DIRS.INFO The most relevant business & tech news

Companies United States Senate FollowWASHINGTON, Nov 13 (Reuters) - A group of 39 Senate Republicans in a letter on Monday called on major U.S. banking regulators to withdraw a contentious proposal to significantly raise bank capital requirements, warning it could hinder lending and harm the economy. Regulators said stronger cushions will guard against future unforeseen risks, and cited the failures earlier this year of three large U.S. lenders as a warning. * Regulators have said they are continuing to gather data for the proposal, and have given firms more time to provide feedback. * Senator Tim Scott, the top Republican on the Senate Banking Committee and a former presidential candidate, and Senate Minority Leader Mitch McConnell were among the senior Republicans in the chamber to sign Monday's letter. WHAT'S NEXTU.S. banking regulators are due to testify before the Senate Banking Committee on Tuesday, when they are expected to be pressed on the proposal by Republicans.

Persons: Banks, Tim Scott, Mitch McConnell, Pete Schroeder, Paul Simao, Jonathan Oatis Organizations: United States, WASHINGTON, Republicans, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Regulators, Republican, Senate Banking Committee, Fed, OCC, NEXT, Thomson Locations: Basel

FILE PHOTO: The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. Companies, including banks, are grappling with the potential advantages which generative AI can provide their businesses, but also how to manage the challenges the new technology creates. Rival Morgan Stanley (MS.N) is rolling out a generative AI bot that helps financial advisers find research or sift through thousands of forms. The fact that generative AI can offer responses to financial questions also means that, for those providing advice professionally, they need to do more to earn the fees they charge clients. Generative AI has drawn huge interest from investors, aiming to back those companies at the forefront of the technological innovation.

Persons: Goldman Sachs, Brendan McDermid, George Lee, Lee, Morgan Stanley, JPMorgan Chase, Saeed Azhar, David French, Daniel Wallis Organizations: New York Stock Exchange, REUTERS, Street, Reuters NEXT, Companies, OpenAI, JPMorgan, Reuters, reuters, Thomson Locations: New York City, U.S, New York, ChatGPT, Silicon

☆ Santander's Botin targets auto finance, renewables in U.S. banking push
▼ + stars: | 2023-11-09 | by ( Alessandra Galloni | ) www.reuters.com time to read: +2 min

"Our strategy is very focused on playing to our strengths," she said in an interview at the Reuters NEXT conference in New York. As part of efforts to grow the unit, the Spanish bank is hiring staff from the stricken Credit Suisse. "All we are saying is, in terms of taxes, in terms of transparency, let's have the same," Botin said. "I'd love to compete with Apple as long as we are competing on same terms," she said. Santander is investing in its payments business PagoNxt as one of five key business areas, competing with the likes of Apple Pay.

Persons: Ana Botin, Alessandra Galloni, Brendan McDermid, Botin, Lananh Nguyen, Saeed Azhar, Lawrence White, Mark Porter, Lisa Shumaker Organizations: Banco Santander, Reuters NEXT, Santander, Suisse, Reuters, REUTERS, Apple Inc, Apple, Apple Pay, reuters, Thomson Locations: U.S, New York, Spanish, Santander, New York City , New York

[1/2] A woman shops for groceries at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. The U.S. banking sector was in turmoil in the spring as Silicon Valley Bank abruptly collapsed after grappling with large amounts of unrealized losses spurred by rapidly rising interest rates. She said reinflation was a risk, especially if banks do not correctly anticipate interest rate moves and adjust their portfolios appropriately. That led to unrealized losses across the sector coming under closer scrutiny. Global banking and securities regulators are also still grappling with the fallout from the collapse of Credit Suisse Group (CSGC.UL).

Persons: Sarah Silbiger, Ana Arsov, Arsov, reinflation, ” Arsov, Tim Wennes, Paul Servais, Paritosh Bansal Tatiana Bautzer, Megan Davies, Lisa Shumaker, David Gregorio Our Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, Banco Santander, Global, Credit Suisse Group, UBS, Jean, International Organization of Securities Commissions, Financial, Swiss, Thomson Locations: Mount Pleasant, Washington ,, U.S, SVB

☆ US banking executives talk soft landing, capital rules
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

[1/2] Bank of America Chairman and CEO Brian Moynihan speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNov 8 (Reuters) - Top U.S. banking executives on Wednesday allayed fears of a recession, with Bank of America (BAC.N) CEO Brian Moynihan reiterating his expectation of a soft landing for the economy. Here are some excerpts from their interviews at the Reuters NEXT conference in New York:BRIAN MOYNIHAN, CEO AT BANK OF AMERICASOFT LANDING EXPECTATIONS"Our research team is the best in the business. They have moved to the soft landing category. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ISSUES"On a given day, we are criticized for being a large lender to energy companies.

