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☆ US financial regulators green lit new rules aimed at reducing the cost of bank failures
▼ + stars: | 2023-08-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —US financial regulators on Tuesday signed off on new rules to prepare large and regional banks in the case of failure. But the FDIC backed deposits that exceeded that limit when Silicon Valley Bank and Signature Bank failed earlier this year, to reduce the risk of more bank failures. In total, the three bank failures depleted $31.5 billion from the DIF, according to FDIC estimates. Had the proposed rule been in place prior to the three bank failures, it could have prevented many uninsured depositors from causing a bank run, the agencies said. That could make it easier for the FDIC to seize and sell a failed bank, something the agency struggled to do in a timely manner with SVB and Signature Bank.

Persons: Greg Baer, ” Baer, Martin Gruenberg, ” Banks Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Federal Reserve, Currency, FDIC’s, Insurance Fund, Silicon Valley Bank, Signature Bank, Bank, JPMorgan Chase, Bank Policy Institute, FDIC Locations: New York

☆ Why stock investors are suddenly so scared
▼ + stars: | 2023-08-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

That means that if China’s economy slows down, global economic growth slows down. “When global economic growth slows down, that tends to be negative US equities. But a string of strong economic data has challenged those notions. Russia’s invasion of Ukraine continues to stoke fears of rising commodity prices, global economic instability and uncertainty around security. It’s been chock full of economic data and big corporate reports.

Persons: That’s, Lehman, ”, Alex Etra, Bond, Jamie Dimon, JPMorgan Chase, hasn’t, Banks, Michael Burry, Fitch, It’s Organizations: New, New York CNN, Nasdaq, Dow, CNN, country’s National Bureau of Statistics, Apple, Intel, Starbucks, Nike, Federal, Federal Reserve, Atlanta Fed, JPMorgan, CNBC, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Bank Locations: New York, China, Ukraine, Beijing, stoke, Huntington

☆ What do ‘Big Short’ Michael Burry and Warren Buffett know that we don’t?
▼ + stars: | 2023-08-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, also made a gigantic bet last quarter on a Wall Street crash. Bank of America released its August global fund manager survey on Tuesday and found that money managers are feeling the least pessimistic about markets since February 2022. So what do Buffett and Burry know that the rest of us don’t? Russia and Ukraine: Global inflation is finally coming down, but heightened geopolitical tensions threaten to raise food and oil prices across the globe. Russia’s invasion of Ukraine continues to stoke fears of increased commodity prices, global economic instability and uncertainty around security.

Persons: Warren, Berkshire Hathaway, That’s, Michael Burry, Buffett, Jamie Dimon, JPMorgan Chase, hasn’t, Fitch, ”, Gregory Daco, Catherine Thorbecke, Catherine Organizations: CNN Business, Bell, New York CNN, Nasdaq, Federal Reserve, Securities, Exchange, Scion Asset Management, Bank of America, Traders, National Bureau of Statistics, JPMorgan, CNBC, Bank, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Commerce Department Locations: New York, China, Ukraine, Russia, stoke, Huntington, Lahaina , Hawaii, Lahaina, Las Vegas, Maui

☆ Michael Burry, of ‘Big Short’ fame, just bet $1.6 billion on a stock market crash
▼ + stars: | 2023-08-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, has bet more than $1.6 billion on a Wall Street crash. Burry is making his bearish bets against the S&P 500 and Nasdaq 100, according to Security Exchange Commission filings released Monday. Burry is using more than 90% of his portfolio to bet on a market downturn, according to the filings. The S&P 500 and Nasdaq 100 have both notched big gains so far this year. While one big payoff doesn’t guarantee future returns, Burry does have a strong investment record.

