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☆ JPMorgan among suitors for SVB Financial in deal excluding SVB Bank- Axios
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - JPMorgan Chase & Co (JPM.N) is in talks to acquire SVB Financial Group (SIVB.O) in a deal that would exclude commercial banking unit Silicon Valley Bank, which is currently under U.S. control, Axios reported on Monday, citing sources. PNC Financial Services Group Inc (PNC.N), Apollo Management (APO.N) and Morgan Stanley (MS.N) are also in talks with the defunct lender, Axios reported, adding Apollo was interested in financing a deal or acquiring some of the business. A PNC spokesperson told Reuters that it was "not in talks to acquire SVB Financial or Silicon Valley Bank," while the other companies did not respond to requests for comment. Reuters reported on Sunday that Silicon Valley Bank had received interest from PNC and Royal Bank of Canada (RY.TO) but that had cooled on Sunday as U.S. regulators invited bids for the failed lender. The U.S. Federal Deposit Insurance Corporation (FDIC) had given a Sunday afternoon deadline for bids for the failed Silicon Valley Bank, Reuters reported.

☆ Exclusive: PNC, RBC interest in SVB cools as regulators seek rescue bids
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +2 min

[1/3] A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters in Santa Clara, California, U.S. March 10, 2023. The Federal Deposit Insurance Corporation (FDIC) had given a Sunday afternoon deadline for bids for the failed bank, one of the sources said. PNC, one of the 10 largest U.S. banks by assets, wanted to pursue a bid for the entirety of Silicon Valley Bank, one of the sources added, but then studied a bid for parts of Silicon Valley Bank. RBC also explored a takeover of Silicon Valley Bank but it was unlikely to pursue it, three sources said. U.S. Treasury Secretary Janet Yellen on Sunday ruled out a government bailout of Silicon Valley Bank and said she was working with regulators to find a solution.

The move will not lead to losses by American taxpayers and all depositors will be made whole, the statement said. “Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the statement said. SVB equity and bondholders would be wiped out, said the official, who briefed reporters after the announcement. The Biden administration will work with Congress and financial regulators to consider additional actions to further strengthen the financial system, the official said. The official said the economy remains in good shape but officials would continue to take steps to ensure the financial system remains strong.

NEW YORK (Reuters) -U.S. authorities were preparing “material action” on Sunday to shore up deposits in Silicon Valley Bank (SVB) and stem any broader financial fallout from its sudden collapse, sources familiar with the matter told Reuters. Biden administration officials worked through the weekend to assess the impact of startup-focused lender SVB Financial Group’s failure on Friday, with a particular eye on the venture capital sector and regional banks, the sources said. REUTERS/Nathan FrandinoAnd amid increased withdrawals from other regional banks, U.S. officials are also keeping close watch on the wider sector. The S&P 500 regional banks index dropped 4.3% on Friday to end the week down 18%, its worst week since 2009. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment.

The Federal Deposit Insurance Corporation (FDIC), which was appointed receiver, was trying to find another bank over the weekend that was willing to merge with Silicon Valley Bank, people familiar with the matter said on Friday. However, it was not clear if regulators would have political support to throw a lifeline to the bank, which catered to Silicon Valley startups and investors. Silicon Valley Bank had an unusually high level of deposits that were not covered by the FDIC's guarantees, which are capped at $250,000. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment. "Silicon Valley had a unique business model that was less dependent on retail deposits than a traditional bank."

WASHINGTON/NEW YORK, March 11 (Reuters) - The rapid unraveling of SVB Financial Group (SIVB.O) has blindsided the banking industry after years of stability. Investors and customers now face a nervous wait to see if SVB bank finds a buyer quickly. During the 2008 financial crisis, Washington Mutual found a buyer immediately. One area of particular focus could be larger regional banks, which saw some rule relief under the Trump administration. U.S. banking regulators said in October they were considering new requirements on large regional banks, including holding more long-term debt to weather losses.

