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☆ Interest rates just went up again: What the latest Fed move means for you
▼ + stars: | 2023-07-26 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

And the Fed’s preferred inflation measure — the core Personal Consumption Expenditures Index — inched down to 4.6% in its latest reading. Credit cards remain very expensiveWhen Fed rates go up, so do credit card rates. So it’s not surprising that card rates in the past year have been trending at around 20-year highs. As of July 19, the average credit card interest rate is 20.44%, down slightly from the 20.58% recorded the week before, according to Bankrate.com. Second-quarter data from the Fed shows the average rate for them is 22.16%.

Persons: ”, Greg McBride, Michele Raneri, you’ll, it’s, Matt Schulz, Cardholders, Freddie Mac, they’d, McBride, Anna Bahney Organizations: New, New York CNN, Federal Reserve, Consumer, JPMorgan Chase, Bank of America, Fed, LendingTree Locations: New York

Alpena Alcona Area Credit Union has a 7-month CD special paying over 7% APY. To open a CD at Alpena Alcona Area Credit Union, you must qualify for membership. Alpena Alcona Area Credit Union, a financial institution located in Michigan, is offering a 7-month CD special paying 7.19% APY. If you aren't familiar with this credit union, note that Alpena Alcona Federal Credit Union is federally insured by the NCUA. Alpena Alcona Area Credit Union has ten branches in Michigan (Alpena, Ossineke, Posen, Lincoln, Rogers City, Atlanta, Oscoda, Tawas City, and Cheboygan).

Persons: Ally Organizations: Union, Credit Union, Alpena, Alpena Alcona Federal Credit Union, Barclays Locations: Alpena Alcona, Michigan, Alpena, Ossineke, Posen, Lincoln, Rogers City, Atlanta, Oscoda, Tawas City

The service will compete with private sector real-time payments systems, including The Clearing House's RTP network, and was initially opposed by big banks who said it was redundant. Unlike peer-to-peer payments services like Venmo or PayPal, which act as intermediaries between banks, payments made via FedNow will settle directly in central bank accounts. The Fed also operates a real-time payments system called FedWire, but that's reserved for large-scale, mostly corporate payments and is only operational during business hours. While the new FedNow system is for everyone, it's likely to benefit consumers and small businesses the most, analysts have said. But Fed officials have downplayed those concerns, arguing that banks have tools available to mitigate a wave of outflows.

Persons: JPMorgan Chase, FedNow, Anu Somani, it's, ”, Carl Slabicki, Lance Noggle, Hannah Lang, Michelle Price, Andrea Ricci Organizations: U.S . Federal, European Union, JPMorgan, Bank of New York Mellon, US Bancorp, RTP, U.S . Bank, PayPal, Fed, Mellon’s Treasury Services, “, Independent Community Bankers of, Thomson Locations: United Kingdom, India, Brazil, FedNow, Independent Community Bankers of America, Silicon, Washington

July 19 (Reuters) - The U.S. Securities and Exchange Commission (SEC) has accepted applications to create spot bitcoin exchange-traded funds from six firms including BlackRock (BLK.N) for review, the first step in the agency's process for deciding whether or not to approve the latest round of proposals. The SEC also formally acknowledged applications from Bitwise, VanEck, WisdomTree (WT.N), Fidelity and Invesco (IVZ.N) for similar spot bitcoin ETFs, with those proposals appearing on the Federal Register Tuesday and Wednesday. The SEC has previously rejected dozens of spot bitcoin ETF applications, saying the proposals did not meet anti-fraud and investor protection standards. The first bitcoin futures ETF was approved in October 2021, helping send the volatile bitcoin to an all-time high of $69,000 in November 2021. Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.

Persons: Hannah Lang, Andrea Ricci Organizations: U.S . Securities, Exchange Commission, SEC, BlackRock, Fidelity, Federal Register, Nasdaq, Coinbase, CBOE Global, Thomson Locations: U.S, Washington

They are a key source of financing for some fintech lenders, which have fewer funding options than banks. As the end of pandemic stimulus and rising inflation led delinquency rates to normalize, investors shunned the fintech ABS market late last year. Fintechs like Upstart (UPST.O), Affirm (AFRM.O) and OneMain Financial (OMF.N) say they are boosting credit quality, in another example of how lenders have been pulling back amid uncertainty over the economic outlook. Still, analysts say it is a sign the fintech ABS market is recovering. For fintech loans to borrowers with weighted average credit scores between 660 and 710, annualized net losses rose by 1.88% month-over-month to 16.61%.