Persons: New York CNN — Michael Burry, Burry, bearish, “, ”, Michael Lewis, Christian Bale, JPMorgan Chase, Michael Burry’s, Scion’s Organizations: New, New York CNN, Nasdaq, Security Exchange, Scion Asset Management, First Republic Bank, Huntington Bank, Western Alliance, JPMorgan, JD.com, Scion, Expedia, MGM Resorts, MGM, CVS, CNN, Warner Bros ., Traders Locations: New York, China, Huntington

REUTERS/Adrees LatifNEW YORK, Aug 14 (Reuters) - Michael Burry, the money manager made famous in the book and film "The Big Short," held bearish options against the broad S&P 500 and Nasdaq 100 Index at the end of the second quarter, according to securities fillings released on Monday. Put options convey the right to sell shares at a fixed price in the future and are typically bought to express a bearish or defensive view. Michael Lewis' nonfiction book "The Big Short" was released in 2010 and the movie version came out in 2015. The S&P 500 (.SPX) is up roughly 17% for the year to date while the Nasdaq 100 (.IXIC) is up nearly 39% over the same period. Burry, who frequently turns over his portfolio, drew wide attention last August when he dumped all of his long positions and bought a stake in prison company Geo Group Inc (GEO.N).

Persons: Adrees Latif, Michael Burry, Michael Lewis, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Matthew Lewis Organizations: Nasdaq, REUTERS, YORK, Scion Asset Management, U.S, Nvidia, HK, Alibaba Group Holdings, Western Alliance Bancorp, First Republic Bank, RealReal Inc, Warner Bros ., Warner Brothers, Scion, Management, Geo Group Inc, Thomson Locations: Square, Midtown New York, New York

☆ Insight: Insurers poised for US break on investment losses from high rates
▼ + stars: | 2023-08-14 | by ( Koh Gui Qing | ) www.reuters.com time to read: +7 min

A negative IMR forces insurers to tap pots of money they would have otherwise spent on their business or returned to shareholders. Among those insurers are Prudential Financial (PRU.N), OneAmerica Financial Partners, Principal Financial (PFG.O) and Massachusetts Mutual Life Insurance Company, according to Fitch. That compares to $1.8 billion in net fixed income-related losses Prudential recorded in 2022. They do not give banks the option of deferring interest rate-related losses, fearing excesses that led to the 2008 financial crisis. DEFERRING LOSSESFollowing the rule change, insurers will be allowed to amortize interest rate-related losses over time equivalent to 10% of their statutory surplus.

Persons: Dado Ruvic, Fitch, Edward Stone, Stone, Ken Tanji, MassMutual, OneAmerica, Steven Zabel, Zabel, Koh Gui Qing, David French, Greg Roumeliotis, Anna Driver Organizations: Prudential Financial, REUTERS, SEATTLE, Sunday, National Association of Insurance, Reuters, Federal Reserve, OneAmerica Financial Partners, Massachusetts Mutual Life Insurance, Prudential, Silicon Valley Bank, First Republic Bank, Insurance, American Council of, Equitable Holdings, MetLife, U.S . Securities, Exchange Commission, SEC, MassMutual, OneAmerica, Financial, Unum, Thomson Locations: United States, U.S, Seattle, Fitch, Silicon, New York

☆ Fed policy is weighing on US banks. Here's everything to know about the Moody's downgrades.
▼ + stars: | 2023-08-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In what amounted to 27 rating actions on US banks, Moody's pointed to rising costs of capital, deteriorating profits, and climbing risks to assets. In effect, much of the stress on banks Moody's is responding to can be chalked up to the Federal Reserve's policy decisions over the past year and a half. "Most banks' deposits were flat or down only modestly, but the mix worsened, with non-interest-bearing deposits declining and banks paying more for deposits," Moody's strategists wrote. So Moody's downgrades aren't all doom and gloom for these firms, and it's always possible the moves are reversed once the outlook turns rosier. Banks are in the money business, he explained, and the Fed has made money harder to come by.

