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Banks typically provide research to clients as part of a broader offering of services, but that changed when the European Union introduced the Markets in Financial Instruments Directive (MiFID) II laws in 2018 to improve transparency. "It took about a year for us to become compliant to MiFID II laws -- it was a long, intense process," said Candace Browning, head of BofA Global Research. U.S. financial firms were initially given an exemption by the U.S. Securities and Exchange Commission, which expires on July 3. "Companies continue to face challenges complying with the MiFID II unbundling requirement and U.S. law," said Joe Corcoran, SIFMA's managing director and associate general counsel for capital markets. 'EXPENSIVE AND COMPLICATED' In Europe, asset managers under MiFID II are not allowed to pay for research through broker commissions on trading -- instead, investors are billed separately by banks for research.

Persons: Banks, Candace Browning, Joe Corcoran, SIFMA's, SIFMA, MiFID, Michael Eastwood, Jefferies, Jesse Forster, BofA, salespeople, Browning, Forster, Russell Sacks, Nupur Anand, Lananh Nguyen, Deepa Babington Organizations: YORK, Bank of America Corp, Jefferies Financial, European Union, Financial, BofA Global, U.S . Securities, Exchange Commission, Securities Industry, Financial Markets Association, SEC, Jefferies, Coalition, King, Spalding, Thomson Locations: Europe, U.S, Greenwich, Coalition Greenwich, New York

Some billionaires rocketed into space as Branson and Amazon founder Jeff Bezos have. Other rich travelers journeyed on a submersible to explore the wreckage of the ocean liner Titanic. For $250,000 to $300,000 a trip, Kent sometimes fields unusual requests including helping a Saudi prince fulfill his dream of flying a plane onto and off of an aircraft carrier. The experience was so demanding that Ackman's father expressed concern about the intended trip, not for his son but for another fund manager who had signed up to go. One person familiar with that excursion said it probably wouldn't happen again, in part because it was such a potentially risky undertaking.

Persons: Eric Gaillard, Richard Branson, Branson, Jeff Bezos, ”, Alexandre Cymbalista, Geoffrey Kent, Kent, Goldman Sachs, Monica Heslington, Goldman, Melissa Biggs Bradley, Massimo Bottura, Bill Ackman, Whitney Tilson, Tilson, Ackman, Svea Herbst, Bayliss, Tatiana Bautzer, Julia Harte, Nupur Anand, Paritosh Bansal, Anna Driver Organizations: REUTERS, Twitter, Virgin Galactic, Virgin Group, Amazon, Wall Street, Abercrombie, Kent, Credit Suisse, SPECIAL, Goldman, Art Basel, Rubell Museum, Bank of America, Indagare, Ferrari, Navy, Svea, Thomson Locations: Nice, France, New York City, Branson, safaris, Botswana, Kent, Saudi, Africa, Miami, Art Basel, Modena, Italian, Mongolia, California

☆ JPMorgan, General Dynamics board member Jim Crown dies in accident
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, June 26 (Reuters) - JPMorgan Chase & Co (JPM.N) and General Dynamics Corp (GD.N) board member Jim Crown died on Sunday in a vehicle accident in Colorado, a county coroner said. Crown, 70, was the chairman and chief executive officer of Henry Crown and Co., a privately owned company that invests in public and private securities, real estate and operating companies. Crown was involved in a single vehicle accident at the Aspen Motorsports Park in Woody Creek, Colorado, the Pitkin County Coroner's office said in a statement. Bank CEO Jamie Dimon said in a memo to directors seen by Reuters that Crown was an "integral part" of JPMorgan Chase. Crown was also the chairman of The Aspen Institute and trustee of the Museum of Science and Industry and the University of Chicago.

Persons: Jim Crown, Henry Crown, Jamie Dimon, Crown, Nupur Anand, Lananh Nguyen, Tatiana Bautzer, Cynthia Osterman Organizations: YORK, JPMorgan Chase &, General Dynamics Corp, Aspen Motorsports, Bank, Reuters, JPMorgan Chase, The Aspen Institute, Museum of Science, Industry, University of Chicago, Thomson Locations: Colorado, Woody Creek , Colorado, Pitkin County, New York

☆ JPMorgan cuts nearly 40 investment bankers in US
▼ + stars: | 2023-06-23 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

NEW YORK, June 23 (Reuters) - JPMorgan Chase & Co (JPM.N) is cutting nearly 40 investment bankers in the U.S., a source with knowledge of the matter said. JPMorgan's investment banking and trading revenue are both expected to decline 15% in the second quarter, its president Daniel Pinto warned last month. Rivals Goldman Sachs Group (GS.N), Morgan Stanley (MS.N) and Citigroup (C.N) have also laid off investment bankers as uncertainty weighs on economic activity. JPMorgan's staff reductions are typical given the environment, the source said, noting that the bank is still hiring executives and bankers in key areas. Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Pinto, Rivals Goldman Sachs, Morgan Stanley, Nupur Anand, Lananh Nguyen, Jacqueline Wong Organizations: YORK, JPMorgan Chase &, Rivals Goldman, Citigroup, Bloomberg, Thomson Locations: U.S, Wall, New York

☆ JPMorgan names new data chief, head of securities services
▼ + stars: | 2023-06-21 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

Tim Fitzgerald will succeed Heitsenrether as global head of securities services, according to another memo. Since Heitsenrether took over securities services in 2015, the division's revenue has risen by more than 22%, while assets under custody grew by almost $9 trillion, according to the memo announcing her new position. Fitzgerald, based in Dublin, was promoted in 2021 to global head of custody and fund services after joining the lender in 2016. He will report to Marc Badrichani and Troy Rohrbaugh under a newly merged division overseeing markets, sales, research and securities services. Badrichani runs global sales and research at the bank, while Rohrbaugh leads its trading arm.

