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"The drop-goals are always planned, it is a great weapon for us," Ford said. "We have had a bit of a rocky build-up to this World Cup but I think in the last 10 days there has been a different feeling to the place." The Pool D match had been billed as a massive challenge for England against a Pumas side who beat them at Twickenham last November. It was the fourth time in the last six games that England had had a man sent off. We have many World Cup first-timers and they will take a lesson of how we need to be ready when the whistle blows."
Persons: Ford, George Ford, Flyhalf Ford, Owen Farrell, Steve Borthwick, Curry, Cruz Mallia, Tomas Lavanni, GENERALSHIP Ford, Jonny Wilkinson’s, Borthwick, ", Rodrigo Bruni, Julian Montoya, Michael Cheika, Mitch Phillips, Ed Osmond Organizations: England, Argentina, Pumas, Twickenham, Jonny Wilkinson’s England, Ford, Thomson Locations: Argentina, MARSEILLE, France, England, Japan, Fiji, Samoa, St Etienne
(Reuters) - England flanker Tom Curry is ready to start in their Rugby World Cup opener against Argentina on Saturday after recovering from an ankle injury. The 25-year-old has been sidelined since May and missed all four of England's World Cup warm-up matches last month. Some of the suspensions that we've had over the last couple of weeks haven't helped," Sinfield added. "The back row changes we've had to make probably haven't helped too." The 10th edition of the World Cup starts on Friday with hosts France facing New Zealand and ends on Oct. 28.
Persons: Tom Curry, Kevin Sinfield, We've, He's, he's, Sinfield, We're, Steve Borthwick's, Owen Farrell, Billy Vunipola, we've, haven't, Tommy Lund, Ken Ferris Organizations: Reuters, Rugby World, Argentina, BBC, Pumas Locations: England, Argentina, Marseille, Japan, Samoa, Chile, France, New Zealand, Gdansk
LONDON, Aug 26 (Reuters) - England slumped to a 30-22 loss against Fiji at Twickenham on Saturday to record their first-ever defeat by the visitors, leaving them in utter disarray ahead of the World Cup which kicks off next month in France. But winger Selestino Ravutaumada capped a scintillating display with a swerving run to send replacement Simione Kuruvoli over for the decisive score that sealed their victory and left England looking utterly broken. This win is for all the people back home in Fiji," Ravutaumada said as Fijian supporters gathered in a corner of Twickenham sang and waved their national flags in celebration of their historic win. Fiji meanwhile can look forward to a possible World Cup quarter-final or better if they can repeat Saturday's mature performance at the tournament in France. England meanwhile have just two weeks to find some kind of cohesion before an opening fixture against the dangerous Argentina on Sept. 9.
Persons: Jonny May, Ollie Lawrence, Manu Tuilagi, Habosi, Marcus Smith, Joe Marchant, Selestino Ravutaumada, Ravutaumada, Wonderwall, George Ford, Steve Borthwick, Eddie Jones, Lawrence White, Ken Ferris Organizations: Fiji, Twickenham, Pacific Islanders, England, Saturday, Fijian Drua Super Rugby, Wales, Thomson Locations: England, France, Fiji, Argentina
Moody's says that consumer savings rates are rising after bottoming out in June 2022. "We still see it as a normalization, not a deterioration story when we talk about consumer credit.'' But consumer loan delinquency rates are at 2019 levels, and below any level ever seen before 2014, according to Federal Reserve data. At JPMorgan, mortgage credit quality is so solid that the bank reported no net chargeoffs in the second quarter. Overall, the Bureau of Economic Analysis says consumer spending on new vehicles rose $40 billion to $642.4 billion in the first half of the year, with most gains coming in the second quarter.
