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☆ Treasury yields spike as markets worry about the impact of sticky inflation on Fed policy
▼ + stars: | 2023-10-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The 10-year Treasury yield spiked about 12 basis points Thursday. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The 10-year Treasury yield jumped 12 basis points to hover at 4.714%, near the 16-year highs reached the week prior. Earlier in the week on Tuesday, the 10-year Treasury yield dropped 15 basis points in the steepest single-day decline since the implosion of Silicon Valley Bank in March. September CPI showed prices rose 3.7% on an annualized basis in September, above the expected 3.6%, and the same level as August's reading.

Persons: —, recalibrate, Charlie Ripley Organizations: Treasury, Service, Valley Bank, Fed, Allianz Investment Management, Wall Street

☆ Options traders see larger-than-usual stock swings as banks report results
▼ + stars: | 2023-10-12 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Oct 12 (Reuters) - Options traders are braced for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. Big banks, including JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup Inc (C.N) are set to report financial results on Friday, with others, including Goldman Sachs (GS.N) and Morgan Stanley (MS.N), due next week. The biggest U.S. consumer lenders are set to post higher third-quarter profits, in contrast with investment banks still facing a dealmaking slump, analysts said. Options data shows traders braced for a larger-than-usual post-earnings move from Wells Fargo in particular. The options-implied earnings move for Goldman Sachs, Morgan Stanley, Bank of America (BAC.N) and Citigroup also signal a larger-than-usual post-earnings swing, data from Trade Alert showed.

Persons: JP Morgan Chase, Mike Segar, Goldman Sachs, Morgan Stanley, Mike Santomassimo, Steve Sosnick, Saqib Iqbal Ahmed, Richard Chang Organizations: JP, Co, REUTERS, JPMorgan, Citigroup Inc, U.S, Traders, Bank of America, Citigroup, Trade, Interactive, Thomson Locations: New York, Wells Fargo

☆ Chinese officials urge calm after Evergrande fears reportedly spark small bank run
▼ + stars: | 2023-10-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Depositors lined up at the bank in Cangzhou, in Hebei province, to withdraw their money, according to photos and videos circulated online this week, prompting an appeal for calm by officials. The bank has a statement from the city government posted at its entrance, assuring the public that their deposits are safe, Yicai said. It was unclear how many depositors took part in the bank run or how much they withdrew. Central Huijin Investment, an arm of China’s sovereign wealth fund, bought tens of millions of shares in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial and Commercial Bank of China, according to separate stock exchange filings made by the banks. The best performer has been China Construction Bank, which was up 5.6% in Hong Kong and 2.7% in Shanghai.

Persons: Hong Kong CNN —, ”, Evergrande, Xu Jiayin, Yicai, Weeks, ’, —, Martha Zhou Organizations: Hong Kong CNN, Police, CNN, Bank of Cangzhou, Bank, Huijin Investment, Bank of China, Agricultural Bank of, China Construction Bank, Industrial, Commercial Bank of China Locations: China, Hong Kong, Cangzhou, Hebei province, city’s, Beijing, Henan, Bank, Agricultural Bank of China, Shanghai

☆ Stock futures are little changed ahead of Friday's big bank earnings: Live updates
▼ + stars: | 2023-10-12 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Stock futures were little changed on Thursday evening as traders braced for major bank earnings. S&P 500 futures and Dow Jones Industrial Average futures oscillated near the flat line. The S&P 500 slid 0.62%, while the tech-heavy Nasdaq Composite lost 0.63%. The S&P 500 is up 0.9%, while the Dow is up nearly 0.7% on the week. This is the third positive week in a row for the Nasdaq, and the second straight positive week for the S&P 500.

