesueur, Steve Pettigrew, Braham, Neil Meyer, Milana Vinn, Amy, Jo Crowley, Jane Merriman Organizations: Swiss, UBS, REUTERS, UBS Group AG, Credit Suisse, Swiss Re AG, Barclays Plc, Bank of America Corp, Barclays, Reuters, Suisse, Credit Suisse's, Thomson Locations: Zurich, Switzerland, Swiss, dealmaking, United States, Americas, New York, London

☆ Factbox: U.S. banks increase reserves for commercial real estate exposure
▼ + stars: | 2023-07-21 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

While regional banks carry the greatest exposure to the commercial real estate (CRE) sector, second quarter earnings show that a number of big banks have prepared for potential defaults, primarily on office loans. However, Borthwick noted the bank's office CRE exposure was low relative to its overall loan portfolio, at 2%. CRE loans represented just 15% of the bank's overall lending book, while only 1% of the CRE loan portfolio was office-related. WELLS FARGO (WFC.N)The bank said it had a $949 million increase in its allowance for credit losses, primarily CRE office loans. WEBSTER FINANCIAL CORP (WBS.N)The regional bank's nonperforming CRE loans ticked up to $47.9 million last quarter from $35.8 million in the first quarter.

Persons: Goldman Sachs, Andrew Kelly, Alastair Borthwick, Borthwick, GOLDMAN SACHS, markdowns, Denis Coleman, Jeremy Barnum, WELLS, Charlie Scharf, Bruce Van Saun, Dominic Ng, East, James Leonard, MORGAN STANLEY, Webster, Glenn MacInnes, John Ciulla, Matt Tracy, Michelle Price, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, U.S, AMERICA CORP, GOLDMAN SACHS GROUP INC, Goldman, JPMORGAN CHASE &, JPMorgan, Citizens, EAST WEST BANCORP, East, BANCORP, WEBSTER FINANCIAL, Thomson Locations: New York City , New York, U.S, California, CRE

☆ Bank of America tops analysts’ expectations amid higher interest rates
▼ + stars: | 2023-07-18 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Bank of America on Tuesday posted second-quarter profit and revenue that edged out expectations as the company reaped more interest income amid higher rates. Revenue climbed 11% to $25.33 billion, fueled by a 14% jump in net interest income to $14.2 billion, essentially matching the expectation of analysts surveyed by FactSet. Last week, rival JPMorgan Chase posted a far stronger jump in net interest income that helped fuel a 67% surge in quarterly profit. On Friday, JPMorgan, Citigroup and Wells Fargo each posted earnings that topped analysts' expectations amid higher interest rates. Goldman Sachs wraps up big bank earnings Wednesday.

Persons: Brian Moynihan, hasn't, JPMorgan Chase, Moynihan, Wells Fargo, Morgan Stanley, Goldman Sachs Organizations: Bank of America Corp, Banking, Housing, Urban Affairs Committee, Washington , D.C, Bank of America, Revenue, FactSet, JPMorgan, KBW, Consumer Financial, Bureau, Citigroup Locations: Washington ,, U.S, Charlotte , North Carolina

☆ US stocks rise on earnings outlook, global shares dip on China data
▼ + stars: | 2023-07-17 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. The tech-heavy Nasdaq led U.S. stocks higher, supported by megacap growth stocks including Apple, Nvidia and Tesla, ahead of quarterly results from industry heavyweights later this week. Second-quarter earnings are expected to decline 8.1%, according to Refinitiv data, down further than the 5.7% decline expected at the start of the month. Data on U.S. retail sales are expected to show a rise of 0.3% ex-autos, continuing the slower trend but solid enough to fit into the market's soft-landing theme. Futures are pricing in an additional 32 basis points of tightening this year, with the benchmark rate expected to peak at 5.40% in November.