NEW YORK, March 10 (Reuters) - Greg Becker, the chief executive of SVB Financial Group (SIVB.O) , sent a video message to employees acknowledging the "incredibly difficult" 48 hours leading up to the collapse of its Silicon Valley Bank on Friday. "It's with an incredibly heavy heart that I'm here to deliver this message," he said in a video seen by Reuters. The Federal Deposit Insurance Corp was named receiver of Silicon Valley Bank after California banking regulators closed it on Friday. He asked employees to "hang around, try to support each other, try to support our clients, work together" to get a better outcome for the company. Reporting by Lananh Nguyen in New York and Pete Schroeder in Washington; Editing by Megan Davies, Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, March 11 (Reuters) - Employees of Silicon Valley Bank were offered 45 days of employment at 1.5 times their salary by the Federal Deposit Insurance Corp, the regulator that took control of the collapsed lender on Friday, according to an email to staff seen by Reuters. Silicon Valley Bank imploded after depositors, concerned about the lender's health, rushed to withdraw their deposits. The frenetic two-day run on the bank blindsided observers and stunned markets, wiping out more than $100 billion in market value for U.S. banks. SVB ranked as the 16th biggest bank in the U.S. at the end of last year, with about $209 billion in assets and $175.4 billion in deposits. Reporting by Lananh Nguyen in New York and Pete Schroeder in Washington; Editing by Megan Davies and Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

March 10 (Reuters) - Greg Becker, the chief executive officer who presided over the collapsed Silicon Valley Bank, joined the company three decades ago as a loan officer. Becker graduated from Indiana University with a bachelor's degree in business, according to Silicon Valley Bank's website. When his manager left to work for Silicon Valley Bank, Becker followed, he said in 2021 on a Bloomberg podcast. Representatives for Silicon Valley Bank did not immediately respond to a request for comment. Before becoming president and CEO of SVB Financial Group, Becker co-founded SVB Capital, the company's investment arm.

☆ ‘Everything Everywhere All at Once’ studio A24 captures Oscar spotlight
▼ + stars: | 2023-03-10 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +6 min

LOS ANGELES, March 10 (Reuters) - A24, the independent studio behind such films as “Everything Everywhere All at Once” and "The Whale," is poised to dominate this year’s Academy Awards, eclipsing Hollywood’s established studios and awards-hungry streamers that are spending millions on Oscar campaigns. Not since the heyday of Miramax in the 1990s has an independent studio garnered such attention, talent and box office success, entertainment industry insiders say. EVERYTHING EVERYWHEREThe first film A24 produced and financed, together with Brad Pitt’s Plan B Entertainment, was “Moonlight,” which won the Oscar for best picture in 2017. The studio has garnered 53 Oscar nominations in less than a decade, including best picture nods for “Lady Bird, “Minari” and “Room.”A24's film slate has grown at the pace of its cash flow - starting with three movies in 2016 to 15 in 2022. This year, it’s on track to produce about 15 films for theatrical release, eight documentaries and 10 television shows.

☆ Main Street investors pressure SEC, confront Wall Street on stock plan
▼ + stars: | 2023-03-10 | by ( John Mccrank | ) www.reuters.com time to read: +4 min

NEW YORK, March 10 (Reuters) - Main Street investors are facing off against Wall Street in an attempt to sway the U.S. Securities and Exchange Commission in its proposed revamp of stock trading. The collective voice of individual investors has grown as their numbers surged, a lasting legacy from the so-called "meme stock" saga of early 2021. "A lot of folks are angry," said Dave Lauer, cofounder of We The Investors, a retail investor-focused advocacy group. Individual investors jumped into stock trading after big retail brokers eliminated commissions in late 2019. With weeks to go until the March 31 deadline for comment letters on the SEC proposals, Lauer said he was just starting his organization's comment letter campaign.

U.S. District Judge Jed Rakoff in Manhattan said the bank must turn over requested documents from 2015 to 2019, a period after JPMorgan had dropped Epstein as a client. The U.S. Virgin Islands has called Dimon "a likely source of relevant and unique information" about why JPMorgan kept Epstein on, and discussions on Epstein's referrals of prominent and wealthy potential clients. Lawyers for the U.S. Virgin Islands did not immediately respond to requests for comment. JPMorgan wants Staley to reimburse it for damages it might incur in the other lawsuits, and return eight years of compensation. The case is Government of the U.S. Virgin Islands v JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

NEW YORK , March 7 (Reuters) - Bank of America Corp's (BAC.N) Chief Executive Officer Brian Moynihan had a clear message for shareholders on Tuesday: "We are capitalists." The proclamation from the head of the second-largest U.S. lender might seem obvious, but comes at a time when Wall Street titans face more criticism for embracing environmental, social and governance (ESG) considerations. The word "capitalism" is mentioned 22 times in BofA's latest annual report spanning 222 pages, rising from 16 times a year earlier. Still, the CEO acknowledged there are concerns about whether companies share profits or pay people fairly and equitably. The lender outlined its ESG goals in the report, including a pledge to achieve net zero greenhouse gas emissions by 2050 and deploy $1.5 trillion in sustainable finance by 2030.

