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SINGAPORE, April 17 (Reuters) - The dollar climbed to a one-month high against Japan's yen on Monday as traders eyed up another interest rate hike from the Federal Reserve, while the Bank of Japan stuck to its easy money policies. Expectations of higher interest rates relative to global peers tend to boost a currency by making investments there look more attractive, and vice versa. Reuters GraphicsMeanwhile, pricing in derivatives markets shows traders think there's a roughly 84% chance the Fed will hike rates again by 25 basis points in May, up from around 69% last week . It hit a one-year high of $1.108 on Friday, with traders expecting further interest rate hikes from the European Central Bank even as the Fed nears a pause. Foley expects one more 25 basis point rate hike from the Fed in May before it holds rates steady for the rest of the year.

☆ Millennium's new Miami-based engineering program is the latest shot in hedge fund's war for young tech talent
▼ + stars: | 2023-04-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Insider's Bianca Chan has a first look at Millennium Management's new engineering training program for its Miami office. Click here to read more about Millennium's new training program for engineers in Miami. JPMorgan's Jamie Dimon, BlackRock's Larry Fink, Citigroup's Jane Fraser, and Wells Fargo's Charlie Scharf shared thoughts on the banking crisis during their respective earnings calls. The world's largest money manager is open to making some deals in the wake of the banking crisis. Despite all the chatter on the recent banking crisis, JPMorgan's CEO still had thoughts on the state of the wider economy.

☆ CNBC Daily Open: Don’t be misled by the big banks
▼ + stars: | 2023-04-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

On Friday three big U.S. banks reported better-than-expected first-quarter earnings. Investors weren't misled by big banks' bonanza of incredible earnings. Even though higher rates fueled big banks' earnings, they also expose weaknesses in balance sheets, as Dimon himself warned. In other words, what's good for big banks' income is not necessarily good for the economy. Despite the excitement over the big banks' earnings, then, investors kept a cool head, causing the three major indexes to fall.

☆ CNBC Daily Open: Don’t be fooled by big banks’ earnings
▼ + stars: | 2023-04-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

☆ Here's what I want to see before buying in a stock market that stumbled on solid bank earnings
▼ + stars: | 2023-04-16 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

I do not understand how it could be double the price of the stock when the TVB means that if you closed the bank that's what you would get. I know the stock of Wells Fargo (WFC) didn't do much after it reported. Now, I offer the story of these banks as a preamble to what I see happening in the stock market right now. I don't want to conflate a day of good bank earnings with a month of good stock prices. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

That makes the business less than half the size of Bank of America Corp's (BAC.N) Merrill Wealth Management arm, the $18-billion behemoth Sieg ran until he left last month. Another challenge is that Citi has historically been undersized and a bit of a laggard in the space...especially in the wealth business where it’s all about existing relationships." In some ways, Citigroup is playing catchup after selling its old wealth business, Smith Barney, a decade ago to Morgan Stanley, which then leaned heavily into wealth management. That bet paid off - Morgan Stanley's wealth unit, led by Andy Saperstein, brought in record revenue last year. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth division.

Wells Fargo fared less favorably, down 0.3%, and regional banks including Zions (ZION.O) and First Republic (FRC.N) fell. Net interest income, a measure of how much a bank earns from lending, surged 49% to $20.8 billion. Meanwhile, Wells Fargo set aside $1.21 billion in the quarter to cover for potential loan losses, compared to a release of $787 million a year earlier. "While most consumers remain resilient, we've seen some consumer financial health trends gradually weakening from a year ago," Mike Santomassimo, Wells Fargo finance chief, told analysts. More banking results are due over the coming week, including Bank of America (BAC.N) and Goldman Sachs (GS.N) on Tuesday and Morgan Stanley (MS.N) on Wednesday.

☆ Everything you need to know as JPMorgan, Citi, Goldman Sachs, and other big banks report earnings
▼ + stars: | 2023-04-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Bank of America and Goldman Sachs come in on Tuesday, with Morgan Stanley bringing up the rear on Wednesday. For a breakdown on the specific numbers, check out Markets Insider and the fantastic 10 Things Before the Opening Bell newsletter. Big banks poured $30 billion into First Republic in the midst of the banking crisis in an effort to shore up the wider market. And what about those pesky shadow banks? Never one to miss a good opportunity, shadow lenders are looking to step up where big banks are stepping back, Bloomberg reported.

☆ Citigroup profit beats estimates on higher interest income from loans
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

April 14 (Reuters) - Citigroup Inc's (C.N) first-quarter profit beat Wall Street expectations on Friday as it earned more from borrowers paying higher interest on loans, benefiting from a tighter monetary policy by the Federal Reserve. The banking sector was jolted by the collapse of Silicon Valley Bank and Signature Bank last month, which wiped out billions of dollars in market value. Its loans also fell marginally to $652 billion, while its net interest income rose 23% to $13.3 billion. Analysts expect an economic slowdown to curb demand for loans and depress net interest margins (NIM) across the industry in the coming quarters. Net income rose 7% to $4.6 billion, or $2.19 per share, in the three months to March 31 from $4.3 billion, or $2.02, a year earlier.