Persons: Moody's, Service It's, they've, it's, Michael Bell, Honigman, Banks, Bell Organizations: Bank of New York Mellon, US Bancorp, Service, Northern Trust, State Street, Capital, Citizens Financial, Fifth Third Bancorp, Bank, KBW Nasdaq, Fed, Silicon Valley Bank, First Republic Bank, Signature Bank, Reserve, Moody's, Treasury Locations: Wall, Silicon, Japan

☆ JPMorgan, Bank of America and 4 other Wall Street titans are set to pay $8.9 billion after this spring's banking fiasco
▼ + stars: | 2023-08-07 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

JPMorgan, BofA, and Wells Fargo are among those refilling the FDIC's deposit insurance fund. The FDIC's fund recently took a $13 billion hit following the failure of First Republic Bank. Wall Street's largest lenders are set to pay nearly $8.9 billion to refill the Federal Deposit Insurance Corporation (FDIC) coffers after this spring's banking fiasco. JPMorgan tops the list as the biggest contributor, expected to pay $3 billion towards the US government's deposit insurance fund, according to Bloomberg. What followed was a $15.8 billion hole in the FDIC's deposit insurance fund.

Persons: Wells, Goldman Sachs, Morgan Stanley, Jamie Dimon Organizations: titans, JPMorgan, First Republic Bank, Morning, Deposit Insurance Corporation, Bloomberg . Bank of America, Citi Group, FDIC, Silicon Valley Bank, Signature Bank, Fed Locations: Wells Fargo, Silicon

☆ Apple, Microsoft remain world's top 2 companies by market cap
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File PhotoAug 1 (Reuters) - Tech giants Apple (AAPL.O) and Microsoft (MSFT.O) remained the top two global companies by market capitalisation at the end of July after riding this year's rally in technology shares. Strong quarterly earnings from companies such as Alphabet (GOOGL.O), Meta Platforms (META.O), chipmaker Intel (INTC.O) and chip equipment maker Lam Research (LRCX.O) lifted overall market sentiment last month. Facebook-owner Meta's market cap jumped more than 10% in July, thanks to the company's rosy revenue forecast and robust ad revenue growth in the second quarter. Its market cap stood at $2.49 trillion at the end of July. Refinitiv data shows 69% of large- and mid-cap U.S. companies have surpassed analysts' Q2 earnings estimates so far, with the tech sector accounting for 82% of these positive surprises.

Persons: Mike Segar, Rush, Dan Ives, JP Morgan Chase's, Patturaja Murugaboopathy, Gaurav Dogra, Susan Fenton Organizations: Apple, Grand Central, REUTERS, Tech, Microsoft, Intel, Lam Research, Facebook, Reuters Graphics Microsoft, Wall, First Republic Bank, Thomson Locations: New York City, U.S, Bengaluru

☆ This regional bank could soon become a 'massive market share taker,' JPMorgan says
▼ + stars: | 2023-07-28 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

There's a "new energy" now at New York Community Bank , JPMorgan says. New York Community Bank has undergone a significant transformation over the past year. After its merger with midwestern-based Flagstar Bank, NYCB acquired certain assets and liabilities of Signature Bank. It also absorbed teams from the former First Republic Bank, making it a home to 127 private banking teams in more than 10 cities combined. With regional banking stocks still "out of favor," investors can currently buy NYCB shares at an 11% discount to its peers in terms of tangible book value, he added.

Persons: NYCB, Tom Cangemi, Steven Alexopoulos, Alexopoulos, — CNBC's Michael Bloom Organizations: New York Community Bank, JPMorgan, Flagstar Bank, Signature Bank, First Republic Bank, York Community, First Republic

☆ Banc of California and PacWest Bancorp will merge into a new bank holding $36 billion in assets
▼ + stars: | 2023-07-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Banc of California and PacWest Bancorp shares surged after announcing an all-stock merger. The new bank will have $36 billion in assets and $30.5 billion in total deposits. Banc of California shares jumped 8.4% to $15.85 apiece in after-hours trade, extending gains from an 11% rise on Tuesday. The all-stock deal will result in a new bank with $36 billion in combined assets, Banc of California and PacWest announced on Tuesday. It will have $25.3 billion in total loans and $30.5 billion in total deposits.