Persons: Brian Moynihan, Brendan McDermid, BRIAN MOYNIHAN, HOLLY O'NEILL, JIM ESPOSITO, GOLDMAN SACHS, Niket Nishant, Manya Saini, Lananh Nguyen, Saeed Azhar, David Gregorio Our Organizations: Bank of America, REUTERS, U.S, Reuters NEXT, OF, GOLDMAN, Reuters, reuters, Thomson Locations: New York City , New York, U.S, New York

REUTERS/Chris Helgren Acquire Licensing RightsNEW YORK, Nov 8 (Reuters) - Citigroup Inc (C.N) has agreed to pay $25.9 million to settle U.S. Consumer Financial Protection Bureau (CFPB) charges it intentionally discriminated against credit card applicants who the bank identified as Armenian-American based on their last names. The CFPB also said bank employees lied to applicants by giving them fake reasons for denials, and were instructed not to discuss the discrimination in writing or over the phone. According to a consent order, some employees referred to card applicants they suspected were of Armenian descent as "Armenian bad guys" or the "Southern California Armenian Mafia." The payment includes a $24.5 million civil fine and $1.4 million of restitution to card applicants, for violations of the federal Equal Credit Opportunity Act. Citigroup apologized, saying it had been trying to thwart an Armenian fraud ring in California but that a "small number" of employees circumvented its fraud detection protocols.

Persons: Chris Helgren, Rohit Chopra, Chopra, Biden, Jonathan Stempel, Tatiana Bautzer, Douglas Gillison, Chizu Nomiyama, Mark Potter Organizations: Citigroup Inc, Citi, REUTERS, Consumer Financial Protection Bureau, Citigroup, Southern California Armenian Mafia, Credit, Act, Thomson Locations: Toronto , Ontario, Canada, Glendale , California, Armenia, United States, Southern California, California, York, New York, Washington

☆ HSBC to launch storage services for tokenized securities as more big banks warm to blockchain
▼ + stars: | 2023-11-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

HSBC on Wednesday announced it will offer custody services for tokenized securities, making the British bank the latest major institution to embrace digital assets. HSBC is using technology from Swiss crypto custody firm Metaco, which was recently acquired by blockchain startup Ripple, to store bonds and other securities. HSBC is the latest institution to embrace digital asset custody, after U.S. banking giant BNY Mellon announced a similar move in 2021. Tokenized securities are effectively regulated assets, like bonds and equities, in the form of tokens issued on a blockchain. It marks another step from HSBC toward embracing digital assets.

Persons: BNY Mellon, bitcoin, Banks, Zhu Kuang Lee, Adrien Treccani Organizations: HSBC, Wednesday, HSBC Orion, BNY, CNBC, Hong Locations: Europe, British, Swiss, Hong Kong

WASHINGTON (AP) — The Biden administration on Tuesday imposed sanctions on 13 members of Mexico’s powerful Sinaloa cartel and four Sonora, Mexico-based firms accused of trafficking fentanyl and other drugs into the United States. The latest action follows a series of measures taken this year against members of the Sinaloa cartel, cash couriers and cartel fraud schemes. Included in the sanctions are a manager of cartel operations in Nogales who oversaw the trafficking of multi-ton quantities of drugs, authorities said, as well as members of his family and his associates. More than 100,000 deaths a year have been linked to drug overdoses since 2020, and about two-thirds of those are related to fentanyl. Mexico and China are the primary sources for fentanyl and fentanyl-related substances trafficked directly into the U.S., according to the Drug Enforcement Administration, which is tasked with combating illicit drug trafficking.

Persons: —, Biden, Brian Nelson, “, ” Nelson, Joe Biden's, isn’t Organizations: WASHINGTON, Treasury, Disease Control, Drug Enforcement Administration, Democratic Locations: Sinaloa, Sonora, Mexico, United States, Nogales, U.S, China

☆ Moody's creates private credit rating and research group
▼ + stars: | 2023-11-06 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +1 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Nov 6 (Reuters) - Ratings agency Moody's (MCO.N) is creating a unit to research and rate private credit, the firm said on Monday. The global private credit market, with more than $1.3 trillion in assets under management, makes up about 12% of the alternatives market, investment firm BlackRock said in a recent report. Private credit is largely owned by buy-and-holdinvestors such as pension funds, endowments, foundations and insurance companies, the report said. "The rapid growth of the private credit market in recent years has introduced new challenges and opportunities for investors, who are looking for fresh analysis from a trusted source," said Moody's president Michael West. The private credit group will have a team of more than 50 analysts in different geographies looking into private credit in institutions such as business development companies, collateralized loan obligations, insurance and asset management companies.