☆ Richard Rosenberg, former Bank of America chief who doubled its assets, dies
▼ + stars: | 2023-03-06 | by ( Lananh Nguyen | ) www.reuters.com time to read: +1 min

NEW YORK, March 5 (Reuters) - Richard Rosenberg, the former Bank of America Corp (BAC.N) chief executive who presided over a spree of acquisitions that doubled the bank's assets, has died. Rosenberg, a former Navy commander, served as the bank's chairman and CEO from 1990 to 1996. He took the helm as the industry was deregulating and orchestrated several major deals including a $4 billion merger with Security Pacific National Bank, one the largest banking deals of its time. They have since swelled to more $3 trillion after more deals, including the purchase of Merrill Lynch during the 2008 financial crisis. He joined Bank of America in 1987 to run its California operations, helping the company to swing to a profit from losses.

☆ Analysis: Goldman Sachs faces hard sell for its consumer assets
▼ + stars: | 2023-03-01 | by ( Saeed Azhar | ) www.reuters.com time to read: +5 min

NEW YORK, March 1 (Reuters) - Goldman Sachs Group Inc (GS.N) is embarking on a tough sales pitch to investors for assets in its troubled consumer business, which has dragged on earnings and may lack appeal for potential buyers. In an unexpected move, Chief Executive Officer David Solomon said on Tuesday the bank is looking at 'strategic alternatives' for the consumer business, a signal of a possible sale. Solomon had championed Goldman's foray into consumer banking since taking the reins at the Wall Street powerhouse in 2018. The consumer operations largely failed to gain traction against well-established consumer banks and lost billions of dollars due to credit provisioning. Mike Mayo, an analyst at Wells Fargo, wrote in a note that the key question about Goldman's consumer business is: "who would be willing to buy it, and at what price?"

[1/3] The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. The investment bank will outline the path to profit for its Platform Solutions unit, which houses Goldman's transaction banking, credit card and financial technology businesses, it said. It is also considering "strategic alternatives" for its consumer platforms, Solomon said, without specifying what those options would be. Chief Executive David Solomon's performance and his plans for growth will also be scrutinized by investors and analysts. Observers will focus on his plans to decrease Goldman's reliance on trading and investment banking, which can be whipsawed by market volatility.

NEW YORK, Feb 28 (Reuters) - Goldman Sachs Group Inc (GS.N) Chief Executive David Solomon and his top executives are expected to unveil the company's medium-term financial goals on Tuesday, according to analysts. Its ROTE was 11% last year, missing analyst estimates, as rising interest rates prompted a sharp slowdown in dealmaking. Observers will also focus on the CEO's plans to decrease Goldman's reliance on trading and investment banking, which can be whipsawed by market volatility. The bank has said it plans to slim down some alternative investments that weighed on profits last year. Reporting by Saeed Azhar and Lananh Nguyen Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Sachs executives to rally investors in New York
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +6 min

[1/2] A Goldman Sachs sign is seen above their booth on the floor of the New York Stock Exchange, January 19, 2011. REUTERS/Brendan McDermid/File PhotoNEW YORK, Feb 28 (Reuters) - Goldman Sachs Group Inc's (GS.N) Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. DAN DEES, CO-HEAD OF GLOBAL BANKING & MARKETS, 52Dan Dees is the co-head of Goldman's global banking and markets division. JULIAN SALISBURY, CHIEF INVESTMENT OFFICER OF ASSET AND WEALTH MANAGEMENT, 51Julian Salisbury is chief investment officer of Goldman's asset and wealth management unit. KIM POSNETT, CO-HEAD OF ONE GOLDMAN SACHS, 45Kim Posnett is co-head of One Goldman Sachs, the company's program to unify its approach to clients across divisions.

☆ Morgan Stanley is cooperating with U.S. regulators on block-trading probe
▼ + stars: | 2023-02-24 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Morgan Stanley (MS.N) said it was cooperating with U.S. regulators over investigations into its block-trading practices and providing authorities with information, according to a filingon Friday. The Wall Street firm added it could face civil claims from market participants who said they were harmed by the company's practices. Morgan Stanley said it has been responding to subpoenas and other requests for information from the U.S. Attorney's Office for the Southern District of New York and the enforcement division of the Securities and Exchange Commission. On Feb. 6, a New York state judge refused to dismiss a proposed class action against Morgan Stanley and other underwriters that helped the media company Viacom Inc sell $2.7 billion of stock in March 2021. Archegos collapsed in March 2021 after failing to meet margin calls on swaps on Viacom CBS and other stocks.