Persons: Brendan McDermid, Morgan Stanley, Goldman, it's, Anthony Saglimbene, James Ragan, Brent, Herbert Lash, Karen Brettell, Amanda Cooper, Wayne Cole, Lincoln, Christina Fincher, Barbara Lewis, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Wall, Nasdaq, Apple, Nvidia, Tesla, Tesla Inc, Bank of America Corp, Goldman Sachs Group Inc, Netflix Inc, Dow Jones, Fed, Treasury, Reuters Graphics Oil, Thomson Locations: New York City, U.S, China, Troy , Michigan, Davidson, Seattle, Europe, New York, London, Sydney

☆ Global shares dip after China data; US stocks gain
▼ + stars: | 2023-07-17 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. The tech-heavy Nasdaq led U.S. stocks higher, supported by megacap growth stocks including Apple and Tesla, ahead of quarterly results from industry heavyweights later this week. Stocks in Europe closed lower, with the pan-regional STOXX 600 index (.STOXX) down 0.63% while MSCI's gauge of stocks across the globe (.MIWD00000PUS), which is heavily weighted to U.S. megacap stocks, edged higher by 0.14%. Futures are pricing in an additional 32 basis points of tightening this year, with the benchmark rate expected to peak at 5.40% in November. U.S. crude fell $1.27 to settle at $74.15 per barrel and Brent settled down $1.37 at $78.50.

Persons: Brendan McDermid, Morgan Stanley, Goldman, it's, Anthony Saglimbene, James Ragan, Brent, Herbert Lash, Karen Brettell, Amanda Cooper, Wayne Cole, Lincoln, Christina Fincher, Barbara Lewis Organizations: New York Stock Exchange, REUTERS, YORK, Nasdaq, Apple, Tesla, Tesla Inc, Bank of America Corp, Goldman Sachs Group Inc, Netflix Inc, Dow Jones, Fed, Treasury, Reuters Graphics Sterling, Bank of England, CBA, Thomson Locations: New York City, U.S, China, Troy , Michigan, Davidson, Seattle, Europe, New York, London, Sydney

☆ These are the 3 key things that will impact the stock market in the week ahead
▼ + stars: | 2023-07-15 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

A lot was riding on these important measures of inflation after the scorching-hot ADP jobs report last week. Here are 3 things you need to know for the week ahead: 1. Industrial production and capacity utilization, also out Tuesday, shines a light on manufacturing, which attributes about 12% to U.S. GDP. Six months is generally considered to represent a balance between supply and demand in the housing market. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, Morgan Stanley, Johnson, Jeff Miller, Lockheed Martin, Charles Schwab, JB Hunt, Goldman, Baker Hughes, Ally, Kinder Morgan, Zions, Philip Morris, Abbott, ABT, Jim Cramer's, Jim Cramer, Jim, Scott Olson Organizations: Nasdaq, Dow Jones Industrial, Housing, CPI, Halliburton, HAL, Johnson, of America Corp, Lockheed, Lockheed Martin Corp, Novartis International AG, PNC Financial Services Group, Inc, PNC, Charles Schwab Corp, Bank of New York Mellon Corporation, BK, Synchrony, Interactive, Goldman Sachs Group, U.S . Bancorp, ASML, Citizens Financial, T Bank Corp, Northern Trust Corporation, Horizon National Corp, Business Machines Corp, IBM, United Airlines, Netflix, Steel Dynamics, Alcoa, Discover Financial Services, Crown, International Corp, Equifax Inc, Las Vegas Sands Corp, Liberty Energy Inc, Philip Morris International Inc, Taiwan Semiconductor Manufacturing Company, American Airlines Group Inc, Travelers Companies, SAP, Nokia Corp, Truist Financial Corporation, Company, McLennan Companies, Infosys Technologies Ltd, Newmont Mining Corp, Fifth Third Bancorp, Pool Corporation, Alfa Laval, Webster Financial Corp, Blackstone, Financial Corp, PPG Industries, CSX Corp, CSX, Berkley Corp, Swift Transportation Holdings Inc, American Express Co, AutoNation Inc, Interpublic, of Companies, Autoliv Inc, Huntington Bancshares, Financial Corporation, Roper Technologies, Comerica, Jim Cramer's Charitable, CNBC, Getty Locations: U.S, Las, ZION, Horton, Freeport, Marsh, ALFVY, W.R, Lemont , Illinois

☆ Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees
▼ + stars: | 2023-07-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

A man walks past an automated teller machine (ATM) outside Bank of America Corp. headquarters in Charlotte, North Carolina, U.S., on Monday, May 2, 2016. Bank of America , the second largest U.S. bank by assets, engaged in deceptive practices that hurt hundreds of thousands of its customers in recent years, the Consumer Financial Protection Bureau said Tuesday. The announcement Tuesday is the latest sign that some of the practices exposed by the Wells Fargo fake accounts scandal in 2016 weren't confined to that bank. Regulators have punished Wells Fargo for a sales culture that led to the creation of 3.5 million fake accounts. But other lenders have had similar lapses, including U.S. Bank , which paid a $37.5 million fine last year for putting customers into unauthorized accounts.