Persons: Dow, Wells, haven't, Nancy Tengler Organizations: Dow Jones Industrial, Dow, Nasdaq, JPMorgan, Citigroup, BlackRock, Investments, CNBC Locations: Thursday's, Wells Fargo, Israel

☆ White House announces new efforts to crack down on 'tens of billions' in junk fees
▼ + stars: | 2023-10-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — The White House on Wednesday will announce new initiatives to rein in tens of billions worth of surcharges tied to goods and services, or "junk" fees, in partnership with two of the nation's leading consumer-protection agencies. "When people request basic information about their accounts, big banks cannot charge them massive fees or trap them in endless customer service loops," Chopra told reporters on Tuesday. "Charging a competitive price for a legitimate service makes sense but charging junk fees for basic customer responsiveness doesn't. Both the FTC and the CFPB have taken preliminary actions toward cracking down on junk fees over the past few months. Earlier this year, the CFPB released a rule proposal on excessive credit card fees, while the FTC began targeting unfair practices in ticketing and other fees in late 2022.

Persons: Joe Biden, WASHINGTON —, surcharges, Lael Brainard, Lina Khan, Rohit Chopra, Khan, Chopra, Wells Organizations: WASHINGTON, National Economic Council, Federal Trade, Consumer Financial, Bank of America, Regions Bank, Information, Regulatory Affairs, NEC, of Economic Advisers, FTC Locations: Israel, Washington , DC

However, I'm much happier using local banks and credit unions where I can get more personal help. Credit unions aren't always perfect, but I'm happy to deal with the occasional hurdles. Savings and loans disappeared after the S&L crisis, but credit unions are very similar, and I have always stuck with local banks and credit unions for my business and personal banking. My credit union has no branches near where I live, and I sometimes have to pay ATM fees because I can't find a compatible ATM. The credit union gave us a good rate and stability that I hope to stick with until we pay off the loan.

Persons: —, I've, Wells Fargo, we've Organizations: aren't, Service, Ls, Savings Locations: San Francisco, California, East Coast

☆ Global watchdog reveals tensions at heart of Credit Suisse debacle
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.

Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S

☆ ‘The Big Short’ investor Steve Eisman says he would avoid these stocks now, including homebuilders
▼ + stars: | 2023-10-10 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Steve Eisman, the investor who called and profited from the subprime mortgage crisis, said Tuesday that he would advise against buying homebuilders and consumer-related stocks given higher interest rates. "I wouldn't own homebuilders right now," Eisman said on CNBC's " Fast Money ." "The homebuilders have been subsidizing their customers with lower rates, but even that's gonna bite. Eisman shot to fame by betting against subprime mortgage loans before the 2008 financial crisis, as chronicled in Michael Lewis' "The Big Short: Inside the Doomsday Machine," and the subsequent Oscar-winning movie based on the book. The investor also reiterated that the banking sector is uninvestable due to risks from crimped margins and tougher regulations.

Persons: Steve Eisman, Eisman, Neuberger Berman, Michael Lewis Organizations: Federal

[1/2] Chairman Anthony Thomson (L) and Vice Chairman Vernon Hill pose with a dog outside the first branch of Metro Bank in Holborn in central London July 29, 2010. Metro declined to comment on Tuesday. A Starling spokesperson said the lender was making inroads into the big banks' market dominance. Metro is not the only smaller bank to have faced problems. One option is for smaller banks to gain scale through mergers and acquisitions.

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Jaime Gilinski, Dorita, Gilinski, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Nelson Bocanegra, Alexander Smith, Jonathan Oatis Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Harvard, Forbes, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, BOGOTA, Starling, Colombian, Latin America, Metro, Bogota

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Jaime Gilinski, Dorita, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Alexander Smith Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, Starling, Metro, Colombian

☆ Metro Bank shares jump after deal to bolster finances
▼ + stars: | 2023-10-09 | by ( Iain Withers | ) www.reuters.com time to read: +3 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsSummaryCompanies Metro Bank shares up as much as 26%Colombian billionaire Jaime Gilinski to take majority controlMetro backers face 'very painful rescue' - analystLONDON, Oct 9 (Reuters) - Shares in Metro Bank (MTRO.L) jumped in early trading on Monday, after the embattled British lender struck a fundraising deal overnight to bolster its balance sheet following urgent weekend talks in the wake of volatile trading. Metro Bank shares were up 26% at 56.9 pence by 0800 GMT. As part of the deal, Metro has agreed to a capital raise comprising 150 million pounds of new equity and a 175-million-pound issuance of bail-in debt known as "MREL". Metro shares remain around 97% down from when it first listed on the London stock exchange in 2016 at 20 pounds a share.