☆ Citigroup shares rise after first-quarter revenue tops expectations
▼ + stars: | 2023-04-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Citigroup reported rising net income and better-than-expected revenue for the first quarter, boosting its stock in premarket trading Friday. $4.6 billion in net income versus $4.3 billion in the same period last year$21.45 billion in revenue versus $19.99 billion expected, according to Refinitiv. Personal banking revenue rose 18% year over year, reflecting higher interest rates. Fixed income markets revenue rose 4% year over year, though that was offset by declines in investment banking and equity market revenue. Net income was down 19% year over year when excluding the impact of the sales.

☆ Big bank investors owe thanks to Team America
▼ + stars: | 2023-04-14 | by ( John Foley | ) www.reuters.com time to read: +4 min

Wells Fargo has managed to keep even more for itself, passing on just 26%. Finance chief Jeremy Barnum reckons $50 billion of deposits flowed into his bank and stayed put, more than offsetting other outflows. Elsewhere in Dimon’s letter, he describes himself as a “red-blooded, patriotic, free-enterprise and free-market capitalist.” Investors may lap that up, but his bank’s earnings show other forces at work too. Wells Fargo reported $4.7 billion of earnings, 34% higher than the previous first quarter, and took a $1.2 billion quarterly provision for credit losses. Citigroup reported $4.3 billion of earnings, a 7% annual increase, while smaller rival PNC made $1.6 billion, an 18% increase.

☆ Earnings playbook: Your guide to trading the start of a big reporting season this week
▼ + stars: | 2023-04-12 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

Thursday Delta Air Lines is set to report earnings before the bell, followed by a conference call with management at 10 a.m. This quarter: Analysts polled by Refinitiv expect revenue to have jumped more than 45% from the year-earlier period, Refinitiv data shows. Friday JPMorgan Chase is set to report earnings before the bell, followed by a call with management at 8:30 a.m. What history shows: FactSet data shows JPMorgan Chase topped earnings estimates in eight of the last 10 quarters. What history shows: Bespoke data shows UnitedHealth beats earnings estimates 93% of the time.

The euro was up 0.52% at $1.0918 and the pound rose a similar amount to $1.2439 as most European markets returned from the long Easter weekend. "Bank earnings will also be important, they don't often reach across to FX markets directly, but they might, given the recent jitters," Foley added. Tuesday's moves were also affected by European markets' reopening after the break, said Simon Harvey, head of FX analysis at Monex Europe, given the limited liquidity on Friday and Monday with most European markets closed. He said algorithms trading currencies based on the difference between European and U.S. rates might have sold euros for dollars when U.S. Treasury yields rose after the jobs data while European bond markets were closed. European bond yields rose sharply on Tuesday, catching up after the break.

The euro was up 0.4% at $1.0903 and the pound was up 0.5% at $1.2439 as most European markets returned from the long Easter weekend. "Bank earnings will also be important, they don't often reach across to FX markets directly, but they might given the recent jitters," Foley added. Tuesday's moves were also affected by European markets' reopening after the break, said Simon Harvey, head of FX analysis at Monex Europe, given the limited liquidity on Friday and Monday with most European markets closed. He said algorithms trading currencies based on the difference between European and U.S. rates might have sold euros for dollars when U.S. Treasury yields rose after the jobs data while European bond markets were closed. European bond yields rose sharply on Tuesday catching up after the break.

March 30 (Reuters) - Citigroup Inc (C.N) hired Andy Sieg to lead its global wealth arm, the lender said on Thursday, from Bank of America Corp (BAC.N), where he led the Merrill Wealth Management unit. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth management divisions. Fraser signaled the bank's intention to become a global leader in wealth management at its investor day last year. "This is a fantastic opportunity to build a leading wealth management business at the world's most global bank at a time of massive wealth creation," he said in a statement. Sieg's departure prompted the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement.

March 30 (Reuters) - Citigroup Inc (C.N) on Thursday it has hired Andy Sieg to lead its global wealth arm from Bank of America Corp (BAC.N), where he led the Merrill Wealth management unit. Two years ago, Citigroup unified its various wealth businesses into a single wealth management organization, which was led by Jim O'Donnell and included the Citi Private Bank and Citi Personal Wealth Management. At its investor day last year, Fraser signaled the bank's intention to become a global leader in wealth management. Sieg's departure led to the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement. Sieg joined Merrill Lynch in 1992 and had served as Merrill president since 2017.

☆ Meet the new co-heads of Merrill Lynch as Andy Sieg exits to jump-start Citi's wealth business
▼ + stars: | 2023-03-30 | by ( Hayley Cuccinello | Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Merrill Lynch head Andy Sieg is leaving to lead rival Citi's wealth management business. Sieg is leaving for rival bank Citi, where he faces a big challenge when he starts in September: improving Citi's wealth business, which has lagged behind competitors like Merrill and Morgan Stanley Wealth Management. New battles await both Sieg at Citi, where he will be head of Citi Global Wealth, and his successors at Merrill. The move was made after the wealth business had missed revenue targets, the Wall Street Journal reported. Citi CEO Jane Fraser described the wealth management unit's performance as "disappointing" on a call to discuss earnings in January.