Persons: Sanjay Datta, Datta, Max Levchin, Doug Schulman, OneMain, Finsight, Robert Wildhack, Kroll, Hannah Lang, Matt Tracy, Josie Kao Organizations: Wall Street, OneMain, AAA, Autonomous Research, Kroll Bond Rating Agency, Thomson Locations: Washington

☆ What to Know About Goldman Sachs's Results and More Bank Earnings
▼ + stars: | 2023-07-19 | by ( Wsj Staff | ) www.wsj.com time to read: +1 min

Goldman Sachs reported quarterly results Wednesday, the last of the major Wall Street institutions to turn in its numbers. Investors have generally cheered bank earnings this quarter. The KBW Nasdaq Bank Index is ahead some 4% this week through Tuesday's close, while the KBW Regional Banking Index is up more than 6%. Goldman reported significantly lower profit for the second quarter, hurt by write-downs in its consumer and asset-management businesses. Here's our report on Tuesday's bank results, including quarterly numbers from Morgan Stanley and Bank of America.

Persons: Goldman Sachs, Goldman, Morgan Stanley Organizations: Nasdaq, Bank of America, The Locations: Tuesday's, KBW

☆ UBS investors warm to Credit Suisse deal
▼ + stars: | 2023-07-17 | by ( Oliver Hirt | ) www.reuters.com time to read: +6 min

Several fund managers who hold UBS stock have told Reuters they think UBS has bought Credit Suisse at a good price, with some even describing it as a steal. "UBS got Credit Suisse for practically nothing, so accordingly the deal will work out for them," another investor told Reuters. Still, UBS inherits a troubled legacy at Credit Suisse, said Thomae, pointing to legal risks which UBS has said could cost billions of dollars. Rivals have poached entire teams from Credit Suisse, he said, and some clients are likely to follow them. Deka's Thomae said UBS and Credit Suisse together would have a market share in Switzerland that is just within acceptable limits.

Persons: Colm Kelleher, Guy de Blonay, Andreas Thomae, Thomae, de Blonay, De Blonay, JP Morgan, Kian Abouhossein, Julius Baer, Deka's Thomae, Oliver Hirt, John Revill, David Holmes Organizations: Credit Suisse, UBS, Switzerland's, Reuters, Jupiter Asset Management, CS, Swiss, UBS AG, Credit Suisse AG, STATE, Deka Investment, Fund, Rivals, Suisse, JP, Suisse's, Investors, Credit, Thomson Locations: ZURICH, Suisse's Swiss, Switzerland

☆ UBS to retain EY as auditor after Credit Suisse takeover, Financial Times reports
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

July 16 (Reuters) - UBS Group (UBSG.S) has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender. PwC in Credit Suisse's 2022 annual report had included an "adverse opinion" on the effectiveness of the bank's internal controls over its reporting but said its statements "present fairly, in all material respects" the financial position of the bank from 2020 through 2022. UBS and EY did not immediately respond to requests for comment on the FT report while PwC said it would not be making any comment on the story. ($1 = 0.8617 Swiss francs)Reporting by Juby Babu in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: EY, PwC, Juby Babu, Jamie Freed Organizations: UBS, Financial Times, Big, PricewaterhouseCoopers, Credit Suisse, Thomson Locations: Bengaluru

☆ UBS to retain EY as auditor after Credit Suisse takeover- FT
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

July 16 (Reuters) - UBS Group (UBSG.S) has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT.PricewaterhouseCoopers (PwC), which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023, according to the newspaper. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender. UBS, EY and PwC did not immediately respond to requests for comment on the FT report. ($1 = 0.8617 Swiss francs)Reporting by Juby Babu in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: PwC, Juby Babu, Jamie Freed Organizations: UBS, Financial Times, Big, PricewaterhouseCoopers, Credit Suisse, EY, Thomson Locations: Bengaluru

May enroll in U.S. Bank Smart Rewards if you meet certain requirements Cons Dash icon A dash. Savings Account 3.75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.03% Minimum Deposit Amount $25 Fees $1 Start savingSantander® Bank, N.A. Savings Account 3.75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.03% Minimum Deposit Amount $25 Fees $1 View Full Details Start saving On Santander Bank's site. Low APY Dash icon A dash. $5 maintenance fee per quarter if you don't have at least $5 in your account Dash icon A dash.