Persons: Brandon Bell, Arun Sundaram, haven't, Alastair Borthwick, Moody's, Scott Hoyt, Jeremy Barnum, it's, Barnum, David Fieldhouse, Hoyt, Sundaram, Horton, Goldman Sachs, Goldman Organizations: Chevrolet, Knapp, Getty, Amazon, Walmart, Home Depot, Bank of America, CFRA, Atlanta Federal Reserve Bank, JPMorgan Chase, Federal Reserve, JPMorgan, Federal, Wall, General Motors, GM, Ford, U.S, Toll, Pride Locations: Houston , Texas
US commercial and industrial lending slumped sharply this year, the chief economist at the Institute of International Finance said. Robin Brooks has called it a "staggering meltdown" – and warns a big slump in US investment is on its way. Credit flows have declined amid higher interest rates and tighter lending standards following this year's banking turmoil. Furthermore, a sharp surge in US interest rates since early 2022 has made borrowings much more expensive, potentially damping demand. "Meltdown in US commercial and industrial (C&I) loan growth is staggering," he tweeted on Sunday.
Persons: Robin Brooks, Alastair Borthwick, Borthwick Organizations: Institute of International Finance, Service, Silicon Valley Bank, Big, Federal Reserve, Bank of America Locations: Wall, Silicon, America
While regional banks carry the greatest exposure to the commercial real estate (CRE) sector, second quarter earnings show that a number of big banks have prepared for potential defaults, primarily on office loans. However, Borthwick noted the bank's office CRE exposure was low relative to its overall loan portfolio, at 2%. CRE loans represented just 15% of the bank's overall lending book, while only 1% of the CRE loan portfolio was office-related. WELLS FARGO (WFC.N)The bank said it had a $949 million increase in its allowance for credit losses, primarily CRE office loans. WEBSTER FINANCIAL CORP (WBS.N)The regional bank's nonperforming CRE loans ticked up to $47.9 million last quarter from $35.8 million in the first quarter.
Persons: Goldman Sachs, Andrew Kelly, Alastair Borthwick, Borthwick, GOLDMAN SACHS, markdowns, Denis Coleman, Jeremy Barnum, WELLS, Charlie Scharf, Bruce Van Saun, Dominic Ng, East, James Leonard, MORGAN STANLEY, Webster, Glenn MacInnes, John Ciulla, Matt Tracy, Michelle Price, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, U.S, AMERICA CORP, GOLDMAN SACHS GROUP INC, Goldman, JPMORGAN CHASE &, JPMorgan, Citizens, EAST WEST BANCORP, East, BANCORP, WEBSTER FINANCIAL, Thomson Locations: New York City , New York, U.S, California, CRE
So far the signs of revival has not translated into strong investment banking revenue, but markets see a better outlook. Goldman took $1.4 billion in writedowns in the second quarter tied to its consumer businesses and real estate investments. In discussing their earnings, Wall Street executives cited a flurry of initial public offerings as an encouraging sign that activity in capital markets will pick up after months in the doldrums. The lender was buoyed by a slight pickup in equity capital markets and a focus on its middle-market business. At Citigroup (C.N), CEO Jane Fraser warned on Friday that "the long-awaited rebound in investment banking has yet to materialize."
Persons: Morgan Stanley, Brendan McDermid, dealmaking, Goldman Sachs, Morgan, , Rick Meckler, Goldman, Meckler, Mike Loewengart, David Solomon, Sharon Yeshaya, Alastair Borthwick, Jane Fraser, Mark Mason, Jeremy Barnum, Tatiana Bautzer, Sinead Carew, Saeed Azhar, Noor Zainab Hussain, Lananh Nguyen, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Cherry Lane Investments, Wall Street, Morgan, Reuters, Bank of America's, Citigroup, JPMorgan, Thomson Locations: New York City, U.S, New Vernon , New Jersey, writedowns, New York, Bengaluru
INVESTMENT BANKING GAINSInvestment banking was a standout, with net income surging 76% to $2.7 billion. The gains were driven by higher interest payments and leasing revenue, the company said. In another surprise bright spot, the bank's sales and trading revenue outperformed expectations to post a 3% increase in revenue to $4.3 billion. Revenue from fixed income, currencies and commodities trading rose 7% to $2.7 billion from a year earlier. The financial health of consumers underpins BofA's consumer banking unit, where revenue rose 15% to $10.5 billion.
