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☆ The Chair of the FDIC is facing calls to resign after scathing report. The implications for banks could be significant
▼ + stars: | 2024-05-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —Martin Gruenberg, the chair of the Federal Deposit Insurance Corporation, is facing a barrage of calls from lawmakers to resign after a scathing 234-page report released Tuesday detailed pervasive sexual harassment, discrimination and bullying at the agency. If he heeds the calls, there could be significant ramifications for banks across the country. “We do recognize that, as a number of FDIC employees put it in talking about Chairman Gruenberg, culture ‘starts at the top,’” the report said. Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added. Aside from Democratic Rep. Bill Foster, Democrats have stopped short of calling on Gruenberg to resign.

Persons: New York CNN — Martin Gruenberg, Cleary Gottlieb Steen, Gruenberg, ‘, ’, “, ” That’s, CNN Gruenberg “, Joe Biden, Bill Foster, That’s, Travis Hill, Rulemaking, ” Dennis Kelleher, Hill, Cowen, Sen, Elizabeth Warren aren’t, Karine Jean, Pierre didn’t, Biden, Kelleher Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Hamilton, FDIC, CNN, Democrat, Democratic Rep, Republican, Senate, Democratic, Better, Federal Reserve, White Locations: New York, Basel

☆ The FDIC is a 'boys club' where some senior execs pursued romantic relationships with their staff, says new report
▼ + stars: | 2024-05-08 | by ( Meghan Morris | ) www.businessinsider.com time to read: +4 min

The Federal Deposit Insurance Corporation, or FDIC, has a "patriarchal" culture, according to an independent report. The bank regulator took no action on dozens of harassment complaints and moved wrongdoers around. The report said the FDIC has dismissed myriad harassment complaints and that wrongdoers are moved around internally or promoted. AdvertisementThe independent investigators spent nine pages discussing FDIC chairman Martin Gruenberg's conduct. The FDIC did not immediately respond to a request for comment from Business Insider sent outside standard hours.

Persons: —, Cleary Gottlieb Steen, Hamilton, Martin Gruenberg's, Gruenberg, Travis Hill, Karine Jean, Pierre didn't Organizations: Federal Deposit Insurance Corporation, Service, Wall Street Journal, FDIC, Democrat, Republican, White, Business Insider Locations: wrongdoers, Gruenberg

☆ U.S. probe finds widespread sexual misconduct at FDIC
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +2 min

The Federal Deposit Insurance Corporation must make sweeping changes to address widespread sexual harassment and other misconduct, according to an independent report released on Tuesday that raises questions about the future of the banking regulator's leadership. The report, prompted by a Wall Street Journal investigation, cited accounts from more than 500 people, including some who alleged FDIC Chair Martin Gruenberg had engaged in bullying and verbal abuse. "For far too many employees and for far too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct," said the report, adding that those accused of misconduct were frequently reassigned new roles. "Chair Gruenberg must accept responsibility and must immediately work to make fundamental changes to the agency and its culture." Some employees described Gruenberg as "harsh" and "aggressive", as well as prone to losing his temper, the report said.

Persons: Martin Gruenberg, Cleary Gottlieb, Gruenberg, Patrick McHenry, Sherrod Brown Organizations: Federal Deposit Insurance Corporation, Wall Street Journal, FDIC, WSJ, Democrat, Republican, Financial Services, Banking, Housing, Urban Affairs Committee

☆ Inquiry Finds a Toxic Culture at the F.D.I.C., and Takes Aim at Its Leader
▼ + stars: | 2024-05-07 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

A report on workplace culture at the Federal Deposit Insurance Corporation released on Tuesday revealed a broad, yearslong pattern of sexual harassment, discrimination and abuse of mostly women and members of minority groups by senior officials. The findings are likely to lead to another potentially bruising round of questions for the agency’s chair, Martin Gruenberg, who is scheduled to testify in Congress later this month. It described “fiefdoms” in regional offices, where senior managers protected other longtime employees from potential consequences stemming from more junior employees’ claims of mistreatment. Examples of the behavior, including senior examiners texting junior women pictures of their genitalia or taking them to brothels, were first reported by The Wall Street Journal in November. Tuesday’s report was the result of an independent investigation by Cleary Gottlieb, which was hired by a special committee created by the agency’s board after The Journal’s report.

