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NEW YORK, May 22 (Reuters) - JPMorgan Chase & Co (JPM.N) is beefing up its commercial banking business that caters to tech startups and other early-stage companies, the company said on Monday. The largest U.S. lender plans to add staff after it hired more than a hundred bankers this year to serve companies in the so-called innovation economy in sectors such as technology, e-commerce and life sciences. Two other regional lenders were subsequently seized by banking regulators, including First Republic Bank, which JPMorgan bought earlier this month. JPMorgan's broader commercial bank has more than 18,000 clients, including mid-sized businesses and corporations, government entities and non-profits and more than 33,000 real estate investors or owners. It also aims to expand overseas to serve early-stage companies in the United Kingdom, Europe and Asia.

May 22 (Reuters) - First Citizens BancShares Inc (FCNCA.O), which acquired Silicon Valley Bank following its collapse, sued HSBC Holdings PLC (HSBA.L) on Monday, accusing it of poaching more than 40 of the failed bank's employees in order to launch its own U.S. venture banking business. The lawsuit filed in San Francisco federal court says HSBC violated federal law by hiring away the workers so it could gain access to Silicon Valley Bank's (SVB) trade secrets including information about clients in the tech and healthcare sectors. First Citizens in the lawsuit said it is seeking more than $1 billion in damages. First Citizens later in March purchased SVB's assets and deposits for up to $500 million in stock - a fraction of what the bank was worth before it failed. In April, HSBC had said it had hired dozens of Silicon Valley Bank employees to help the bank establish a dedicated practice focused on serving companies in technology and healthcare and investors who support them.

☆ Elon Musk subpoena in Epstein-JPMorgan lawsuit can be served to Tesla, judge rules
▼ + stars: | 2023-05-17 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

Ghislaine Maxwell and Elon Musk attend the 2014 Vanity Fair Oscar Party Hosted By Graydon Carter on March 2, 2014 in West Hollywood, California. The Virgin Islands is suing JPMorgan in U.S. District Court in Manhattan for allegedly enabling and financially benefiting from Epstein's sex trafficking of young women. Rakoff, in his order Wednesday, authorized the USVI to "arrange alternative service of its Subpoena to Produce Documents by serving Elon Musk via service upon Tesla Inc.'s registered agent." A Tesla spokesperson told The Times, "It is incorrect to say that Epstein ever advised Elon on anything." Epstein killed himself in August 2019, a month after federal authorities arrested him on an indictment charging him with child sex trafficking.

Berkshire acquired 9.92 million shares in Capital One, a stake worth $954 million based on the closing price on March 31, regulatory filings showed on Monday. The bank's shares have shed around 15% since early March as the banking crisis has clobbered shares of U.S. regional lenders. Silicon Valley Bank, Signature Bank, and First Republic Bank are the three banks that have so far collapsed during the current crisis. The KBW Regional Banking Index (.KRX) fell 0.38%. Fed Vice Chair for Supervision Michael Barr said the central bank was "carefully considering" rule changes for larger regional banks, including requiring them to account for unrealized losses on their banks when considering capital levels.

☆ Capital One shares up after billionaire investor Buffett's near $1 bln bet on bank
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Shares of Capital One Financial Corp (COF.N) rose in premarket trading on Tuesday after billionaire investor Warren Buffett's holding company disclosed it had taken a stake in the credit cards-focused bank. The bank's stock, which was trading up 7% at $95.37, would open at its highest in more than two weeks, if gains hold. In its quarterly disclosure after the bell on Monday, Berkshire Hathaway (BRKa.N) said it had a 9.92 million share stake in the company. As of Monday, Capital One shares had lost around 8% so far this month, as financial stocks felt the effects of First Republic Bank's collapse. Besides credit cards, the McLean, Virginia-based Capital One also has a huge auto lending and commercial banking business.