Persons: Wells, Brian Moynihan, David Fanger, BofA, Alastair Borthwick, Borthwick, Manya Saini, Saeed Azhar, Lananh Nguyen, Anil D'Silva, Nick Zieminski Organizations: YORK, Bank of America's, Wall, U.S, . Bank of America, JPMorgan Chase, Federal Reserve, " Bank of America's, Investment, Bank of America, Thomson Locations: U.S, dealmaking, Bengaluru, New York
The NumbersBank of America reported a profit of $7.4 billion last quarter, up nearly 20 percent from the year before. Revenue grew more than 10 percent, to $25.2 billion in the second quarter. Customer spending on credit and debit cards rose 3 percent, to $226 billion, the bank said. Notably, the lender’s investment-banking business rebounded in the second quarter, after a sharp drop in deal-making had cast a chill over the industry. Last week, Bank of America was fined $150 million by two federal regulators for charging its customers improper fees and denying them promised sign-up bonuses.
Persons: Mr, Borthwick, Takeaways Brian Moynihan, , , “ That’s, Alastair Borthwick, “ We’ve, that’s, Wells Fargo, Banks, Goldman Sachs, They’ll Organizations: Bank of America, Revenue, Citigroup, JPMorgan Chase, Federal Deposit Insurance Corporation, Western Alliance Locations: U.S
Economists this week are embracing a higher probability that the Fed will achieve a "soft landing." A much-hoped-for "soft landing" indeed seems increasingly likely now as inflation cools and the job market remains strong. US retail and food services sales were up 1.6% from April to June, following a slight decline in March. "Consumers are far from depressed, but neither are they in celebratory mood," GlobalData retail analyst Neil Saunders said in a note. As consumer spending accounts for roughly 70% of the US economy, the continued strength in that area has been key to the US outperforming every other wealthy nation in the world.
Persons: , Jerome Powell, Alastair Borthwick, Neil Saunders Organizations: Fed, Service, Commerce Department, Bank of America, Retailers Locations: Wall, Silicon
[1/2] A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The company "had a strong Q1 as higher interest rates continued to boost its net interest margin despite rising deposit costs," David Fanger, senior vice president at Moody's Investors Service, said. Reuters GraphicsEconomists expect the U.S. economy to slow in the second half of the year as the Federal Reserve raises interest rates to tame inflation. It expects NII to fall 2% in the second quarter compared with the first three months of this year. The company's revenue, net of interest expense, increased 13% to $26.3 billion, beating estimates of $25.13 billion.
More US consumers are falling behind on payments
  + stars: | 2023-04-18 | by ( Tatiana Bautzer | ) www.reuters.com   time to read: +4 min
REUTERS/Andrew KellyNEW YORK, April 18 (Reuters) - Consumers are starting to fall behind on their credit card and loan payments as the economy softens, according to executives at the biggest U.S. banks, although they said delinquency levels were still modest. Citigroup also made larger provisions for credit losses even as it brought in more revenue from clients' interest payments on credit cards. "We have tightened credit standards specifically as a result of the current market environment in cards, we continue to calibrate our credit underwriting based on what we're seeing based on macroeconomic trends," Mason said. "The consumer's in great shape in terms of credit quality by any historical standards. Some of JPMorgan's customers were starting to fall behind on payments, but delinquency levels were still modest, said Jeremy Barnum, finance chief at the largest U.S. lender.
Wearing a period-appropriate porkpie hat, an oddly buttoned coat and a look of profound admiration, Welsh architect Jonathan Adams makes a well-suited tour guide for “ Frank Lloyd Wright : The Man Who Built America,” and not just because he’s an architect himself. He’s also a critic. Wright, perhaps the most famous and prolific designer of buildings that America has ever known, led a life marked by scandal, adultery and even murder, but Mr. Adams’s stated intention is to get beyond the sensational and focus on the work—the whats, the hows and, just as important, the whys. This he does, explaining just how Wright’s aim of creating “organic architecture” (“Architecture that belongs where you see it standing,” as Wright says in a clip) led to some of the most famous buildings in the Wright catalog—and, as Mr. Adams doesn’t really have to argue, the most celebrated in architecture, American or otherwise. Fallingwater, for instance, the Pennsylvania “country home” built over a waterfall, which Mr. Adams presents in rather breathtaking fashion, or Taliesin, which Wright built for himself and Mamah Borthwick , for whom he had left his wife and children in 1909—and where she died in 1914 when a servant set fire to the house and killed seven people with an ax.