Persons: Juntos, Wells, You'll, APY, Del, Garland, Weslaco, Adams, PAHO, it's, that's, Pablo DeFilippi, Juntos Avanzamos, DeFilippi, Banks, you'll, NCUA Organizations: Bank of America Bank of America, of America, FDIC Bank of America, Bank of America, Chevron, Dominican, . Department of State Diplomat, Insider's Bank of America, Wells, Wells Fargo Bank, U.S . Bank U.S . Bank, Bank, . Bank, FDIC, Bank Smart, Savings, TN, WY, Reading Chevron, U.S, Consular, Santander Bank Santander ® Bank, N.A, Santander ® Bank, Santander, Santander Bank, Insider's Santander, Fifth Third Bank, Third Express Banking, Fifth, Third, Hope Credit Union Hope Credit, Hope Credit, Credit, Hope Credit Union, River City Credit Union, Federal Credit Union, City Federal Credit Union, River City Federal Credit, City Federal Credit, Guadalupe Credit Union Guadalupe Credit Union, Guadalupe Credit Union, Guadalupe Credit, Tucoemas Credit Union, Federal Credit, Tucoemas Federal, Tuceomas Federal, NCUA, JetStream, JetStream Credit, Hope, North, North Jersey Federal Credit Union North, North Jersey Federal Credit Union North Jersey Federal Credit Union, Jersey Federal Credit Union, North Jersey Federal Credit, Union Counties, Rio Grande Credit, Rio, Brooklyn Cooperative, Brooklyn Cooperative Brooklyn Cooperative, Brooklyn, Brooklyn Cooperative's, Border Federal Credit Union Border Federal Credit Union, Border Federal Credit, Sutton, Caprock Federal Credit Union, Federal, Caprock Federal, Coastal, Federal Credit Union Coastal Community Federal, Coastal Community Federal, Coastal Community Federal Credit, FirstLight Federal Credit Union, FirstLight Federal, Bliss, Union, One, Rocket Federal Credit Union, Security, Credit Union Security First Credit, Credit Union, Star, Texas Credit Union Star of Texas Credit, Texas Credit, Star of Texas Credit, DC Credit Union DC Credit, DC Credit, American, Washington DC, DC, WHO, Union PAHO, WHO Federal Credit Union, PAHO, Pan American Health Organization, World Health Organization, CORE, Georgetown University, Georgetown Unversity, US Citizen, Inclusiv, Community Locations: Dominican Republic, Colombian, Wells Fargo Wells, Wells Fargo, AZ, CA, IA, KS, KY, MN, NV, NM, NC, UT, WA, WI, Santander Bank's, Santander, Mexican, Midwest, LA, Alabama , Arkansas , Louisiana , Missouri, Tennessee, River City, City, River, San Antonio , Texas, Bexar County, New Mexico, Santa Fe, Espanola, Mora , Taos, Rio Arriba , Taos , Torrance, San Miguel, Colfax, Mora County, Tucoemas, California, Visalia, Tulare, Porterville, Tulare County , California, Miami , Florida, Puerto Rico, North Jersey, North Jersey Federal Credit Union North Jersey, Jersey, American, New Jersey, Totowa, Newark, Elmwood, Bergen , Essex, Hudson , Middlesex, Morris , Passaic, Rio Grande, Albuquerque, Rio Rancho, Bernalillo County, Sandoval County, Brooklyn Cooperative Brooklyn, New York, Bushwick, Bedford, Stuyvesant, Brooklyn, Chevron, Texas, Del Rio, Eagle, Crystal City, Crockett, Dimmit, Edwards, Frio, Kinney, LaSalle, Maverick, Real, Terrell, Uvalde, Val Verde, Zavala, Caprock, Seminole, Borden County, Dawson County, Lynn County, Gaines County, Garza, Galveston , Texas, Galveston County, FirstLight, El Paso , Texas, Las Cruces , New Mexico, El Paso County, Dona Ana, Atascosa, Bandera, Bexar, Comal, Guadalupe, Kendall, Medina, Wilson, Carrollton, Cedar Hill, Dallas, Irving, Houston, Mesquite, Garland, Dallas County, Houston County, McGregor , Texas, Brownsville, Edinburg, Harlingen, McAllen, Mission, San Benito, Eastside San Antonio, Odessa, Midland, Midland County, Ector, Austin , Texas, Travis County, Washington, Adams Mortgan, Mt Pleasant, Columbia, Georgetown

A U.S. judge said on Thursday that Ripple Labs Inc did not violate securities law by selling its XRP token on public exchanges. Although the decision was specific to the individual case, it unleashed a wave of optimism among crypto investors that more cryptocurrencies may also not be deemed securities. Still, the enthusiasm for some was tempered by a report from the Wall Street Journal that Binance, the world's largest cryptocurrency exchange, has laid off more than 1,000 people in recent weeks. "The regulatory environment is changing," said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. Still, crypto investors have taken encouragement from the world's biggest asset manager, BlackRock (BLK.N), filing to launch a bitcoin exchange traded fund last month.