Persons: Andrew Kelly, Ana Arsov, BlackRock, Michael West, Moody's, Arsov, Simon Harris, Tatiana Bautzer, Rod Nickel Organizations: Moody's Corporation, REUTERS, Moody's Investors Service, Thomson Locations: Manhattan , New York, U.S

[1/2] The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly Acquire Licensing RightsNEW YORK, Nov 2 (Reuters) - Goldman Sachs (GS.N) will promote 608 executives to managing directors next year, fewer than the 643 senior bankers it elevated two years ago, according to a company memo. But progress on racial representation slowed, as Black employees accounted for only 2% of managing directors, down from 5% in 2021. About 3% of the managing directors were from the LGBT+ community, unchanged from 2021. On the deals front, Goldman Sachs was among the advisors to Pioneer Natural Resources, which agreed to sell itself to ExxonMobil in a $60 billion deal.

Persons: Goldman Sachs, Andrew Kelly, Goldman, Julian Salisbury, we've, David Solomon, John Waldron, Saeed Azhar, Lananh Nguyen, Chris Reese, David Evans Organizations: New York Stock Exchange, REUTERS, Sixth, Arm Holdings, Natural Resources, ExxonMobil, Thomson Locations: New York City , New York, U.S, United States, Ukraine

We continue to encourage all countries to take tangible measures to halt the flow of arms, aviation fuel, and revenue to the military regime," U.S. Secretary of State Antony Blinken said in a separate statement. Canada imposed sanctions against 39 individuals and 22 entities for supporting Myanmar's military regime. The U.N. human rights expert for Myanmar in September called on the United States to further tighten sanctions on the country's military rulers to include the state oil and gas enterprise. Human rights advocates have repeatedly called for sanctions on MOGE, but Washington had so far held back. Myanmar military officials have played down the impact of sanctions.

Persons: Stringer, Washington, Antony Blinken, Brian Nelson, Simon Lewis, Daphne Psaledakis, Tim Gardner, Sarah Young, Ismail Shakil, Chizu Nomiyama, Rod Nickel Organizations: Army, Bank, REUTERS, Rights, Myanma, Gas Enterprise, U.S . Treasury Department, Reuters, Treasury, Financial, United Nations, Terrorism, Financial Intelligence, Chevron Corp, Chevron, Washington, Myanmar Foreign Trade Bank, Myanma Investment, Commercial Bank, Sky Royal Hero Company, General Staff, Myanmar's Army, Navy, Air Force, Thomson Locations: Yangon, Myanmar, United States, Washington, U.S, United Kingdom, Canada, Britain

☆ Goldman Sachs hires BlackRock executive for unit serving third-party wealth product providers
▼ + stars: | 2023-10-30 | by ( Saeed Azhar | Thomson Reuters | Saeed Azhar Is A Reuters Financial Journalist On The U.S. Banking Team Covering Wall Street'S Biggest Lenders. He Focuses On Goldman Sachs | ) www.reuters.com time to read: +1 min

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Weiss joins Goldman Sachs as managing director as head of so-called "wealth customized solutions" for the U.S, according to a internal memo seen by Reuters. Goldman Sachs clients for these products include large banks' wealth management divisions, independent broker-dealers and registered independent advisors. Weiss was head of separately managed accounts (SMAs), models and portfolio consulting at BlackRock (BLK.N), according to the Goldman memo. Goldman Sachs Asset Management wants to offer tailored portfolios across both public and private asset classes, said Padi Raphael, head of third party wealth management at the bank.