Sinfield built a strong bond with former Scotland lock Doddie Weir, who died in November from Motor Neurone Disease. "I understand that and I understand that that's quite common across the other nations as well," he told reporters. Asked if he thought that "hatred" could lift England's defence to a new level of intensity, he said: "I don't just think it's powerful defensively, I think it’s powerful right the way across. "I've been here (Twickenham) a number of times to watch Six Nations games as well. That 2003 team (England's Grand Slam and World Cup winners), there are some real heroes of mine in that team.
Big U.S. banks continue to add jobs as Goldman Sachs cuts staff
  + stars: | 2023-01-14 | by ( ) www.cnbc.com   time to read: +3 min
The chief financial officers of the two biggest U.S. banks said they would hire selectively despite waning economic growth. JPMorgan's Chief Financial Officer Jeremy Barnum said the bank is still hiring and "in growth mode" in a call with journalists to discuss the bank's fourth-quarter earnings. Bank of America also continues to hire, particularly in wealth management, while also remaining disciplined on its expenses, Chief Financial Officer Alastair Borthwick told reporters on Friday. Citigroup Inc's Chief Financial Officer Mark Mason told an earnings briefing "we're actively hiring to execute against our strategy. The banking giants stood by their hiring plans even as other lenders cut staffing in investment banking and mortgages.
[1/4] A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The chief financial officers of the two biggest U.S. banks said they would hire selectively despite waning economic growth. JPMorgan's (JPM.N) Chief Financial Officer Jeremy Barnum said the bank is still hiring and "in growth mode" in a call with journalists to discuss the bank's fourth-quarter earnings. Bank of America (BAC.N) also continues to hire, particularly in wealth management, while also remaining disciplined on its expenses, Chief Financial Officer Alastair Borthwick told reporters on Friday. The banking giants stood by their hiring plans even as other lenders cut staffing in investment banking and mortgages.
REUTERS/Jeenah Moon/File Photo/File PhotoNEW YORK, Jan 13 (Reuters) - Wall Street's biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. Strength in trading helped offset a slump in investment banking, while interest rate hikes by the U.S. Federal Reserve helped income. However, Citigroup Inc (C.N) reported a 21% fall in profits with investment banking taking a hit. Global investment banking revenue sank to $15.3 billion in the fourth quarter, down more than 50% from a year-earlier quarter, according to data from Dealogic. Bank of America's investment banking fees more than halved in the quarter.
Dec 20 (Reuters) - Newly appointed England head coach Steve Borthwick said the team's players are "hurting" after their recent run of poor results, adding that he hopes to harness their frustration and turn it into fuel for a successful Six Nations campaign. "The thing that strikes me is how much the players are hurting," Borthwick told reporters on Monday. "We can all see that... and I have been in touch with players that I have known for a long, long time and I know how much they are hurting because they really, really care, want to do well. Borthwick accepted that the timing of his appointment was not ideal with the 2023 World Cup in France on the horizon. "That was certainly a consideration of the timing, I don't think anyone thinks the timing is ideal.
Oct 17 (Reuters) - Bank of America Corp (BAC.N) on Monday reported a smaller-than-expected 9% drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. BofA holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. "Consumers remain resilient," Bank of America Chief Executive Officer Brian Moynihan told analysts on a conference call. The bank, however, added $378 million to its loan-loss reserves as it braces for a weakening economy. Citigroup Inc (C.N) wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.
Bank of America holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. Its net interest income jumped 24% in the third quarter. JPMorgan Chase & Co (JPM.N) Citigroup Inc (C.N), and Wells Fargo & Co (WFC.N) also saw their net interest income rise in the same period. read moreThe bank's leveraged loan losses were lower in the third quarter than in the second, Borthwick said. Peer Citi also wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.
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