Persons: Martin Gruenberg, ”, “, Cleary Gottlieb, ’, Tuesday’s Organizations: Federal Deposit Insurance Corporation, Wall Street

☆ Interest rates are staying high—how to make them work in your favor
▼ + stars: | 2024-05-03 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +2 min

If you were hoping interest rates might come down this spring, you're likely going to have to wait a little bit longer. After more than a decade of near-zero interest rates, savers are now in an environment where they're being rewarded for keeping deposits in the bank. And with interest rates staying at their decades-long high for longer, savers have an extended window to take advantage of everything banks are offering. "We did a study recently and found that very few people are earning even 4% on their savings," Rossman says. Now is a great time to shop around for the most favorable terms and lock in those interest rates while they're here, Rossman says.

Persons: That's, Ted Rossman, Rossman Organizations: U.S . Federal Reserve, Federal Deposit Insurance Corporation Locations: U.S

☆ Federal prosecutors are examining financial transactions at Block, owner of Cash App and Square
▼ + stars: | 2024-05-01 | by ( Gretchen Morgenson | ) www.cnbc.com time to read: +13 min

Cash App, introduced in 2013, allows users to send and receive money instantaneously among themselves and to buy stocks and Bitcoin. As of December, Cash App had 56 million active transacting accounts and $248 billion in inflows during the previous four quarters, the company said. (Merchants are considered customers at Square, while users are considered customers at Cash App.) Cash App is not a bank, but it uses external banking partners to conduct various services. On March 29, Sutton Bank settled a consent order with the Federal Deposit Insurance Corp. that echoed the whistleblowers' allegations.

Persons: Jack Dorsey, Block, Venezuela —, Edward Siedle, Prosecutors, Cash, OFAC, Lawrence Summers, Sharon Rothstein, Summers, Rothstein, Lord Paul Deighton, Goldman Sachs, Deighton, Dorsey, Banks, Sutton, James Booker Organizations: Twitter, Southern, of, NBC, NBC News, Securities and Exchange Commission, Block, Foreign Assets Control, U.S . Treasury, Cash, OFAC, Goldman, Financial Market, Bank of Lithuania, Payments Lithuania UAB, PayPal, Consumer Finance Protection Bureau, Sutton Bank, Federal Deposit Insurance Corp, FDIC Locations: of New York, Cuba, Iran, Russia, Venezuela, Ohio, Sutton

☆ Americans were paid an additional $235 billion in interest in 2023, thanks to the Fed
▼ + stars: | 2024-05-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

High-yield savings accountsThe average interest rate on regular bank savings accounts is roughly 0.5% but can run as low as 0.01% at the biggest banks. By contrast, the average on high-yield savings accounts is well over 4%, according to DepositAccounts.com. If you leave it parked in a regular savings account at 0.5%, you’ll get $50 in interest for a year. As with any savings account, banks can lower the rate they offer — also known as the APY — at any time. Money market accounts and money market fundsAlthough money market deposit accounts and money market mutual funds are both generating yields competitive with the best high-yield savings accounts, there are important differences.