Persons: XRP, Coinbase, Bitcoin, Matthew Dibb, Justin d'Anethan, Binance.US, bode, Sam Bankman, Alex Mashinsky, Patrick Hillmann, Hillmann, We'd, Chris Weston, it's, Vidya Ranganathan, Simon Cameron, Moore, Alex Richardson, Josie Kao Organizations: Labs, U.S . Securities, Exchange Commission, Wall Street, Capital, SEC, U.S, Wall, Twitter, BlackRock, Fidelity, Thomson Locations: SINGAPORE, WASHINGTON, U.S, California , New Jersey, South Carolina, Wisconsin, Asia, Keyrock, Hong Kong, XRP, reining, China, Binance, Melbourne, Singapore

NEW YORK, July 13 (Reuters) - Alex Mashinsky, founder and former CEO of bankrupt cryptocurrency lender Celsius Network, pleaded not guilty Thursday to U.S. fraud charges that he misled customers and artificially inflated the value of his company's propriety crypto token. Three federal regulatory agencies also sued Mashinsky and Celsius in connection with the case. Mashinsky, 57, was charged with seven criminal counts - including securities fraud, commodities fraud and wire fraud - according to an indictment unsealed earlier on Thursday. Its founder Sam Bankman-Fried was charged with fraud last year, and has pleaded not guilty. "Whether it's old-school fraud or some new-school crypto scheme, it doesn't matter one bit.

Persons: Alex Mashinsky, Mashinsky, Sam Bankman, Fried, Ona Wang, Roni Cohen, Pavon, Cohen, Damian Williams, Williams, Hannah Lang, Luc Cohen, Chris Prentice, Elizabeth Howcroft, Chizu Nomiyama, Michelle Price, Jonathan Oatis Organizations: YORK, Prosecutors, U.S . Securities, Exchange Commission, SEC, Futures Trading Commission, Federal Trade Commission, U.S, Thomson Locations: Manhattan, Israeli, U.S, Hoboken , New Jersey, Washington, New York, Bengaluru, London

☆ Japan's Sumitomo Mitsui launches US digital bank
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 12 (Reuters) - Sumitomo Mitsui Financial Group (8316.T) has launched a digital banking service in the United States, as Japan's number two lender aims to tap growth in the U.S. consumer banking market, a bank executive said on Wednesday. Sumitomo Mitsui is providing personal loans through a newly created online banking division of Manufacturers Bank, a California state-chartered bank wholly owned by the Japanese group. Starting with a 270-strong workforce, the digital banking service targets some tens of billions of yen (hundreds of millions of dollars) in net profit within 10 years, said Daisuke Tanaka, an executive at the bank's corporate development group. "But we eventually want to have a solid presence in the United States." ($1 = 139.5100 yen)Reporting by Makiko Yamazaki; editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Daisuke Tanaka, Tanaka, Makiko Yamazaki, Robert Birsel Organizations: Sumitomo Mitsui Financial Group, Sumitomo Mitsui, Manufacturers Bank, Thomson Locations: TOKYO, United States, U.S, California

Coinbase (COIN.O) and Binance.US, two of the largest crypto exchanges by market share among those operating in America, have lost ground this year. Bitstamp's global market share among exchanges operating in the U.S. has risen to about 9%. Coinbase and LMAX declined to comment on the data, while Binance.US - the American affiliate of the world's largest crypto exchange - didn't respond to a request for comment. It may not be that simple for hungry challengers to grab market share, according to market players. In years gone by, crypto exchanges could swiftly gobble up business by offering access to a swathe of coins.