WILMINGTON, Delaware, May 15 (Reuters) - The U.S. Virgin Islands has subpoenaed Tesla Inc (TSLA.O) CEO Elon Musk for documents in its lawsuit accusing JPMorgan Chase & Co (JPM.N) of helping enable sexual abuses by late sex offender Jeffrey Epstein. The Virgin Islands did not provide further explanation for its interest in obtaining documents from Musk. In the subpoena, the Virgin Islands demanded any documents Musk has about Epstein’s involvement in human trafficking and his procurement of girls or women for commercial sex. Additionally, the subpoena sought any communications between the entrepreneur and JPMorgan about Epstein as well as between Musk and Epstein. Musk is the second tech entrepreneur touched by the Virgin Islands litigation.

☆ Elon Musk denies taking financial advice from Jeffrey Epstein, following US Virgin Islands' decision to subpoena the Twitter chief
▼ + stars: | 2023-05-16 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Elon Musk has denied taking financial advice from Jeffrey Epstein. Elon Musk has denied taking financial advice from Jeffrey Epstein after he was subpoenaed in a lawsuit over JPMorgan's ties to the convicted sex offender. "The notion that I would need or listen to financial advice from a dumb crook is absurd," Musk tweeted. It makes Musk the latest high-profile person to be subpoenaed in a series of lawsuits revolving around JPMorgan's ties to Epstein. Earlier this month, it was reported that the US Virgin Islands couldn't find fellow Google cofounder Larry Page to serve him a subpoena.

☆ Elon Musk documents subpoenaed in Jeffrey Epstein lawsuit by U.S. Virgin Islands
▼ + stars: | 2023-05-15 | by ( Tom Hals | Thomson Reuters | Tom Hals Is An Award-Winning Reporter With Years Of Experience Working In Asia | ) www.reuters.com time to read: +3 min

☆ Wall Street Is on Track for a Another Tough Bonus Season: Johnson Associates
▼ + stars: | 2023-05-09 | by ( Emmalyse Brownstein | Kaja Whitehouse | ) www.businessinsider.com time to read: +4 min

From M&A to trading, things have been slow on Wall Street this year. Life on Wall Street can be grueling — filled with long hours and strict in-office work policies. According to compensation consultancy Johnson Associates, Wall Street bonuses are on track to be disappointing — again — this year. Wall Street pros have been predicting a slow first half of the year, with expectations that business prospects will improve in the second half of the year. "When you're talking about pay on Wall Street, these people make multiples of what real people make," he said.

LONDON, May 3 (Reuters) - Interest rate rises helped British bank Lloyds (LLOY.L) beat first quarter profit forecasts on Wednesday, but early signs of stress among some borrowers pointed to tougher times ahead. Lloyds reported pretax profit of 2.3 billion pounds ($2.9 billion) for the first three months of 2023, above the 1.95 billion pounds average of analyst forecasts compiled by the bank and up from 1.5 billion pounds the prior year. While earnings have exceeded expectations across the sector, Lloyds has echoed rivals in keeping full-year performance forecasts flat instead of upgrading them further as some analysts had anticipated. Lloyds is the last of Britain's 'Big Four' banks to post its quarterly results, after HSBC, NatWest and Barclays also reported profit jumps. But in common with others, Lloyds also reported deposit outflows of 2.2 billion pounds over the quarter as customers dipped into savings and moved money into alternative products.

☆ ChatGPT and Generative AI in Banking: Reality, Hype, What's Next, and How to Prepare
▼ + stars: | 2023-04-20 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +1 min

In the banking industry, generative AI will help create marketing images and text, answer customer queries via virtual assistants, and produce data that will make machine learning applications more accurate and efficient. The largest impact is expected to be seen in the areas of retail banking and wealth, SMB banking, commercial banking, and investment banking. Over the course of the next three years, there will be many promising use cases for generative AI. Although there are many positive use cases, generative AI is not currently suitable for loan decisioning, trading, and compliance. Want to learn more about ChatGPT and Generative AI in Banking?

☆ Here are the top 15 companies to work for in Singapore, according to LinkedIn — most are new on the list
▼ + stars: | 2023-04-18 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +4 min

The list of top companies in Singapore sees a huge reshuffle this year, which is a testament to "Singapore's strong business ecosystem," according to LinkedIn. LinkedIn has released its annual list of top companies in Singapore to work for — and banking and information technology companies dominated the 2023 list. The list of top companies also saw a huge reshuffle this year, which is a testament to "Singapore's strong business ecosystem," according to the professional networking platform. The banking and finance sector in particular, saw 4 companies in the top 5 on the "LinkedIn Top Companies 2023″ for Singapore. It provides financial products and banking services to individuals, corporations, governments, investors and institutions.