NEW YORK, Feb 22 (Reuters) - Bank of America Corp (BofA) (BAC.N) amassed $1.2 billion in expenses for litigation and regulatory investigations last year including fines and settlements, according to a company filing on Wednesday. BofA also paid $225 million in penalties to U.S. financial regulators last year over employees' use of unauthorized messaging platforms including WhatsApp. A pair of banking regulators also fined the bank $225 million over what they called a "botched" handling of jobless benefits during the pandemic. While those three cases led to just over $800 million in combined expenses last year, BofA did not specify what accounted for the remaining $400 million. Some other U.S. banks also received hefty penalties in 2022.

The U.S. Treasury hit its $31.4 trillion borrowing limit last month. Investors need to actively manage their positions during a prolonged turbulent period in which borrowing negotiations could disrupt markets, Shah said. The Treasury bills yield curve indicates investors are demanding higher returns to hold debt due in August, signaling that it is perceived to be riskier than other maturities. Bid yields of Treasury billsStandoffs over the debt limit in the last decade have largely been resolved without causing major financial turmoil. Bond investors are navigating uncertainty around what they're calling the X-date, when the government can no longer meet its payments.

☆ As Miami high-rises loom over financial district, local resident digs in
▼ + stars: | 2023-02-21 | by ( Maria Cardona | ) www.reuters.com time to read: +2 min

REUTERS/Marco BelloMIAMI, Feb 21 (Reuters) - As developers seek to build up Miami's skyline, long-time resident Ishmael Bermudez is digging in - literally. The artist and amateur archeologist lives in a single-family home in Brickell, a rare property in Miami's financial district. Bermudez, alongside community groups and professional archeologists, is pushing for more preservation in Miami as new developments unearth historical relics. Bermudez's home in Brickell, just south of downtown Miami, is painted with a multicolored seascape of fish and underwater plants. Reporting by Maria Alejandra Cardona in Miami; Editing by Lananh Nguyen and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Fintech threat to big banks fizzled in 2022 as rates rose - report
▼ + stars: | 2023-02-15 | by ( Hannah Lang | ) www.reuters.com time to read: +2 min

Feb 15 (Reuters) - The competitive threat of financial technology companies to big banks diminished over the past year as rising interest rates constricted funding, a new report from Moody's Investor Service found. The report cited figures from CB Insights that showed global fintech funding fell 46% from 2021 to 2022. Banks have long recognized that technology could disrupt business models and allow technology conglomerates to enter banking, Moodys said. Fintech companies often face more regulatory obstacles than banks and may have encountered new requirements in certain jurisdictions in recent years, according to Moody’s. But although the current macroeconomic environment may pose challenges to fintech companies, the sector still has the potential to increase financial inclusion and lower costs to consumers, the report found.

NEW YORK, Feb 15 (Reuters) - JPMorgan Chase & Co.'s (JPM.N) head of trading sees China as its largest potential overseas market as the bank aims to expand its international business. "China is by far the biggest opportunity for us," Troy Rohrbaugh, JPMorgan's head of global markets, told investors at a conference. Jamie Dimon, JPMorgan's chief executive officer, told Reuters in an interview last week that he was planning to visit the country. Meanwhile, debt and equity capital markets were faring better than expected despite concerns about an economic slowdown. JPMorgan's fixed-income revenue climbed 12% to $3.7 billion in the fourth quarter, fueled by rising revenue in rates, currencies and emerging markets.

His counterpart at Bank of America Corp (BAC.N), Brian Moynihan, cited resilient consumer finances and spending as positive signs. At a separate event, Bank of America's CEO reiterated what he has been saying for months - that consumer spending remains robust and is underpinning the economy. JOB CUTSDespite some easing concern about an economic slowdown, the bank chiefs said they were managing headcount to constrain costs. It aims to have a workforce of about 213,000 to 214,000 in the next three to four months, Moynihan said, down from 216,823 at the end of 2022. While consumer spending remains healthy, credit card delinquencies are increasing, and growth in Wells Fargo's commercial bank is moderating, he said.

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