Persons: Goldman Sachs, Andrew Kelly, Gregory Weiss, Weiss, Goldman, Merrill Lynch, Padi Raphael, Saeed Azhar, Lananh Nguyen, Chizu Organizations: REUTERS, U.S, Reuters, BlackRock, UBS, Goldman, Management, Thomson Locations: Manhattan , New York, U.S, BlackRock

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 27 (Reuters) - Morgan Stanley (MS.N) gave its incoming CEO Ted Pick and the two other executives considered for the top job one-time bonuses of $20 million each, the bank said in a filing on Friday. The three-decade Morgan Stanley veteran started his career at the bank and came up the ranks to run trading, equity capital markets and fixed income. It is unusual for Wall Street CEO candidates to stay on if they are not selected, and the bonuses offered at Morgan Stanley break from that tradition. Since becoming CEO in 2010, Gorman has transformed Morgan Stanley, creating a wealth management behemoth and making transformative acquisitions of broker E*Trade and asset manager Eaton Vance.

Persons: Morgan Stanley, Brendan McDermid, MS.N, Ted Pick, Pick, Andy Saperstein, Dan Simkowitz, James Gorman, Jan, Morgan, Gorman, Wells, Mike Mayo, Brian Moynihan, Jamie Dimon, Eaton Vance, Tatiana Bautzer, Lananh Nguyen, Manya, Anil D'Silva, Richard Chang Organizations: New York Stock Exchange, REUTERS, Wall Street, Reuters, Bank of America, JPMorgan Chase, Trade, Manya Saini, Thomson Locations: New York City, U.S, New York, Bengaluru

Peter Orszag, CEO of Financial Advisory, Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. Dealogic data showed that globally, investment banking revenue tumbled 16% in the third quarter from a year earlier. Those takeovers, alongside a nascent revival in initial public offerings (IPOs), should bolster investment banking revenues next year. Global investment banking revenue stood at $50 billion in the first three quarters of this year, 20% below the same period in 2022, according to Dealogic. Investment banking revenue will probably rise 5% to 10% next year for the largest banks, according to Mike Mayo, an analyst at Wells Fargo.

Persons: Peter Orszag, Lazard, Mike Blake, dealmaking, Orszag, Morgan Stanley's, Ted Pick, Morgan Stanley, Dealogic, Mike Mayo, Jane Fraser, Fraser, Jana Partners, Brian Moynihan, Goldman Sachs, David Solomon, Tatiana Bautzer, Lananh Nguyen, Svea Herbst, Bayliss, Megan Davies, David Gregorio Our Organizations: Financial Advisory, Milken, Global Conference, REUTERS, Wall, Exxon Mobil, Chevron CVX.N, Reuters, CNBC, Global, Investment, Wells, Citigroup, Exxon, Natural Resources, Barclays, News Corp, Frontier Communications, Bank of, Svea, Thomson Locations: Beverly Hills , California, U.S, dealmaking, Ukraine, East, Wells Fargo

☆ Goldman Sachs forays into geopolitical advisory business
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 26 (Reuters) - Goldman Sachs (GS.N) on Thursday launched an institute to offer its clients insights on geopolitics and technology, according to an internal memo seen by Reuters. The Goldman Sachs Global Institute will be led by Jared Cohen and George Lee, partners at the U.S. banking heavyweight, the memo said. Apart from Goldman Sachs, independent investment firm Lazard (LAZ.N) has been advising its clients on geopolitical risks. The Goldman Sachs Global Institute will partner with leaders across businesses to engage with clients on a range of topics from the U.S.-China relationship, conflicts in Europe and the Middle East and shifting supply chains, the memo added.

Persons: Goldman Sachs, Andrew Kelly, Goldman, Jared Cohen, George Lee, Lazard, Jaiveer Singh, Shilpi Majumdar Organizations: New York Stock Exchange, REUTERS, Reuters, Goldman Sachs Global, Goldman Sachs Global Institute, U.S ., Thomson Locations: New York City , New York, U.S, Ukraine, China, Europe, Bengaluru

Worldline's (WLN.PA) stock slide, which saw around $4 billion wiped off its market value, is the latest wake-up call. COMMISSIONS CUTRevenue growth has suffered at payments firms as inflation has force European consumers to spend less, while investors fret about the euro zone slipping into recession. Some analysts say payments firms have also been caught napping, after a period of growth during COVID lockdowns. In a further sign of investor wariness, venture capital investment flows into European payment firms have also dried up. Now, it may leave private equity investors to pick up the pieces for payment service firms, analysts said.