Persons: —, It’s, ”, Greg McBride, you’ll, McBride, “, ” McBride, Ben Bakkum, Collin Martin, Martin Organizations: New, New York CNN, Federal Reserve, Federal Deposit Insurance Corporation, FDIC, National Credit Union Share Insurance, Securities Investor Protection Corporation, Treasury, Fed, Schwab Center, Financial Research Locations: New York, Schwab.com, United States

☆ Why hundreds of U.S. banks may be at risk of failure
▼ + stars: | 2024-05-01 | by ( Andrea Miller | In Dreajmiller | ) www.cnbc.com time to read: +1 min

Hundreds of small and regional banks across the U.S. are feeling stressed. "You could see some banks either fail or at least, you know, dip below their minimum capital requirements," Christopher Wolfe, managing director and head of North American banks at Fitch Ratings, told CNBC. Consulting firm Klaros Group analyzed about 4,000 U.S. banks and found 282 banks face the dual threat of commercial real estate loans and potential losses tied to higher interest rates. "That means there'll be fewer bank failures. For individuals, the consequences of small bank failures are more indirect.

Persons: Christopher Wolfe, They're, Brian Graham, Graham, Sheila Bair Organizations: Fitch, CNBC, Consulting, Klaros, U.S . Federal Deposit Insurance Corp, FDIC Locations: U.S

☆ FDIC says Republic First Bank is closed by Pennsylvania regulators
▼ + stars: | 2024-04-26 | by ( Luciana Lopez | ) edition.cnn.com time to read: +1 min

CNN —The Federal Deposit Insurance Corporation on Friday said that Republic Bank has been closed by Pennsylvania state regulators, in what the FDIC said was the first US bank failure this year. “Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank,” the FDIC said in a statement. That makes Republic Bank (FRBK) far smaller than the regional bank failures that rocked the financial world last year. The FDIC said that Republic Bank was the first bank to fail in the United States since Citizens Bank in Sac City, Iowa, in November 2023.

Persons: “ Organizations: CNN, Federal Deposit Insurance Corporation, Bank, First Bank, Republic Bank, Pennsylvania Department of Banking, Securities, Fulton Bank, National Association of Lancaster, Silicon Valley Bank, FDIC, Bloomberg, Citizens Bank Locations: Pennsylvania, “ Philadelphia, National Association of Lancaster , Pennsylvania, Silicon, New Jersey , Pennsylvania, New York, United States, Sac City , Iowa

☆ Regulators Seize Republic First, a Troubled Philadelphia Bank
▼ + stars: | 2024-04-26 | by ( Kashmir Hill | More About Kashmir Hill | ) www.nytimes.com time to read: 1 min

Regulators late Friday seized Republic First Bancorp, a troubled Philadelphia lender, in the first U.S. bank failure this year. Republic First Bancorp, known as Republic Bank, had about $4 billion in deposits at the end of January and assets worth $6 billion, the Federal Deposit Insurance Corporation said in a statement. said, with Republic First’s 32 branches in Pennsylvania, New Jersey and New York reopening as soon as Saturday as Fulton Bank branches. Founded in 1988, Republic First was smaller than the midsize banks that collapsed last year — including First Republic Bank and Silicon Valley Bank, whose assets each topped $200 billion. expects the cost to the Deposit Insurance Fund to be $667 million.

Organizations: First Bancorp, Republic First Bancorp, Republic Bank, Federal Deposit Insurance Corporation, Fulton Bank of Lancaster, Fulton Bank, First Republic Bank, Silicon Valley Bank, Deposit Insurance Fund Locations: Philadelphia, U.S, Republic, Pa, Pennsylvania , New Jersey, New York

☆ Big banks are touting sweet CD yields in excess of 5%. Where you can find them
▼ + stars: | 2024-04-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

"From our experience, the brokered CD market is more competitive," said Richard Carter, vice president of fixed income products and services at Fidelity. Like traditional CDs, brokered CDs are offered in different maturities. For instance, JPMorgan's one-year CD, with its 5.4% yield, can be called as early as Oct. 30, according to Fidelity's website. With a brokered CD, you'll have to sell it on the secondary market — and you may lose some of your principal. Depending on your time frame, you may consider a one-year ladder with CD maturities three months apart, a two-year ladder with CD maturities six months apart, or a five-year ladder, with maturities one year apart, he said.