Persons: Hannah McKay, Jaime Gilinski, Gary Greenwood, John Cronin, Iain Withers, Louise Heavens, Clarence Fernandez Organizations: Metro Bank, REUTERS, Metro, Shore Capital, Bank of England's Prudential, Authority, Lloyds, HSBC, Metro's, Spaldy Investments, Thomson Locations: London, Britain

LONDON, Oct 8 (Reuters) - Embattled British bank Metro (MTRO.L) announced a 325 million pound ($396.5 million) capital raise and 600 million pound debt refinancing on Sunday, after a weekend of urgent talks to bolster its balance sheet after a volatile week of trading. Metro Bank had sought to shore up its finances after a string of setbacks in recent years, including accounting errors, leadership departures and delayed regulatory approval for key capital reliefs. The equity raise was led by Metro's largest shareholder, Gilinski-owned Spaldy Investments, which contributed 102 million pounds. The Bank of England's Prudential Regulation Authority said in a statement: "The Prudential Regulation Authority welcomes the steps taken by Metro Bank to strengthen its capital position." Reuters reported on Friday that Metro Bank was set to discuss funding options with its shareholders over the weekend, after a proposal from bondholders earlier in the week was seen as handing over too much control.

Persons: Jaime Gilinski, Gilinski, Iain Withers, Anousha, Huw Jones, Pablo Mayo Cerquerio, Londo, Lavanya, Lisa Shumaker Organizations: Metro, Metro Bank, Metro's, Spaldy Investments, of England's Prudential, Authority, Prudential, HSBC, Lloyds, Reuters, Thomson Locations: Colombian, London, Bengaluru

In Canada, homeowners can take out five-year mortgages, unlike in the U.S. where customers can snag a 30-year mortgage. In some cases, renewed home loan rates could reach 7%, which would push up the average Canadian mortgage by at least a few hundred dollars per month, mortgage brokers estimate. Canadians are already struggling to repay their debts amid high costs of living and rising interest rates. "This dramatic rise in bond yields means that when the computer chugs along and sets up the rates for next week, they will be using higher rates based on these high bond yields," Toronto-based mortgage broker Ron Butler said. He suggests that the spike in bond yields over the past month could on average add C$600 in monthly payments.

Persons: Lars Hagberg, Daniel Vyner, Wowa, Ron Butler, Justin Trudeau's, Hanif Bayat, Butler, Nivedita Balu, Fergal Smith, Denny Thomas, Josie Kao Organizations: REUTERS, Rights, Capital, Bank of, Canada Mortgage, Housing Corp, Bank of Canada, Mortgage Professionals Canada, Thomson Locations: Ottawa , Ontario, Canada, U.S, Toronto

☆ Evercore ISI calls Nvidia a top play as the earnings season approaches
▼ + stars: | 2023-10-05 | by ( Pia Singh | ) www.cnbc.com time to read: +1 min

Evercore ISI is bullish Nvidia , the best-performing S & P 500 stock this year, as the latest earnings season approaches. "NVIDIA remains our top pick overall, positioned well into earnings season based on sustainability of AI spend and beat/raise on the come," analyst Matthew Prisco said in a Thursday note. The corporate earnings season kicks off next week, with big banks JPMorgan Chase, Wells Fargo and Citigroup slated to report. He highlighted Nvidia as one of the few semiconductor leaders that screen attractively in earnings power for 2025. "Simply put, it is too early to get off the AI train—NVDA remains our favorite play here."