Persons: PacWest, Jared Wolff, Warburg Pincus, Wolff, We've, Timothy Coffey, Janney Montgomery Scott Organizations: PacWest Bancorp, Morning, Warburg, Centerbridge, Reuters, Silicon Valley Bank, Signature Bank, JPMorgan, First Republic Bank, First Citizens Bank, New York Community Bancorp Locations: California, Banc, Silicon, Signature Bank , New York

☆ How Regional Banks Got Healthy Again
▼ + stars: | 2023-07-26 | by ( Emily Flitter | More About Emily Flitter | ) www.nytimes.com time to read: +1 min

After depositor runs led to the collapse of Silicon Valley Bank and Signature Bank this spring, investors and onlookers wondered how similarly sized institutions would fare. Would they have to merge with bigger banks? Then, when a third lender, First Republic Bank, flirted with destruction for weeks before being bought by JPMorgan Chase in May, it was hard to see how depositors would ever feel comfortable trusting midsize banks again. Quarterly earnings reports released this month detailing midsize banks’ performance from April through June have shown that their balance sheets look healthier than they did last quarter, with higher-quality loans and more money set aside to cover surprise losses. The KBW Nasdaq Regional Banking Index, a proxy for the industry, is rebounding after plunging 35 percent during the crisis.

Persons: depositor Organizations: Silicon Valley Bank, Signature Bank, First Republic Bank, JPMorgan Chase, Nasdaq, Banking Locations: Silicon

☆ Regional bank yields have fallen but plenty are still paying more than 4%
▼ + stars: | 2023-07-21 | by ( Scott Schnipper | ) www.cnbc.com time to read: +3 min

Western Alliance Bancorporation of Phoenix left its dividend unchanged at 36 cents a share in May and yields 3%. As of Friday, the bank's common stock still yields 7.1%, albeit down from 8.5% as recently as May. Comerica Bank in Dallas pays a dividend equivalent to a 5.5% yield, down from 7.9% in May. The banks' yields have fallen as the stocks have recovered some of their losses from earlier in the year. To judge the safety of bank dividends, take a look at their dividend payout ratios , which measure the percentage of earnings paid out in dividends.

Persons: Janney Montgomery Scott, Janney, Daniel Cardenas, — CNBC's Michael Bloom Organizations: PacWest Bancorp, Western Alliance, Truist Financial Corp, Rhode, Financial, Valley Bank, First Republic Bank, Comerica Bank, Heritage Commerce, Northrim BanCorp, Financial of, National Bancorp of Locations: Phoenix, Charlotte , North Carolina, Cleveland, Dallas, 2H23, Los Angeles, San Jose , California, Alaska, Financial of Ohio, National Bancorp of New Jersey

☆ US consumer watchdog warns no more 'rubber stamp' for bank mergers
▼ + stars: | 2023-07-20 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

Bank executives, meanwhile, complain that regulators' foot-dragging and uncertainty caused by looming regulatory reforms have depressed merger activity among healthy banks to historic lows. That drew the ire of Democratic Senator Elizabeth Warren, who helped create the CFPB and backed Chopra for the director role. Chopra called in May for the FDIC to adopt changes to bank merger guidelines. He declined to discuss possible changes but said the approval process was already evolving, citing a review of bank merger guidelines undertaken in 2022. Reporting by Douglas Gillison; Editing by Michelle Price and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Rohit Chopra, Banks, Chopra, Janet Yellen, Michael Hsu, JPMorgan Chase, Elizabeth Warren, Douglas Gillison, Michelle Price, Jamie Freed Organizations: Consumer Financial Protection Bureau, Reuters, Federal Deposit Insurance Corporation, Bank, JPMorgan, Democratic Party, First, FDIC, Bank of America, Thomson Locations: First Republic, Wells Fargo

☆ Flagstar Bank hires six First Republic teams to expand private banking
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Flagstar Bank, a subsidiary of New York Community Bancorp (NYCB.N), said on Thursday it has hired six private client banking teams from the now-defunct First Republic Bank. Three of the teams are based on the West Coast and three teams are based in New York City, the bank said in a statement. Flagstar Bank also bought deposits and loans of New York-based Signature Bank from U.S. regulators after Signature was closed in March. The recruitment from First Republic is the second major hire of its private bankers by a regional bank after it was seized by regulators and bought by JPMorgan (JPM.N) in May. Citizens Financial Group (CFG.N) recently added 50 new senior private bankers and another 100 support staff in Boston, Florida, New York and San Francisco, mostly from First Republic.