Wells Fargo executives detailed the bank's exposure to CRE at length during a conference call with analysts. Deposits at Wells Fargo fell 2% to $1.36 trillion at the end of March, compared with $1.38 trillion at the end of last year. "Both Wells Fargo and JP Morgan delivered very, very solid results, blowing past the expected earnings. Reuters GraphicsAverage loans in the bank's commercial banking division rose 15%, while commercial loans rose roughly 7% from a year earlier. Wells Fargo is also still working to contain the fallout from a scandal over its sales practices that led to hefty fines and an asset cap imposed by the Fed.

☆ Wells Fargo gives up gains despite earnings beat. We see a buying opportunity
▼ + stars: | 2023-04-14 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Wells Fargo (WFC) reported better-than-expected first-quarter results on Friday, demonstrating its underlying fundamentals are strong. Shares of Wells Fargo initially climbed more than 2% following the earnings release, before giving up most of those gains. Wells Fargo stock was trading down around 0.2% Friday afternoon, at $39.58 a share. Wells Fargo management also noted that, like many other regional banks, it has a much broader business model and more diversified sources of funding than a bank like SVB. Within consumer lending, home lending was down 42% from last year, while credit card revenue increased 3% annually.

☆ This Friday could hold the key to our bank stocks and the direction of the market for weeks
▼ + stars: | 2023-04-11 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

How the banks deliver could set the market tone in the coming weeks. Jim said Monday that such a pause could spark a big stock market rally while keeping rates high enough for banks to make money. How these dynamics play out will factor into the Fed's next rate move — and as a result, market sentiment. Since deposit levels directly contribute to a bank's ability to make loans, it's not surprising that commercial bank lending declined in recent weeks. To be sure, Wells is a traditional bank that must deal with short-term deposit and lending gyrations.

☆ HSBC: Climate tech investment is currently lower than last year
▼ + stars: | 2023-04-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHSBC: Climate tech investment is currently lower than last yearMartin Richards, global head of sustainable finance at HSBC Global Commercial Banking and president of HSBC Ventures, discusses climate innovation and the planned energy transition.

☆ JPMorgan just dropped some clues as to who might succeed Jamie Dimon. See Insider's exclusive organizational chart identifying the bank's top 114 executives.
▼ + stars: | 2023-04-04 | by ( Carter Johnson | Samantha Stokes | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

We've got names and faces for more than 100 top JPMorgan leaders across investment banking, and more. The bank's CEO and chairman, Jamie Dimon, has consequently been a leading voice shaping both Wall Street and Main Street for decades. On Tuesday, JPMorgan's board of directors provided a little more insight into its CEO succession plans via a 116-page annual proxy filing. Additions to the organizational chart also highlight the growth within some of JPMorgan's key teams. It also provides some clues as to who might one day succeed Dimon, Wall Street's longest running CEO.

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☆ Wall St regulator seeks budget boost, cites market growth, misconduct risk
▼ + stars: | 2023-03-29 | by ( Douglas Gillison | ) www.reuters.com time to read: +2 min

March 29 (Reuters) - Wall Street's top regulator on Wednesday asked lawmakers to approve a 12% boost to his agency's budget, citing burgeoning growth in financial markets and the rising risk of wrongdoing. At current levels, his agency's staffing is only 3% larger than it had been before Trump took office, he noted. However, the budget request may bear little relation to the final outcome, which will be determined by a narrowly divided Congress deadlocked over raising the federal government's borrowing limits. The SEC routinely tells lawmakers that its budget is "deficit neutral" since its spending is offset by transaction fees assessed from the market. Republican lawmakers, lobbyists and conservative activists have cast Gensler as an interventionist regulator saddling markets with left-leaning social policies unrelated to making money.