Persons: Dado Ruvic, Paul Charpentier, Bryan Garnier, napping, Jefferies, Hannes Leitner, Leitner, Charpentier, wariness, Italy's Intesa Sanpaolo, Morgan Stanley, Worldline, Bryan Garnier's Charpentier, Elizabeth Howcroft, Alexander Smith Organizations: REUTERS, PayPal, Holdings, Companies, Barclays, Reuters, Spain's Banco Sabadell, Fidelity National Information Services, CVC Capital Partners, CVC, Thomson Locations: London, U.S, Nexi, Europe

☆ Morgan Stanley's Pick and Gorman talk succession, strategy and challenges
▼ + stars: | 2023-10-26 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +3 min

Companies Morgan Stanley FollowNEW YORK, Oct 25 (Reuters) - Morgan Stanley's (MS.N) current CEO James Gorman and incoming CEO Ted Pick spoke with Reuters about the company's leadership succession and strategy. On strategy: "There is no change in strategy. JAMES GORMANOn Pick: "We picked (Pick) because he's had a long history of showing he's an exceptional operator. It takes, it takes enormous resilience and mental toughness, and he's got that." I chair Columbia Business School, I have a role at University of Melbourne, and I'll do a bit of that.

Persons: Morgan Stanley, Morgan Stanley's, James Gorman, Ted Pick, Gorman, we've, James, Smith Barney, Eaton Vance, We've, Andy Saperstein, Dan Simkowitz, Dan, Andy, JAMES GORMAN, he's, Ted, Tatiana Bautzer, Lananh Nguyen, Sonali Paul Organizations: Reuters, TED, Columbia Business School, University of Melbourne, DOJ, SEC, Thomson

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. Saperstein, who leads wealth management, will remain co-president and head of wealth, and take on additional responsibilities overseeing investment management. Simkowitz, head of investment management, will become co-president and head of institutional securities. GORMAN'S LEGACYGorman joined Morgan Stanley in February 2006 and was named co-president the following year. Gorman "guided a traditional, white-shoe investment bank through a transformative and successful evolution into a diversified, dynamic wealth management institution," said Ana Arsov, managing director at Moody's.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, Ted Pick, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, Pick, Brian Mulberry, John Mack, Brian Moynihan, Jamie Dimon, Eaton Vance, Stephen Biggar, Biggar, bachelor's, Ana Arsov, Manya Saini, Niket, Tatiana Bautzer, Lananh Nguyen, Nupur Anand, Saeed Azhar, Megan Davies, Anil D'Silva, Devika Syamnath, Sonali Paul Organizations: New York Stock Exchange, REUTERS, Wall, Zacks Investment Management, Wall Street's, Bank of America, JPMorgan Chase, Trade Financial Corp, Eaton Vance Corp, Argus Research, University of Melbourne, Columbia University, Thomson Locations: New York City, U.S, Wall, Gorman, Australia, Bengaluru, New York

☆ European stocks open lower amid earnings; Deutsche Bank up 7% after beating estimates
▼ + stars: | 2023-10-25 | by ( Matt Clinch | ) www.cnbc.com time to read: 1 min

European markets opened lower Wednesday amid a slew of earnings both in the U.S. and Europe. The Stoxx 600 index slipped 0.2% with sectors mixed, as mining stocks gained 0.67% and retail stocks fell 0.7%. Deutsche Bank shares were 7% higher in early trade. Banking stocks fell Tuesday as Barclays warned of cost-cutting charges. Meanwhile, Alphabet shares tumbled as its cloud business missed analysts' estimates.

Organizations: Deutsche Bank, Banking, Barclays, AkzoNobel, Lloyds Banking Group, Carrefour, U.S, Microsoft Locations: U.S, Europe, Heineken

☆ Banks Face Shake-Up of Low-Income Lending Rules
▼ + stars: | 2023-10-24 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

The Office of the Comptroller of the Currency, the Fed and the Federal Deposit Insurance Corp. are expected to sign off on the new requirements for banks on Tuesday. Photo: Andrew Harrer/Bloomberg NewsWASHINGTON—Top U.S. banking regulators struggled for more than five years to update anti-redlining rules aimed at making banks lend more in lower-income communities. On Tuesday, they are completing a revamp of them for the era of online banking. The 1977 Community Reinvestment Act sought to end banks’ historical practice of denying or limiting financial services in minority neighborhoods. The current rules, which are nearly 30 years old, generally require banks to serve everyone in the communities surrounding their branches, including lower-income people.

Persons: Andrew Harrer Organizations: Fed, Federal Deposit Insurance Corp, Bloomberg News WASHINGTON — Locations: Bloomberg News WASHINGTON — Top

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File Photo Acquire Licensing RightsWASHINGTON, Oct 20 (Reuters) - A trio of U.S. banking regulators announced on Friday they were giving the public extra time to digest and provide feedback on a broad proposal to raise bank capital requirements that is already facing fierce industry pushback. The regulators are similarly extending the window for a separate proposal that would raise a capital surcharge for the largest global banks. Firms have warned the proposal if finalized could force them to curtail lending, curb product offerings, and lead to economic harm. The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis.