Persons: Matthew Prisco, Wells, Prisco, Michael Bloom Organizations: ISI, Nvidia, NVIDIA, JPMorgan Chase, Citigroup Locations: Wells Fargo

☆ Your boss might give you a raise just for showing up to the office
▼ + stars: | 2023-10-05 | by ( Tim Paradis | ) www.businessinsider.com time to read: +3 min

US CEOs say they'd give raises, promotions, or better assignments to those who work at the office. The findings came in a survey from KPMG that showed how frustrated bosses are with remote work. AdvertisementAdvertisementCEOs are really starting to hate remote work — and are willing to go beyond free pizza to get you to come in. Outside of some of the big banks and high-wattage tech firms , many companies have settled into a mix of in-office and remote work. The survey found only one-third of CEOs envision traditional office jobs as remaining hybrid, down from 45% in 2022.

Persons: —, Meta's, Paul Knopp, it's, It's, Knopp, that's, We're Organizations: KPMG, Service, Big Tech, Amazon, KPMG US

☆ A landmark marijuana bill is headed to the Senate floor
▼ + stars: | 2023-10-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —The Senate Banking Committee approved a historic marijuana banking bill last week that breaks barriers between financial institutions and cannabis companies. The legislative road ahead is tough, despite the bipartisan majority in committee, but this bill could redefine the business of marijuana. A cannabis business owner drove from Portland to Salem to deliver his taxes, and he had a backpack with $70,000 cash in it. Shutting down its DVD business could help Netflix better focus resources as it expands into new markets such as gaming as well as live and interactive content. Its DVD business has also declined significantly in recent years.

Persons: Bell, Jeff Merkley, Banks, I’ve, that’s, Kaiser Permanente, Kaiser, Eva Rothenberg, Samantha Murphy Kelly, “, Ted Sarandos, Netflix’s Organizations: CNN Business, Bell, New York CNN, Kaiser, Coalition, Kaiser Permanente Unions, D.C, Kaiser Permanente, Netflix, Blockbuster, Hollywood Locations: New York, Oregon, Portland, Salem, That’s, California , Oregon, Colorado , Virginia, Washington

☆ The US office market is headed for a steep plunge, investor survey says
▼ + stars: | 2023-10-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

65% of surveyed investors believe the US office market is in for a steep crash, Bloomberg reported. AdvertisementAdvertisementThe US office market is in for a long, steep fall, according to investors surveyed by Bloomberg. In Bloomberg's latest Market Live Pulse survey, 65% of investors said they believed the US office market would only start to perk up after undergoing a serious decline. AdvertisementAdvertisementThe outlook for the broader commercial real estate market is similarly troubled. A crashing office market means banks could incur around $250 billion in losses, according to one hedge fund manager.

Persons: —, Goldman Sachs Organizations: Bloomberg, Service, National Association of Realtors, Capital Economics, JPMorgan

☆ Zelle Fraud: I Got Scammed Out of $31,000 and My Bank Didn't Care
▼ + stars: | 2023-10-01 | by ( Devin Friedman | ) www.businessinsider.com time to read: +38 min

Because a lot of bank branches were still closed, and the crew wanted their money, he requested that we transfer the money via Zelle. When I asked Chase to discuss Zelle fraud, I received an email saying, "Unfortunately, we don't have anyone available for an interview." The way the email messages from Gary were subliterate in a completely different way from the way a classic Gary email is subliterate. When Gary Kruglitz told us to Zelle him, he didn't really tell us to Zelle him. It's possible that the government will eventually be moved to safeguard consumers against Zelle fraud.