Persons: Goldman Sachs, Morgan Stanley, Schwab, Richard Carter, Carter, you'll, there's, Morgan, Greg McBride, It's, McBride, staggers maturities Organizations: JPMorgan, Fidelity Investments, Bank of America, Fidelity, Vanguard, Federal Deposit Insurance Corp, Morgan Stanley Private Bank and Bank of America Locations: U.S

☆ US regional banks are still under pressure. That’s likely to continue
▼ + stars: | 2024-04-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Despite overcoming a crisis in 2023, the pain isn’t over for America’s regional banks. Shares of New York Community Bank have tumbled 71%, Bank OZK shares have slid 16% and Webster Financial shares have lost 11%. Regional banks reported wide losses on their profits during the first quarter. PNC projects that its net interest income will fall between 4% to 5% in 2024 from last year. “I’m worried about a handful of [regional banks],” Bair told CNBC on Tuesday.

Persons: that’s, Jerome Powell, “, ” Powell, Sheila Bair, “ I’m, ” Bair, ” Tesla, Tesla, Elon Musk, Chris Isidore, Musk, Chancellor Kathaleen McCormick, Read, Samantha Delouya, —, Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh Organizations: CNN Business, Bell, New York CNN, Regional Banking, New York Community Bank, Bank OZK, Webster Financial, PNC Financial, T Bank, US Bancorp, Citizens, PNC, Valley Bank, Signature Bank, First Republic Bank, Federal Reserve, Wilson Center, Federal Deposit Insurance Corporation, CNBC, Tesla, Securities and Exchange Commission, United Nations, Potsdam, Climate, CNN, Stanford University Locations: New York, Delaware, ” Delaware

☆ Regional bank earnings may expose critical weaknesses, former FDIC Chair Sheila Bair warns
▼ + stars: | 2024-04-16 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

Regional bank earnings may expose critical weaknesses, according to Sheila Bair, former chair of the U.S. Federal Deposit Insurance Corp.Their quarterly numbers begin hitting Wall Street this week. Bair, who ran the FDIC during the 2008 financial crisis, is nervous that regional bank issues from 2023 aren't fully resolved. "This is still a problem for the regional banks, and fingers crossed that there's [not] another failure. The SPDR S&P Regional Bank ETF (KRE) is down almost 13%, and only four of its members are positive for 2024. Her latest regional bank warning comes as the benchmark 10-year Treasury note yield topped 4.6% this week and hit its highest level since November 2023.

Persons: Sheila Bair, I'm, Bair, CNBC's, aren't, We're Organizations: U.S . Federal Deposit Insurance Corp, P Regional Bank ETF, New York Community Bancorp, Metropolitan Bank Holding Corp, Kearny Financial, Columbia Banking, National Bancorp Locations: New York

☆ Morgan Stanley delivers a much-needed rebound quarter and eases concerns about a key overhang
▼ + stars: | 2024-04-16 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Morgan Stanley delivered mostly better-than-expected first-quarter results Tuesday morning — a much-needed report for the bank, whose stock has lagged industry peers and tested our patience. Morgan Stanley Why we own it : We own Morgan Stanley for the rebound taking place in IPO and M & A activity along with growth in wealth management, which provides more durable fee-based revenues. MS YTD mountain Morgan Stanley YTD Shares of Morgan Stanley were up more than 2% after Tuesday's earnings release and conference call, building on Monday's modest gains, which broke a three-session losing streak. Capital returns Morgan Stanley repurchased 12 million shares in the first quarter, at an average purchase price of $86.79 per share. Signage is displayed outside Morgan Stanley & Co. headquarters in the Times Square neighborhood of New York.