Persons: Banks, Morgan Stanley, Manya Saini, Saeed Azhar, David Holmes Organizations: Flagstar Bank, New York Community Bancorp, Republic Bank, West Coast, Bank, Signature, JPMorgan, Citizens Financial, First, Wall, Bank of America, Thomson Locations: West, New York City, New York, U.S, Republic, Boston , Florida , New York, San Francisco, First Republic, Bengaluru

July 14 (Reuters) - Wells Fargo (WFC.N) raised its annual forecast for net interest income (NII) after its profit surged 57% in the second quarter, sending its shares modestly higher. Wells Fargo reported profit of $1.25 per share for the three months ended June 30, beating analysts' average estimate of $1.16 per share, according to Refinitiv data. Shares of Wells Fargo rose 1% to $44.17 in midday trading. Wells Fargo is still operating under an asset cap that prevents it from growing until regulators deem that it has fixed problems from a fake accounts scandal. In January, Wells Fargo said it will slim down its home lending business by reducing its mortgage servicing portfolio and exiting the correspondent lending business.

Persons: Wells, NII, Charlie Scharf, CRE, Michael Santomassimo, Wells Fargo, Scharf, We're, JPMorgan Chase, Noor Zainab Hussain, Manya, Saeed Azhar, Lananh Nguyen, Arun Koyyur Organizations: Federal Reserve, U.S, Wells, U.S . Consumer Financial, JPMorgan, First, Bank, Manya Saini, Thomson Locations: U.S, Wells Fargo, Bengaluru, New York

July 14 (Reuters) - Wells Fargo (WFC.N) raised its annual forecast for net interest income (NII) after its profit surged 57% in the second quarter, sending shares up 4% in premarket trading. NII climbed 29% to $13.16 billion, benefiting from higher interest rates as Wells Fargo and other banks raised their borrowing costs following a series of rate hikes by the Federal Reserve to tame inflation. Wells Fargo reported profit of $1.25 per share for the three months ended June 30, beating analysts' average estimate of $1.16 per share, according to Refinitiv data. REAL ESTATE WOESThe provision for credit losses included a $949 million increase in the allowance for potential losses in commercial real estate (CRE) office loans, as well as for higher credit card loan balances. Wells Fargo is still operating under an asset cap that prevents it from growing until regulators deem that it has fixed problems from a fake accounts scandal.

Persons: Wells, NII, Charlie Scharf, CRE, Michael Santomassimo, Wells Fargo, Scharf, JPMorgan Chase, Noor Zainab Hussain, Manya, Saeed Azhar, Lananh Nguyen, Arun Koyyur Organizations: Federal Reserve, U.S, Wells, JPMorgan, First, Bank, Manya Saini, Thomson Locations: U.S, Wells Fargo, Bengaluru, New York

July 14 (Reuters) - JPMorgan Chase (JPM.N) reported a bigger-than-expected jump in second-quarter profit as it earned more from borrowers' interest payments and benefited from the purchase of First Republic Bank. The bank bought a majority of failed First Republic Bank's assets in a government-backed deal in May after weeks of industry turbulence. That bolstered its net interest income (NII), which measures the difference between what banks earn on loans and pay out on deposits. The bank's NII, which has also been gaining from high interest rates, was $21.9 billion, up 44%, or up 38% excluding First Republic. JPMorgan plans to cut around 500 jobs across different divisions, a source familiar with the matter told Reuters in May.