Persons: Madison Ketcham, Gary Kruglitz, Gary, couldn't, he'll, Gary —, —, Cheryl, Sheryl, Sheryl —, we'd, Jeff Allen's, didn't, Jeff, Krystal, we'll, He'd, you've, Karen, I'm, she'd, Yellllow, Zelle, Chase, Sen, Elizabeth Warren, there's, That's, It's, Jesus, who'd, Donald Trump, Gary Kruglitzes, Cheryls —, Yasmine48, Nixon, Evan Kohlmann, cybercrime, we've, I've, Kohlmann, Guess, Let's, that's, Elizabeth Warren's, it's, they're, Warren's, Warren, I'd, they'd, blinked Organizations: Boston Pops, The New York Times, New York Times, Chase, Bank of America, PNC, US Bank, PayPal, Disney, NBC, Warner Bros, Netflix, JPMorgan Chase, Bank —, of, Professionals, Justice Department, Northeast . Contractors, Cloudburst Technologies, Facebook, FBI, Mafia, Massachusetts State Police, Monterey Police Department, Police Locations: Massachusetts, Lyme, Tennessee, Wells Fargo, Truist, Silicon Valley, Amsterdam, Northeast, what's, Paxful, Estonia, Korea, Monterey , Massachusetts, Monterey

☆ The Great Zelle Pool Scam
▼ + stars: | 2023-10-01 | by ( Devin Friedman | ) www.businessinsider.com time to read: +38 min

When I asked Chase to discuss Zelle fraud, I received an email saying, "Unfortunately, we don't have anyone available for an interview." The way the email messages from Gary were subliterate in a completely different way from the way a classic Gary email is subliterate. When Gary Kruglitz told us to Zelle him, he didn't really tell us to Zelle him. Out of all the kinds of money, money to build a pool is probably the very best kind of money for the world to suffer the loss of. It's possible that the government will eventually be moved to safeguard consumers against Zelle fraud.

☆ Coal makes a quiet resurgence in the clean energy era
▼ + stars: | 2023-09-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

CNN —As momentum shifts toward clean energy, coal has had some unexpected staying power. A new report by the International Energy Agency found that global coal demand hit an all-time high in 2022 amid the energy crisis, eclipsing the previous record set in 2013. For example, Panasonic built a new electric vehicle plant in Kansas to aid its transition to clean energy. Why it matters: Coal, the highest carbon emitting and dirtiest energy source, is the single biggest contributor to human-created climate change. The Hollywood writers’ strike is overThe Hollywood writers’ strike is finally over after 148 days.

Persons: Goldman Sachs, Goldman, “, Dow tumbles, It’s, Stocks, Krystal Hur, ”, Bill Adams, Moody’s Organizations: CNN Business, Bell, CNN, Commodities, Bloomberg, International Energy Agency, IEA, Panasonic, Federal Reserve, Dow Jones, Nasdaq, Fed, Silicon Valley Bank, Signature Bank, Comerica Bank, Government, Fitch, Hollywood, Writers Guild of America, WGA, SAG Locations: Ukraine, Europe, United States, Kansas

☆ Wall Street's typical career path might have a massive detour thanks to AI
▼ + stars: | 2023-09-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

As for today's edition, we're looking at how AI could upend the job of the junior banker, and the effect that'll have on Wall Street's traditional career path. AdvertisementAdvertisementAspiring financiers need to look no further than investment banks' analyst programs to get a foot in the door. But this crucial piece of Wall Street's ecosystem could be upended by the rise of artificial intelligence. AdvertisementAdvertisementBuy-side firms have largely held off on going after college graduates, instead pointing them toward banks' analyst programs. Regardless of what direction things go, what's clear is the type of work AI excels at falls directly in junior bankers' wheelhouse.

Persons: Insider's Bianca Chan, Emmalyse Brownstein, Alyssa Powell, Steve Cohen's, Cohen, millennials, Elon Musk, Mark Zuckerberg, Jeff Bezos, ChatGPT, Xavier Lalanne, It's, Saint, Givenchy, Donald Glover, Childish Gambino, Will Smith, Catherine Zeta, Jones, krisanapong detraphiphat, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Guild of America, Hollywood, Tech, LinkedIn, Meta, National, Costco, Lowe's, Tractor Supply, Brands, Getty Images Finance Locations: Wall, Silicon, Paris, New York City, San Diego, London, New York

☆ Loan approval: Why has it gotten so much harder?
▼ + stars: | 2023-09-22 | by ( Samantha Delouya | ) edition.cnn.com time to read: +8 min

Magnusson said that while she used USAA for a personal loan in the past, this time, the process felt very different. Lately, it may take more than just a good credit score for many people to get approved for a loan. Deutsche Bank recently told investors that bank lending conditions look “consistent with recession levels,” even though the US is not currently in a recession. Magnusson said she was “in tears” after spending hours on the phone with USAA to secure the loan over multiple days. McBride said that although loan application rejections are up and standards are tougher, getting a loan is still possible for those with good credit.