Persons: Rick Wilking, Banks, Pete Schroeder, Andrea Ricci Organizations: REUTERS, Rights, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Regulators, Banking, Fed, Thomson Locations: Westminster , Colorado

REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - Bank of America (BAC.N) reported unrealized losses of $131.6 billion on securities held until maturity in the third quarter, growing from nearly $106 billion in paper losses in the second quarter. Unrealized losses have come under closer scrutiny by investors since March. "All of these are unrealized losses are on government- guaranteed securities," Bank of America's chief financial officer, Alastair Borthwick, told reporters on conference call discussing third-quarter earnings. JPMorgan Chase (JPM.N) had unrealized losses of $40 billion in its HTM portfolio in the third quarter. If banks have intention to hold debt securities until maturity they keep them in held to maturity portfolio.

Persons: Carlo Allegri, Alastair Borthwick, JPMorgan Chase, Saeed Azhar, Nupur Anand, Tatiana Bautzer, Manya Saini, Lananh Nguyen, Megan Davies Organizations: of America, REUTERS, Bank of America, U.S, Silicon Valley Bank, Bank of, JPMorgan, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Banks

NEW YORK (AP) — Shares fell in Asia as investors braced Monday for an expected invasion by Israel in the Gaza Strip. On Friday, the price of a barrel of benchmark U.S. crude oil jumped $4.78 to settle at $87.69. Early Monday, U.S. crude oil was unchanged while Brent was up 3 cents at $90.92 a barrel. Worries about the war pulled Treasury yields lower, which often happens when investors head for safer investments during times of stress. The yield on the 10-year Treasury fell to 4.63% from 4.70% late Thursday.

Persons: —, Israel, Brent, Korea's Kospi, Australia's, Wells, JPMorgan Chase, Jamie Dimon, Todd Vasos Organizations: Economics, Markets, Nikkei, Nasdaq, Dow, Treasury, United Nations, Federal Reserve, JPMorgan Chase, JPMorgan, UnitedHealth, Wall, Dollar, U.S . Locations: Asia, Israel, Gaza, U.S, Hong Kong, Shanghai, Wells Fargo

SINGAPORE/LONDON Oct 13 (Reuters) - Global shares slipped on Friday while assets considered to be safer havens such as gold and U.S. Treasuries rose as traders retreated from market risk as conflict in the Middle East intensified. MSCI's broadest index of global equities (.MIWD00000PUS) fell 0.3%, while Europe's Stoxx 600 share index (.STOXX) slid 0.4%. Brent crude oil futures jumped 2.7% on Friday to $88.29 a barrel, on track for a 4.3% advance this week. Spot gold gained 0.8% on Friday to $1,885 an ounce, set for a gain of 2.4% over the week. The risk-off mood also prevailed in the currency market, with the dollar holding on to most overnight gains.

Persons: Trevor Greetham, Treasuries, Ankur Banerjee, Naomi Rovnick, Edwina Gibbs, Susan Fenton, Kim Coghill Organizations: Asset Management, Federal Reserve, Treasury, Bank of Japan, Nikkei, Thomson Locations: SINGAPORE, Middle, Gaza, Hamas, Ashkelon, Israel, Brent, U.S, Baltic, Asia, Japan, MIAPJ0000PUS

☆ Wells Fargo rolls out financial planning tool to almost 70 mln customers
▼ + stars: | 2023-10-12 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsNEW YORK, Oct 12 (Reuters) - Wells Fargo (WFC.N) will expand access to a financial planning tool to its nearly 70 million customers after initially offering it to wealth clients earlier this year, the bank said on Thursday. The Life Sync tool allows mobile users to set and track financial goals, check their credit scores and connect with financial advisers. "We already have around 100,000 goals" set on the tool, which account for $24 billion in financial plans, said Michael Liersch, head of advice and planning at Wells Fargo. Wells Fargo, the fourth largest U.S. bank, will report its third-quarter earnings on Friday.

Persons: Wells, Michael Liersch, Michelle Moore, Nupur Anand, Lananh Nguyen, Cynthia Osterman Organizations: REUTERS, Rival Bank of America's, U.S, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, New York

Search resuls for: ". Banking"

25 mentions found