Persons: JPMorgan Chase, Jamie Dimon, Octavio Marenzi, Dimon, Niket Nishant, Noor Zainab Hussain, Nupur Anand, Bansari Mayur, Lananh Nguyen, Saumyadeb Organizations: JPMorgan, First Republic Bank, First Republic, Wall, Investment, Reuters, Thomson Locations: Ukraine, Republic, Federal, Bengaluru, New York

☆ Citigroup profit drops 36% as trading slump casts cloud over earnings
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

July 14 (Reuters) - Citigroup's (C.N) profit tumbled 36% in the second quarter as weakness in the Wall Street bank's trading business blunted gains from its personal banking and wealth management unit. Wall Street traders have hit a rough patch, joining investment bankers whose businesses have been weighed down for months by a slump in dealmaking. While its Wall Street operations dragged, the lender's consumer business helped partly offset some of the weakness. Revenue from its personal banking and wealth management division climbed 6% to $6.4 billion, including an 8% gain for branded cards to $2.4 billion. Net income sank to $2.92 billion, or $1.33 per share, in the three months to June 30, the bank reported on Friday.

Persons: JPMorgan Chase, Wells, Mehnaz Yasmin, Sriraj Kalluvila, Lananh Nguyen Organizations: Wall, JPMorgan, First Republic Bank, Thomson Locations: dealmaking, Bengaluru

At JPMorgan, the nation's largest bank, average deposits fell 6% in the second quarter to $2.4 trillion from a year earlier. The central bank reported total bank deposits fell 1.2% to $17.26 trillion through the week ended June 28 versus $17.47 trillion at the end of March. For large banks, deposits fell 1.3% to $10.80 trillion from $10.95 trillion during same period, the Fed data showed. And for small banks, deposits fell 0.9% to $5.18 trillion from $5.23 trillion. The declines were notably smaller than the first-quarter drops of 2.4% for large banks and 3.3% for small banks.

Persons: Morgan Chase, Mike Segar, Wells, Mike Santomassimo, Jeremy Barnum, Jamie Dimon, Kenneth Leon, Saeed Azhar, Dan Burns, Nupur Anand, Tatiana Bautzer, Lananh Nguyen, Mark Potter Organizations: Co, New York City, REUTERS, JPMorgan, First Republic Bank, Federal Reserve, Thomson Locations: New York, Wells Fargo

☆ JPMorgan, Wells Fargo prepare for losses on office loans
▼ + stars: | 2023-07-14 | by ( Matt Tracy | ) www.reuters.com time to read: +3 min

July 14 (Reuters) - JPMorgan Chase (JPM.N) and Wells Fargo (WFC.N) said on Friday they set aside more money for expected losses from commercial real estate loans, in the latest sign that stress is building up in the sector. Wells Fargo reported higher losses in CRE due to its office loan portfolio. "While we haven't seen significant losses in our office portfolio to-date, we are reserving for the weakness that we expect to play out in the market over time," Wells Fargo CEO Charlie Scharf said. The bank, which acquired First Republic Bank in May, reported $1.1 billion in credit loss provisions driven by its office portfolio. Some $20 billion of office commercial mortgage-backed securities, which bundle together individual loans, mature in 2023, according to real estate data provider Trepp.

Persons: JPMorgan Chase, Wells, Wells Fargo, Charlie Scharf, Jeremy Barnum, Matt Tracy, Michelle Price, Lananh Nguyen, Nick Zieminski Organizations: JPMorgan, Republic Bank, U.S, Federal, Regulators, McKinsey Global Institute, McKinsey, Thomson Locations: Wells, CRE, U.S

UnitedHealth Group (UNH.N) jumped 7.2% after the health insurer's quarterly profit beat analysts' average estimate, as the industry bellwether's expenses came in lower than feared. Wells Fargo (WFC.N) gained 0.8% after reporting a 57% rise in quarterly profit. Citigroup (C.N) fell 2.9% after the lender's quarterly profit tumbled 36% as weakness in its trading business blunted gains in its personal banking and wealth management unit. The S&P 500 banks index (.SPXBK) shed 0.8%, erasing early gains. Of the 30 companies in the S&P 500 index that have reported earnings to date, 80% beat analysts' expectations, as per Refinitiv Data.