Persons: Cheryl Magnusson, Magnusson, “, USAA, ”, Greg McBride, —, ” McBride, Nathan Howard, McBride, William Brown, Brown, we’ve, ” Brown, “ I’ve, I’ve, Darlene Johnson, ” Johnson, Scott Olson Organizations: CNN, Federal Reserve Bank of New, Consumer, Deutsche Bank, Eccles Federal Reserve, Bloomberg, Getty, Silicon Valley Bank, Signature Bank, Navy, Suncoast Credit Union, Suncoast, Mortgage Bankers Association, Federal Reserve Locations: Arizona, Washington , DC, Silicon, Florida, Hawthorn Woods , Illinois

[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

☆ Bank stocks show more signs of life after a tumultuous year. Here's what's causing the run and why we’re optimistic on these financial names
▼ + stars: | 2023-09-19 | by ( Morgan Chittum | ) www.cnbc.com time to read: +9 min

Key Points Club names Wells Fargo and Morgan Stanley still have room to run higher. Morgan Stanley and Wells Fargo were up 6.2% and 5% in the past five days, respectively, as of Monday's close. WFC YTD mountain Wells Fargo YTD Wells Fargo doesn't stand to benefit quite as much as Morgan Stanley on a pickup in investment banking. Wells Fargo Chief Financial Officer Michael Santomassimo said the macroeconomic picture is "much better than people would have expected at this point." A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Morgan Stanley, Wells, Banks, SVB, Wells Fargo, haven't, Chris Kotowski, Oppenheimer, Kotowski, Morgan Stanley YTD, Dan Simkowitz, Simkowitz, Morgan, management's, Michael Santomassimo, Jeff Marks, Jim Cramer's, Jim Cramer, Jim, JPMorgan, Goldman Sachs Organizations: Wall Street, Nasdaq, Venture, Arm Holdings, Wells, Silicon Valley Bank, Federal Reserve, Swiss, UBS, Credit Suisse, CNBC, Barclays Financial Conference, of Investment, Barclays, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: San Francisco, Sequoia, Silicon, Republic, Big, Wells Fargo, Wells

☆ Insider Today: Tech's biggest lie
▼ + stars: | 2023-09-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

In recent years, some members of Congress have lacked a basic understanding of technology, let alone something as complex as generative AI. Marc Benioff spent much of the annual Dreamforce conference sounding the alarms on how untrustworthy generative AI is right now. Marc Benioff spent much of the annual Dreamforce conference sounding the alarms on how untrustworthy generative AI is right now. It's International Equal Pay Day. The UN General Assembly created this day in 2019 with "equal pay for work of equal value" in mind.

Persons: Mark Sumersett, isn't, Simon Simard, Daron Acemoglu, Insider's Aki Ito, Acemoglu, hasn't, Aki, It's, Nat Friedman, Rebecca Zisser, Peter Brown, Marc Benioff, Salesforce, Greg Johnson, Gary Reyes, Janette Beckman, Getty, Johnny Nunez, Lynn Goldsmith, Dakarai Akil, Tupac, Akon, Sean Kingston, Gucci Mane, There's, Carly Pearce, Valter Longo, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, MIT, Renaissance Technologies, Bloomberg Beta, McAfee, Oakland Tribune Staff, Interscope Records, Academy of Country, FOX, UN, Assembly, Getty Locations: Wall, Silicon, New York City, San Diego, London, New York

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