Persons: Morgan Stanley, Goldman Sachs, Morgan Stanley's, Ted Pick, we've, Sharon Yeshaya, Morgan Stanley's CET1, Morgan Stanley YTD, Pick, We've, Yeshaya, Morgan, it's, Morgan Stanley repurchased, Jim Cramer's, Jim Cramer, Jim, Michael Nagle Organizations: LSEG, Wealth Management, Investment Management, Institutional Securities, Equity, Morgan Stanley's Wealth Management, Street, Management, Federal Deposit Insurance Corp, Capital, CNBC, Times, Bloomberg, Getty Locations: New York

☆ Wells Fargo is flat after an earnings beat — here's why and our outlook on shares
▼ + stars: | 2024-04-12 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Wells Fargo Why we own it : We bought Wells Fargo as a turnaround story under CEO Charlie Scharf. In addition, the bank's net interest margin came up short, and therefore net interest income. However, bank interest income estimates depend on interest rates, a factor Wells can't control. Net interest income fell 17% year over year as deposits declined due to customers reallocating cash into higher-yielding securities. Non-interest income increased 9% thanks to higher asset-based fees driven by an increase in market valuations.

Persons: Wells, Charlie Scharf, He's, Scharf, Charles Scharf, Wells Fargo, it's, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank, Bank of America, Citigroup, Management, Consumer, Auto, Corporate, Wealth, CNBC Locations: Silicon, Wells Fargo, U.S, That's, Wells, San Bruno , California

☆ Wells Fargo shares fall as lower interest income cuts into profits
▼ + stars: | 2024-04-12 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020. Wells Fargo shares fell Friday after the bank reported first-quarter earnings that showed a decline in interest income. Wells said its net interest income decreased 8% in the quarter, due to the impact of higher interest rates on funding costs, including the impact of customer migration to higher yielding deposit products. "The investments we are making across the franchise contributed to higher revenue versus the fourth quarter as an increase in noninterest income more than offset an expected decline in net interest income," Scharf added. Shares of the bank climbed more than 15% year to date, beating the S&P 500's 9% return.

Persons: Wells Fargo, Wells, Charlie Scharf, Scharf Organizations: Wells, LSEG, Deposit Insurance Corporation Locations: Wells Fargo, New York City, U.S

The Apple Card Savings account still pays a higher APY than the average savings account. Apple has dropped the interest rate on its Apple Card Savings account for the first time in 2024. The Apple Card Savings account is available for Apple Card users in the U.S. You can set it up and manage it through the Apple Card in the Wallet app on iPhones. How the Apple Card Savings account worksThe Apple Card Savings account doesn't require a minimum opening deposit. While the interest rate on the Apple Card Savings Account has dropped for the first time in 2024, it still pays a significantly higher rate than a traditional savings account.

Persons: Apple, —, Cash, Jennifer Bailey, Daily Cash, Goldman Sachs Organizations: Apple, Savings, Service, Apple Card Savings, Apple Card, Daily, FDIC, Federal Deposit Insurance Corporation Locations: U.S

Setting a down payment goalBefore you can set a down payment goal, you first need to figure out how much you'll need for a lender to approve you for a mortgage. Determining the size of down payment neededThe minimum size of your down payment will depend on the loan program you use. Exploring down payment assistance programsDown payment assistance programs can help cover part or all of your down payment. But if you can save up a down payment of at least 20% of the home's purchase price, you'll avoid paying PMI (private mortgage insurance), which can reduce your monthly payment. To save for a down payment, create (and stick to) a budget, reduce unnecessary expenses, increase your income through side jobs, automate your savings, and explore down payment assistance programs.

Persons: You'll, you'll, windfalls, Windfalls Organizations: Netflix, Spotify, Federal Deposit Insurance Corp, PMI Locations: homebuyers, Chevron

☆ The Fed hasn't touched interest rates since July, but they're still moving. What that looks like for credit cards, mortgages and savings accounts
▼ + stars: | 2024-03-20 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +4 min

It's one of the silver linings to the current rate environment, said Ted Rossman, chief credit card analyst at Bankrate. Credit cardsThe flip side to the positive environment for savers is the expensive credit card market: Consumers carrying balances on their cards face historically high rates. "The Fed is not going to come to your rescue on credit card rates," Rossman said. The Fed is not going to come to your rescue on credit card rates. Mortgage ratesWhile savings and credit card rates are very sensitive to maneuvers from the Federal Reserve, the area that might see the most movement is housing.