Persons: Rohit Chopra, Bill Halldin, Wells, weren't Organizations: Bank of America Corp, Bank of America, Consumer Financial, of America, Regulators, U.S . Bank Locations: Bank, Charlotte , North Carolina, U.S

☆ US banks lose favor with European hedge funds, Goldman says
▼ + stars: | 2023-07-06 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

Overall, shares in European banks are outperforming U.S. peers as they did not face the deposit flight experienced in the United States. "In Europe, hedge funds have rotated out of banks and insurance into financial services in the past couple of months, but still positioning in European banks remains stronger than in U.S. banks," Goldman Sachs said in the report obtained by Reuters. The data shows European investors are more bullish about banks on their own continent, while they have a more neutral approach to U.S. banks. The gap between European hedge funds' positioning in European and U.S. banks has widened mainly after a crisis this year in which U.S.-based bank Silicon Valley Bank and two other lenders failed. Short interest as a share of free float in U.S. banks grew to 2.3% in June from 1.8% in January, while staying stable for European banks, at 0.6%.

Persons: Goldman Sachs, Wells, Goldman, Morgan Stanley, Carolina Mandl, David Holmes, Clarence Fernandez Organizations: YORK, Dow Jones, Banks, Reuters, Silicon Valley Bank, UBS, Credit Suisse, Bridgewater Associates, JPMorgan & Co, Bank of America Corp, Wells Fargo & Co, Goldman Sachs Group Inc, Thomson Locations: U.S, United States, Europe, Silicon, Swiss

☆ US banks out of favor with European hedge funds, Goldman tells clients
▼ + stars: | 2023-07-05 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

NEW YORK, July 5 (Reuters) - European hedge funds have reduced their exposure to U.S. banks at a fast pace since the beginning of the year, while roughly keeping their positioning in European banks, Goldman Sachs (GS.N) said in a recent report sent to clients. Overall, shares in European banks are outperforming U.S. peers as they did not face a deposit flight as happened in the U.S. "In Europe, hedge funds have rotated out of banks and insurance into financial services in the past couple of months, but still positioning in European banks remains stronger than in U.S. banks," Goldman Sachs wrote in the report obtained by Reuters. The data show that European investors are more bullish about banks on their own continent, while they have a more neutral approach to U.S. banks. The gap between European hedge funds' positioning in European and U.S. banks has widened mainly after the banking crisis in which U.S.-based bank Silicon Valley Bank and two other lenders failed earlier this year.

Persons: Goldman Sachs, Wells, Goldman, Morgan Stanley, Carolina Mandl, David Holmes Organizations: YORK, U.S, Dow Jones, Banks, Reuters, Silicon Valley Bank, UBS, Credit Suisse, Bridgewater Associates, JPMorgan, Co, Bank of America Corp, Wells Fargo & Co, Goldman Sachs Group Inc, Thomson Locations: U.S, Europe, Silicon, Swiss

☆ Bank of America to hold talks with Fed on stress test results
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 3 (Reuters) - Bank of America Corp (BAC.N) on Monday said it had begun a dialogue with the Federal Reserve to understand differing results of the central bank's stress test and the company's own under the Dodd-Frank Act. The results of the Fed's latest annual stress test released last week showed lenders including Bank of America have enough capital to weather a severe economic slump, paving the way for them to issue share buybacks and dividends. Bank of America, the second-biggest U.S. bank, has not made any announcements about its dividend or share repurchase programs since the stress test results were published. Last year Bank of America raised its dividend to 22 cents, the highest level since 2008, from 21 cents in 2021. Reporting by Saeed Azhar; Editing by Lananh Nguyen and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Dodd, Frank, Goldman Sachs, Morgan Stanley, Saeed Azhar, Lananh Nguyen, Jan Harvey Organizations: YORK, Bank of America Corp, Federal Reserve, Bank of America, U.S, Rivals, JPMorgan Chase, Thomson Locations: Wells Fargo