Persons: Sam Bankman, FTX, Ravi Doshi, Guy Hirsch, Bobby Zagotta, Wade Guenther, Doshi, Hannah Lang, Michelle Price Organizations: U.S . Securities, Exchange Commission, SEC, LMAX, Genesis, Bitstamp, Reuters Graphics, Wilshire, Thomson, Reuters Locations: United States, America, Binance.US, U.S, Bitstamp USA, solana, Washington

☆ The high yield on this 1-year CD just got even hotter
▼ + stars: | 2023-07-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Bread raised the annual percentage yield on its 1-year certificate of deposit to 5.35%, an increase of 10 basis points. That bump higher makes it the 1-year CD with the highest yield among banks under Stephens' coverage, according to a Monday report from the firm. Consider that a 2-year CD at Bread has an APY of 5%, while a 5-year CD yields 4.25%. "The past two weeks have been relatively quiet for online bank rate moves, and we wonder if this is holiday-related or if the online bank demand for deposits has slowed," said Vincent Caintic, an analyst at Stephens. He added that another driver behind the deceleration in deposit rate increases could be a slowdown of loan growth among online banks.

Persons: Bread, Stephens, you'll, Vincent Caintic, — CNBC's Michael Bloom Organizations: First Internet Bank of Indiana, Federal Deposit Insurance

As a result, the Consumer Financial Protection Bureau ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” CFPB Director Rohit Chopra said in a statement. Bank of America noted in an email to CNN that those fees were eliminated last year. In 2014, it was ordered by the CFPB to pay $727 million in redress to consumers for illegal credit card practices.

Persons: Wells, ”, Rohit Chopra, Bank of America “, “ Organizations: New, New York CNN, Bank of, Consumer Financial Protection Bureau, Bank of America, Currency, “ Bank of, OCC, CNN, of America Locations: New York, United States

☆ Help Wanted: Retired Bank Examiners to Unravel Bond Mess
▼ + stars: | 2023-07-07 | by ( Ben Foldy | Andrew Ackerman | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/help-wanted-retired-bank-examiners-to-unravel-bond-mess-e878d59c

Persons: Dow Jones

The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Its largest creditor is Gemini, founded by billionaire identical twins Cameron and Tyler Winklevoss who are also former U.S. Olympic rowers. A bankruptcy court appointed a mediator in April to help Genesis, DCG and its creditors agree on a restructuring plan, but the parties have yet to reach a deal despite several extensions. Under the offer, DCG would retain the proceeds from the sale of Genesis' lending unit. If Silbert and DCG do not agree, Gemini will sue Silbert and DCG, and file a motion to place DCG in default and demand immediate debt repayments, Winklevoss said.

Persons: Cameron, Tyler Winklevoss, Gemini, Barry Silbert, Cameron Winklevoss, Winklevoss, DCG, Mark Zuckerberg, Silbert, ” Winklevoss, Hannah Lang, Dietrich Knauth, Michelle Price, Matthew Lewis Organizations: Digital Currency Group, Gemini, U.S, Olympic, Reuters, Genesis, Meta, Facebook, Thomson Locations: Connecticut, Washington

The best CD rate right now is an impressive 6.167% APY, but make sure you have emergency funds before parking money in a CD. Right now, the best CD rate is 6.167% APY on a 6-month share certificate from Credit Union One of Oklahoma. View offers and saving today >CDs are a great way to generate passive income because they require almost no oversight after the initial deposit. Here are three questions to ask yourself before signing up for a CD:1. $1,000 minimum opening deposit Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Persons: it's, you'll, You’re, Jennifer, Read Organizations: Credit Union, NASA Federal Credit Union, NASA, Credit, Chevron, National Space Society, NASA Headquarters, National Academy of Science, NASA Center, Bank of Indiana, First Internet Bank of Indiana's, FDIC, Reading Chevron, Crescent, Crescent Bank, Business, Black Enterprise Magazine, CNBC, Forbes, Twitter Locations: of Oklahoma, Louisiana

LONDON, July 3 (Reuters Breakingviews) - Canary Wharf may be in trouble once again. While CWG’s average tenancy agreement still has 10 years left, the risk is that itself and the wider Canary Wharf area slip into a vicious circle. Rental incomes on apartments are roughly on a par with offices, per square foot, according to a person familiar with the matter. The 45-storey skyscraper in Canary Wharf has been HSBC's home for more than 20 years. Canary Wharf Group, which runs the east London financial district, declined to comment.