Persons: Ted Rossman, There's, Rossman, they've, they'd, Bankrate Rossman Organizations: Hinterhaus, Getty, U.S . Federal Deposit Insurance Corp, Federal Reserve

☆ Here's our fourth-quarter earnings report card for 31 stocks in the portfolio
▼ + stars: | 2024-03-19 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

Please note, that Abbott Laboratories is not listed below as we did not own the name before the company's earnings release. Meta Platforms had one of the best earnings reports of the entire season, as sales, earnings, and cash flow trounced expectations. Despite missing earnings expectations, Coterra Energy delivered where it matters most: discretionary and free cash flow. Honeywell 's earnings results weren't great, with sales missing across the board and segment profit results coming up mixed. Given the stock's reaction, one might wonder why we don't think the earnings results from Palo Alto Networks were flat-out ugly.

Persons: we've, Eaton, Eli Lilly, Mounjaro, Bausch, Estee Lauder, Fabrizio Freda's, Linde, shouldn't, Morgan Stanley, Procter & Gamble, Stanley Black, Decker, We're, Wells Fargo, Nikesh Arora, Palo, they've, Locker, Jim Cramer's, Jim Cramer, Jim, Satya Nadella, Nadella, SeongJoon Cho Organizations: Abbott Laboratories, Wall, GE Healthcare, Meta, Microsoft, Investors, Nvidia, Wynn Resorts, Pharmaceuticals, Broadcom, Coterra Energy, Disney, Federal Deposit Insurance Corporation, Procter &, TJX, Google Services, Constellation Brands, Costco Wholesale, Costco, DuPont, Honeywell, Palo Alto Networks, Palo Alto, Management, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: U.S, Ford, China, Macao, Las Vegas, Boston, Wells Fargo underdelivered, Seoul

☆ Banks are in limbo without a crucial lifeline. Here's where cracks may appear next
▼ + stars: | 2024-03-19 | by ( Hugh Son | ) www.cnbc.com time to read: +8 min

Most of the banks deemed to be potentially challenged are community lenders with less than $10 billion in assets. These banks need to either raise capital, likely from private equity sources as NYCB did, or merge with stronger banks, Graham said. There are other signs of mounting stress among smaller banks. They ranged in size from $90 billion in assets to under $1 billion, according to Fitch. He predicts a surge in merger activity from lenders between $3 billion and $20 billion in assets as smaller firms look to scale up.

Persons: Klaros, Steven Mnuchin, Brian Graham, Graham, you've, PacWest, Banks, Jerome Powell, Powell, Fitch, Brendan Mcdermid, I've, Chris Caulfield, West, Spencer Stuart, You've, Frank Sorrentino, Stephens, It's, that's, Sorrentino Organizations: Silicon Valley Bank, Federal Reserve, Klaros Group, York Community Bank, ex, Fitch, Federal Deposit Insurance Corporation, Traders, New York Stock Exchange, Reuters, U.S, First Republic, Mercer Capital, Bank, Dominion Bank, Capital, Regulators Locations: Silicon, California, New York City, U.S, Toronto, West Monroe, FirstSun, Seattle

☆ Steve Mnuchin breaks out the checkbook
▼ + stars: | 2024-03-15 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

Mnuchin rebornNine months after President Joe Biden was inaugurated and Mnuchin left the Treasury Building, Mnuchin formed a new private equity group, Liberty Strategic Capital. Steven Mnuchin's private equity firm made a $450 million investment in New York Community Bank last week. When Mnuchin left CIT less than two years later, he received a $10.9 million severance package. “It’s a great business and I’m going to put together a group to buy TikTok,” Mnuchin told visibly stunned anchors on CNBC Thursday morning. Mnuchin may be the founder and managing partner of Liberty Strategic Capital, but Saudi Arabia is reportedly covering a big chunk of his firm’s tab.