Persons: Wells, JPMorgan Chase, First Republic Bank . Wells Fargo, Banks, They've, Robert Pavlik, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty, Sriraj, Maju Samuel, Vinay Dwivedi Organizations: JPMorgan, Dow, Nasdaq, Wall Street, UnitedHealth, JPMorgan Chase, Rivals, First Republic Bank . Wells, Dakota Wealth, Citigroup, BlackRock, Dow Jones, Microsoft, UBS, Nvidia, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

☆ The Key Number to Watch in U.S. Bank Earnings
▼ + stars: | 2023-07-13 | by ( Telis Demos | Nate Rattner | ) www.wsj.com time to read: 1 min

No major bank has collapsed since First Republic Bank at the beginning of May. But that doesn’t mean fears about banks have gone away. As lenders begin reporting their second-quarter performance, attention will turn to how their earnings are holding up in the aftermath of the failures.

Organizations: First, Bank

☆ San Francisco Fed president: Silicon Valley Bank’s failure wasn’t our fault
▼ + stars: | 2023-07-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Silicon Valley Bank failed because regulators were far too slow to take action, San Francisco Federal Reserve Bank President Mary Daly said Monday in her first extended remarks about the collapse. SVB operated in Daly’s district before the regional bank’s stunningly rapid failure in March, but she noted she doesn’t have a supervising role. Daly said the supervisors at the San Francisco Fed simply report issues to the Fed’s Board of Governors, which is ultimately responsible for fixing any regulatory issues. “My job is to support the supervision that the vice chair of supervision has set out, so how do I do that? The possibility of a rate hike in September remains unclear, though Powell said he wouldn’t take consecutive rate hikes off the table.

Persons: Mary Daly, SVB, ” Daly, Michael Barr, Democratic Sen, Elizabeth Warren, Daly, Jerome Powell, Warren, ”, Barr, it’s, It’s, Powell, Loretta Mester, Mester, “, Raphael Bostic, ” Bostic, ” — CNN’s Elisabeth Buchwald Organizations: DC CNN, Valley Bank, San Francisco Federal Reserve Bank, Brookings Institution, Signature Bank, First Republic Bank, Democratic, San Francisco Fed, Fed’s, of Governors, Fed, San Francisco, Cleveland Fed, University of California, Atlanta Fed, trickling, Cobb County Chamber of Commerce Locations: Washington, Daly’s district, Washington ,, San Francisco Fed, San Diego, Cobb County, Atlanta

☆ Focus: UBS goes on hiring spree for wealth managers catering to rich Americans
▼ + stars: | 2023-07-03 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +4 min

Of those, 30 came after the Credit Suisse deal was announced in March. With the Credit Suisse deal, UBS became the world's second-largest wealth manager. “The U.S. is the largest wealth market globally, and in recent years there has been unprecedented growth," Iqbal Khan, UBS' president of global wealth management, told Reuters. Reuters GraphicsUBS' ranks of financial advisers in the U.S. have swelled by more than 25% in the last three years. “Over the next 20 years, we'll see the greatest transfer of wealth in history," said Khan, who joined UBS from Credit Suisse in 2019.

Persons: Bank of America's Merrill Lynch, Iqbal Khan, ”, Khan, Wells, John Mathews, We’ve, Johann Scholtz, we'll, Tatiana Bautzer, Paritosh Bansal, Lananh Nguyen Organizations: YORK, UBS, Credit Suisse, Bank of America's, JPMorgan Chase's, First Republic Bank, Citigroup, BG Group, Merrill, Reuters, Reuters Graphics UBS, Wealth, Thomson Locations: Wells Fargo, Europe, Asia, U.S, California, Americas, New York

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