Banks typically provide research to clients as part of a broader offering of services, but that changed when the European Union introduced the Markets in Financial Instruments Directive (MiFID) II laws in 2018 to improve transparency. "It took about a year for us to become compliant to MiFID II laws -- it was a long, intense process," said Candace Browning, head of BofA Global Research. U.S. financial firms were initially given an exemption by the U.S. Securities and Exchange Commission, which expires on July 3. "Companies continue to face challenges complying with the MiFID II unbundling requirement and U.S. law," said Joe Corcoran, SIFMA's managing director and associate general counsel for capital markets. 'EXPENSIVE AND COMPLICATED' In Europe, asset managers under MiFID II are not allowed to pay for research through broker commissions on trading -- instead, investors are billed separately by banks for research.

Persons: Banks, Candace Browning, Joe Corcoran, SIFMA's, SIFMA, MiFID, Michael Eastwood, Jefferies, Jesse Forster, BofA, salespeople, Browning, Forster, Russell Sacks, Nupur Anand, Lananh Nguyen, Deepa Babington Organizations: YORK, Bank of America Corp, Jefferies Financial, European Union, Financial, BofA Global, U.S . Securities, Exchange Commission, Securities Industry, Financial Markets Association, SEC, Jefferies, Coalition, King, Spalding, Thomson Locations: Europe, U.S, Greenwich, Coalition Greenwich, New York

☆ Factbox: Big banks stand strong against Fed's commercial real estate gloom
▼ + stars: | 2023-06-28 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

WASHINGTON, June 28 (Reuters) - Big U.S. banks' commercial real estate portfolios put in a surprisingly good performance during the Federal Reserve's annual health checks, with losses declining slightly on last year, the central bank said on Wednesday. With risks growing in the commercial real estate (CRE) sector globally, analysts and investors were looking to the Fed's "stress tests" for more insight on how exposed the country's lenders are to falling real estate prices. Commercial real estate (CRE), especially offices, has been hit by interest rates hikes and workers choosing to stay at home. The Fed's annual bank "stress tests" established following the 2007-2009 financial crisis probe how lenders would fare against an extreme scenario: a 40% decline in commercial real estate values. The average projected CRE loan loss rate across the group was 8.8% of average loan balances, compared with 9.8% last year, the Fed said.

Persons: Goldman Sachs, Morgan Stanley, Charles Schwab, Michelle Price, Pete Schroeder, Stephen Coates Organizations: Federal, Moody's Investors Service, Bank of America Corporation, of New York Mellon Corporation, Barclays US, BMO Financial Corp, Financial Corporation, Charles, Charles Schwab Corporation, Citigroup Inc, Financial Group, Inc, Suisse Holdings, DB USA Corporation, Goldman, Goldman Sachs Group, JPMorgan Chase & Co, T Bank Corporation, Northern Trust Corporation, PNC Financial Services Group, RBC US Group Holdings, Street Corporation, US Holdings, Truist Financial Corporation, UBS, Holding, . Bancorp, & Company, Thomson Locations: Big U.S

[1/6] A general view of the Bank of America financial center in New York City, U.S., June 26, 2023. REUTERS/Brendan McDermidNEW YORK, June 27 (Reuters) - Bank of America Corp (BAC.N) is adding consumer branches in four new U.S. states, it said on Tuesday, bringing its national footprint closer to rival JPMorgan Chase & Co (JPM.N). Bank of America will open new financial centers in Nebraska, Wisconsin, Alabama and Louisiana as part of a four-year expansion across nine markets, including Louisville, Milwaukee and New Orleans. The openings will give BofA a retail presence in 39 states, compared with JPMorgan, the largest U.S. lender, which has branches in 49 states. Holly O'Neill, Bank of America's president of retail banking, said last month that she expects good performance for the unit in the second quarter.

Persons: Brendan McDermid, Brian Moynihan, Moynihan, Aron Levine, Holly O'Neill, Saeed Azhar, Lananh Nguyen, Deepa Babington Organizations: Bank of America, REUTERS, Bank of America Corp, JPMorgan Chase &, JPMorgan, Federal Reserve, Consumer, CNN, Reuters, Bank of, Thomson Locations: New York City, U.S, Nebraska , Wisconsin , Alabama, Louisiana, Louisville, Milwaukee, New Orleans

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

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