Persons: Paul Reichmann’s Olympia, Morgan Stanley, CWG, Knight Frank, Hong Kong’s Cheung, Bear Stearns, that’s, Liam Proud, Pranav Kiran Organizations: Reuters, Docklands, HSBC, York, Saudi Arabian, Canary Wharf Group, Barclays, Estates, Brookfield Property Partners, Qatar Investment Authority, Brookfield, Canary, QIA, Moody’s, Reuters Graphics Reuters, Hong Kong’s Cheung Kei Group, Churchill, NYK, Transport, BT, Thomson Locations: London, Canary, Canadian, Saudi, U.S, Brookfield, That’s, Docklands, Stratford, Wharf, QIA, Canary Wharf, Europe's

High yield savings accounts pay more interest than a regular savings account. A benefit of a high-yield savings account is that you can withdraw your money quickly if needed. High APY Check mark icon A check mark. Earn a solid APY on your savings pocket and automatic savings pocket Check mark icon A check mark. No fee for using an out-of-network ATM if you have direct deposits set up Check mark icon A check mark.

Persons: —, APY, you'll Organizations: Service, Western Alliance Bank, Western Alliance, Mint, FDIC, Chevron, Popular, Salem, Walmart, Coastal Community Bank, Reading Chevron Locations: United States, New York, Salem, Chevron

[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

MUMBAI, June 27 (Reuters) - Goswami Infratech, a Shapoorji Pallonji group entity, closed India's largest debt issue from a low-rated company on Tuesday, signalling growing interest in high-yielding debt from local and global private credit funds, bankers and fund managers said. Goswami Infratech accepted bids worth 143 billion rupees ($1.74 billion), including from Edelweiss Special Opportunities Fund, Davidson Kempner, Ares Capital Management, Varde Partners and Cerberus Capital Management, the bankers said. "We are seeing money coming in from global asset managers, international development financial institutions and large pension funds in Indian private credit funds," said Vineet Sukumar, founder of Vivriti Asset Management, which also manages a private credit fund. Two recent changes in regulation have also provided a boost to private credit funds. The tweaks have led to more funds from high net worth individuals and family offices flowing into private credit funds, while elevated yields are further leading to attractive investment opportunities.

Persons: Goswami Infratech, Davidson Kempner, Sukumar, Ajay Manglunia, Saurabh Jhalaria, Karthik Athreya, Sundaram, Dharamraj Dhutia, Bhakti, Sohini Goswami Organizations: Edelweiss, Fund, Ares Capital Management, Varde Partners, Cerberus Capital Management, Deutsche Bank, Standard Chartered Bank, Ares, Vivriti Asset Management, JM Financial, EY, Asset Management, Thomson Locations: MUMBAI, India

June 26 (Reuters) - Certain banks working with FTX founder Sam Bankman-Fried's trading firm Alameda Research raised questions about the firm's wire activity as early as 2020, according to a report released by FTX on Monday. Federal prosecutors have alleged that Bankman-Fried stole billions of dollars in customer funds to plug losses at Alameda. He has previously said that when FTX did not have a bank account, some customers wired money to Alameda and were credited on FTX. In 2020, certain banks working with Alameda pressed the firm on its wire transfers, according to the report. One bank representative wrote to Alameda about references to FTX in the company's wire activity and asked whether the account was being used to settle trades on FTX.

Persons: Sam Bankman, FTX, Fried, Hannah Lang, Matthew Lewis Organizations: Alameda Research, Federal, Alameda, Thomson Locations: Alameda, FTX, An Alameda, Washington

Blinken said tensions that sparked the action had been growing for months and added that the threat of internal turmoil could affect Moscow's military capabilities in Ukraine. Blinken described the turmoil as an "internal matter" for Putin. "It may be that Putin didn't want to debase himself to the level of negotiating directly with Prigozhin," Blinken said. "To the extent that the Russians are distracted and divided it may make their prosecution of aggression against Ukraine more difficult," Blinken told ABC. Senator Ben Cardin said the weekend turmoil in Russia does not ease Washington's need to continue aiding Ukraine as it launches its long-awaited counteroffensive against Russia.

Persons: Vladimir Putin, Wagner, Antony Blinken, Blinken, Putin, Yevgeny Prigozhin, NBC's, Prigozhin, Alexander Lukashenko, debase, Mike Turner, Turner, Ben Cardin, Cardin, Don Bacon, he's, Bacon, David Morgan, Hannah Lang, Tyler Clifford, Scott Malone, Chizu Nomiyama, Mark Porter Organizations: U.S . Congress, Russian, Press, Forces, ABC, of, CBS, Democrat, Senate Foreign Relations, Fox News, Republican, U.S . Air Force, House Armed Services Committee, NBC, Thomson Locations: U.S, Russia, Poland, Baltic, Ukraine, Russian, Russia's, Finland, Estonia, Latvia, Lithuania

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