☆ US home prices fell in January for the seventh-straight month
▼ + stars: | 2023-03-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US home prices fell for the seventh month in a row in January, even as mortgage rates eased, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. Miami had a year-over-year price increase of 13.8%, followed by Tampa with a 10.5% increase and Atlanta with an 8.4% increase. That battle has caused mortgage rates to spike over the past year, resulting in many home buyers being priced out of purchasing a home. Mortgage rates are expected to be volatile for as long as the Fed has to work to pull back runaway inflation. “Just how much prices will rise from winter lows will depend on whether mortgage rates stabilize and creep downward or stay high and volatile.”

"Sterling markets will continue to digest yesterday’s Budget delivered by Chancellor Jeremy Hunt as well as the broader global environment. Markets remain ambivalent whether the Bank of England will raise interest rates next week," said Hann-Ju Ho, senior Economist, Commercial Banking at Lloyds Bank. The European Central Bank (ECB), meanwhile, is a little behind the BoE in its quest to fight inflation. Traders attach a 60% chance of the ECB raising rates by 50 bps on Thursday, with a 40% chance of 25 bps. Money markets show investors expect ECB rates to peak around 3% later this year, compared with a peak of 4% just over a week ago.

☆ JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - Axios
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - JPMorgan Chase & Co (JPM.N) and PNC Financial Service Group Inc (PNC.N) are among those in talks about acquiring SVB Financial Group (SIVB.O) in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources. Apollo Management (APO.N) and Morgan Stanley (MS.N) are also part of the discussions, Axios reported, adding Apollo was interested in financing a deal or acquiring some of the business. Reuters reported on Sunday that Silicon Valley Bank had received interest from PNC and Royal Bank of Canada (RY.TO) but that had cooled on Sunday as U.S. regulators invited bids for the failed lender. The U.S. Federal Deposit Insurance Corporation (FDIC) had given a Sunday afternoon deadline for bids for the failed Silicon Valley Bank, Reuters reported. Reporting by Lavanya Ahire in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Why Silicon Valley Bank collapsed and what it could mean
▼ + stars: | 2023-03-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —Silicon Valley Bank collapsed with astounding speed on Friday. A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank headquarters on March 10, 2023 in Santa Clara, California, United States. Established in 1983, Silicon Valley Bank was, just before collapsing, America’s 16th largest commercial bank. Like many other banks, SVB ploughed billions into US government bonds during the era of near-zero interest rates. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to raise capital or find a buyer.

The Silicon Valley Bank (SVB) logo is seen through a rain-covered window. LONDON — HSBC on Monday announced a deal to buy the U.K. subsidiary of the U.S. tech startup lender Silicon Valley Bank, which collapsed on Friday. HSBC confirmed that its U.K. ring-fenced subsidiary, HSBC UK Bank, had agreed to acquire SVB U.K. for £1 ($1.21). The sale, facilitated by the Bank of England in consultation with the U.K. Treasury, will protect the deposits of SVB U.K. clients, the Treasury said in a statement. "The U.K.'s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs," he added.

☆ JPMorgan among suitors for SVB Financial in deal excluding SVB Bank- Axios
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - JPMorgan Chase & Co (JPM.N) is in talks to acquire SVB Financial Group (SIVB.O) in a deal that would exclude commercial banking unit Silicon Valley Bank, which is currently under U.S. control, Axios reported on Monday, citing sources. PNC Financial Services Group Inc (PNC.N), Apollo Management (APO.N) and Morgan Stanley (MS.N) are also in talks with the defunct lender, Axios reported, adding Apollo was interested in financing a deal or acquiring some of the business. A PNC spokesperson told Reuters that it was "not in talks to acquire SVB Financial or Silicon Valley Bank," while the other companies did not respond to requests for comment. Reuters reported on Sunday that Silicon Valley Bank had received interest from PNC and Royal Bank of Canada (RY.TO) but that had cooled on Sunday as U.S. regulators invited bids for the failed lender. The U.S. Federal Deposit Insurance Corporation (FDIC) had given a Sunday afternoon deadline for bids for the failed Silicon Valley Bank, Reuters reported.

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