Persons: Donald Trump’s, Steven Mnuchin, Mnuchin, Joe Biden, Jackie ”, Trump, Goldman Sachs, ”, Liberty, Steven Mnuchin's, Spencer Platt, “ It’s, ” Mnuchin, “ You’re, ” Andrew Ross Sorkin, ” interjected, TikTok, “, he’s, Will Lanzoni, Crown Prince Mohammed bin Salman Organizations: New, New York CNN, Treasury, Liberty Strategic Capital, Lionsgate, New York Community Bank, Getty, Federal Deposit Insurance Corporation, CIT Group, CIT, CNBC, CNN, Senate, Liberty Strategic, Crown, New York Times, Saudi Public Investment Fund, Meta, ByteDance . Liberty Strategic Locations: New York, cybersecurity, New, California, China, Montana, Saudi Arabia, Saudi, ByteDance

☆ 8 federal government jobs that can pay over $200K
▼ + stars: | 2024-03-13 | by ( Ana Altchek | ) www.businessinsider.com time to read: +6 min

64 federal job categories pay upwards of $200,000, with some reaching $400,000. AdvertisementMany people enter federal roles for job security, not for the money. Data from the US Office of Personnel Management indicates 64 federal job categories have positions that pay over $200,000 — and some pay as much as much as $400,000. AdvertisementThere are currently 55 open positions in this category, with the highest role listed with a starting salary of $180,564. According to OPM, there are currently 319 federal employees in this job category who make over $200,000.

Persons: —, usajobs.gov Organizations: Service, Management, Federal Deposit Insurance Corporation, Department of, IT Management, NASA, FDA, Fish and Wildlife Service, Forest Service, Natural Resources Conservation Service, General Engineering, Marshall Space Flight, HR Management, National Science Foundation

☆ Americans’ credit scores are falling. That hasn’t happened in a decade
▼ + stars: | 2024-03-07 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Even as unemployment remains historically low and recession fears fade, consumer credit scores are starting to buckle. Although FICO scores remain near record highs — and well above pre-pandemic levels — this marks the first drop in a decade. FICO said the one-point drop in credit scores in late 2023 was driven by an increase in Americans missing payments and also by rising debt levels. However, he said this one-point drop in credit scores is not necessarily a red flag. “The overall outlook for consumer credit quality, and consumer spending growth,” Faucher said, “is still very solid.”

Persons: FICO, FICO’s, Arkali, ”, “, ” Arkali, Banks, ‘, Gus Faucher, Faucher, it’s “, ” Faucher Organizations: New, New York CNN, CNN, New York Fed, Federal Deposit Insurance Corporation, ’ Consumers, NY Fed, PNC Locations: New York

☆ A real estate CEO predicts hundreds of banks will fail or be taken over by 2026
▼ + stars: | 2024-03-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

A real estate boss expects at least 500 banks to fail or be taken over in the next two years. Scott Rechler, CEO of RXR, said the maturing of commercial real estate loans would hit smaller lenders. Commercial real estate has been hit by declining asset prices, costlier borrowing, and tighter lending. AdvertisementHundreds of American banks will collapse or be taken over by 2026, a top real estate executive predicted. Silicon Valley Bank, Signature Bank, and Silvergate Bank folded last spring after worries about their health spurred a wave of deposit withdrawals.

Persons: Scott Rechler, —, Fortune, I'm, It's, Jamie Dimon's Organizations: Service, Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Silvergate Bank, New, New York Community, Federal Reserve, JPMorgan Locations: New York

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