☆ Bank of America's Andy Sieg is joining Citi as head of global wealth
▼ + stars: | 2023-03-30 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +1 min

Andy Sieg, a veteran of Merrill Lynch, is parting ways with Bank of America to join Citigroup . He will be the new head of Citi Global Wealth, reporting to Jane Fraser, the bank's CEO. Previously, Sieg was president of Merrill Lynch Wealth Management, a post he's held for six years. He was also a member of Bank of America's executive management team. Separately, Bank of America announced that Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Management.

☆ Dollar soothed by uneasy market calm
▼ + stars: | 2023-03-29 | by ( Alun John | ) www.reuters.com time to read: +3 min

The dollar index , which tracks the currency against six peers, was flat at 102.42, giving up small gains of up to 0.3% in the European morning. It has fallen for the past two sessions, and is set for a 2.1% monthly fall, a victim of the market ructions induced by problems in the banking industry. "We have returned to a sense of calm right now, but I don't think it's all over. The dollar touched a one-week high on the yen and was last up 0.7% to 131.85 yen , while the euro gained 0.7% against the yen to 143. The dollar had dropped 0.5% against the yen the previous day, when it uncharacteristically moved in the opposite direction to long-term U.S. Treasury yields, which have been rising as calm returns to markets.

The dollar index , which tracks the currency against six peers, gained 0.15% to 102.64. It has fallen for the past two sessions, and is set for a 2.1% monthly fall, a victim of the market ructions induced by problems in the banking industry. The dollar touched a one week high and was last up 0.8% to 131.99 yen , while the euro gained 0.6% against the yen to 142.9. The dollar had dropped 0.5% against the yen the previous day, when it uncharacteristically moved in the opposite direction to long-term U.S. Treasury yields, which have been rising as calm returns to markets. Reporting by Kevin Buckland; Editing by Shri Navaratnam, Jamie Freed and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Las Vegas, March 29 (Reuters) - Consumer and mid-sized banks are planning to monitor their internal processes more closely and hold more frequent discussions with regulators as the industry tries to move forward from weeks of turmoil, industry executives say. She spoke as senior executives from regional and mid-sized U.S. banks gathered alongside regulators for the association's annual conference this week. Consumer Financial Protection Bureau Director Rohit Chopra said regulators were focused on maintaining stability of the financial system. In recent weeks, President Joe Biden, Treasury Secretary Janet Yellen and industry executives have made public statements aimed at reassuring depositors. "The banking system is pretty sound," and large and regional banks are well-capitalized, Citigroup Inc (C.N) CEO Jane Fraser said last week.

☆ 'The first bank crisis of the Twitter generation': The pressure on banks is very different from 2008
▼ + stars: | 2023-03-27 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

It is "unlikely" that European banks will undergo anything as serious as in 2008, according to economists. But a banking crisis today would look very different from 15 years ago thanks to social media, online banking, and huge shifts in regulation. This is "the first bank crisis of the Twitter generation," Paul Donovan, chief economist at UBS Global Wealth Management, told CNBC earlier this month, in reference to the collapse of Credit Suisse . watch nowRegulators shuttered Silicon Valley Bank on March 10 in what was the biggest U.S. bank collapse since the global financial crisis in 2008. Risk in the banking system today is significantly less than it has been at any time over the last 20 or 30 years.

☆ Deposit drain from smaller banks into financial giants like JPMorgan Chase has slowed, sources say
▼ + stars: | 2023-03-25 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

First Republic Bank headquarters is seen on March 16, 2023 in San Francisco, California, United States. Tayfun Coskun | Anadolu Agency | Getty ImagesWearing many hatsThe dynamic has put big banks like JPMorgan and Goldman Sachs in the awkward position of playing multiple roles simultaneously in this crisis. JPMorgan, Bank of America, Citigroup and Wells Fargo representatives declined to comment for this article. "There's been a lot of ins and outs, but people are still putting money into the big banks." While the deposit flight from smaller banks has slowed, the past few weeks have exposed a glaring weakness in how some have managed their balance sheets.

☆ Take Five: And let there be calm
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +5 min

LONDON, March 23 (Reuters) - At the incredible end to the first quarter for financial markets, rattled by bank turmoil, some stability will be much hoped for in coming days. SNB chief Thomas Jordan reckons the next two weeks will be vital to securing UBS's Credit Suisse takeover. Market cap of US regional banks included in the S&P 500 regional bank index3/ DID YOU SAY AT1? Potential legal action is also possible after Swiss authorities ruled that holders of Credit Suisse AT1 bonds would get nothing in the deal. And U.S. and European banks turmoil show how quickly a crisis can surface, giving Ueda even more reason for caution.

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