Persons: Teresa Heitsenrether, Tim Fitzgerald, Heitsenrether, Fitzgerald, Marc Badrichani, Troy Rohrbaugh, Rohrbaugh, Nupur Anand, Lananh Nguyen, Mark Porter, Jonathan Oatis Organizations: YORK, JPMorgan Chase &, Reuters Wednesday, Bloomberg, Thomson Locations: U.S, Dublin

REUTERS/Mike Segar/File PhotoNEW YORK, June 21 (Reuters) - JPMorgan Chase & Co's (JPM.N) commercial bank is entering Singapore and Israel this year as its unit catering to midsize and small companies makes a global push, the bank said. The moves will give the commercial bank a presence in 28 countries by year-end. The largest U.S. lender has been beefing up its global presence, with a goal of quadrupling the number of commercial clients as it enters new geographies. JPMorgan's commercial bank began branching outside of the U.S. and Canada in 2019, establishing bases in Europe and Asia. Revenue for the international commercial business stood at $847 million at the end of 2022, reflecting annual growth of 17%.

Persons: Morgan Chase, Mike Segar, Andrew Kresse, Doug Petno, Morgan McGrath, Nupur Anand, Lananh Nguyen, Conor Humphries Organizations: Co, New York City, REUTERS, JPMorgan Chase, U.S, JPMorgan, World Trade Organization, Revenue, Thomson Locations: New York, Singapore, Israel, U.S, Paris, London, Tel Aviv, Sydney, Canada, Europe, Asia

☆ Dimon may have ordered JPMorgan's review of Epstein ties, Virgin Islands says
▼ + stars: | 2023-06-20 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

NEW YORK, June 20 (Reuters) - JPMorgan Chase (JPM.N) Chief Executive Jamie Dimon may have ordered a 2019 review of the bank's relationship with the late financier and sex offender Jeffrey Epstein, the U.S. Virgin Islands said. The U.S. Virgin Islands lawsuit is scheduled for an Oct. 23 trial in Manhattan federal court. It referred to a 22-page summary of emails primarily between and among Epstein, Staley and others. A spokesperson for the Virgin Islands said the bank's senior executives "ignored the evidence of Jeffrey Epstein's crimes." JPMorgan is suing Staley to cover its losses in the U.S. Virgin Islands' and Epstein victims' lawsuits.

Persons: JPMorgan Chase, Jamie Dimon, Jeffrey Epstein, Epstein, Jes Staley, Dimon, Staley, Jed Rakoff, Lehman Brothers, Jeffrey Epstein's, Luc Cohen, Nupur Anand, Matthew Lewis Organizations: YORK, JPMorgan, U.S . Virgin, Jeep, Virgin Islands, Barclays, Thomson Locations: U.S, Manhattan, U.S . Virgin Islands, Florida, New York

She is scheduled for two fundraising events in San Francisco on Tuesday and another for donors in Los Angeles on Wednesday. President Biden raised more than $1 billion in 2020 and faces questions from donors about whether the 80-year-old should pass the torch to younger leadership. The campaign, which officially launched on April 25, plans to ramp up fundraising events. President Biden is expected to hold his own events with large donors in California and Illinois, starting next week. Two fundraising events Biden held last month in New York raised more than $3 million, according to a person familiar with those totals.

Persons: Jill Biden, Joe Biden's, Barry Ginsburg, Merle, Biden, Donald Trump, Nupur Anand, Trevor Hunnicutt, Jamie Freed Organizations: YORK, Monday, Reuters, Advisers, Democratic, Republican Party, Thomson Locations: San Francisco, Los Angeles, California, Illinois, New York, Washington

☆ Wells Fargo CFO expects upside in net interest income
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, June 13 (Reuters) - Wells Fargo & Co (WFC.N) expects an upside in net interest income going ahead, Chief Financial Officer Mike Santomassimo said on Tuesday. The bank had earlier issued guidance for a 10% higher net interest income this year, more than the full-year 2022 level of $45 billion. The lender expects losses in office loans, which have seen some pressure as property values have declined and more borrowers are defaulting on their loans. In the January-March quarter, the bank had reported a $643 million increase in the allowance for credit losses, including for loans on commercial real estate, credit cards and cars. Regulators have also ordered it to improve governance and oversight, which has curtailed balance sheet growth and increased regulatory expenses.

Persons: Mike Santomassimo, Santomassimo, Nupur Anand, Saeed Azhar, Jason Neely, Jonathan Oatis Organizations: YORK, Fargo & Co, U.S, Regulators, Thomson Locations: San Francisco, New York

NEW YORK, June 12 (Reuters) - JPMorgan Chase (JPM.N) agreed to pay about $290 million to settle a class action lawsuit by Jeffrey Epstein's victims, resolving a large part of litigation over the bank's relationship with the disgraced financier. Monday's settlement came 3-1/2 weeks after Deutsche Bank (DBKGn.DE), where Epstein was a client from 2013 to 2018, agreed to pay $75 million to end a similar lawsuit by Epstein victims. "A settlement with Epstein's victims frees JPMorgan to begin to turn the page and change the narrative." The $290 million settlement amount was confirmed by David Boies, a lawyer for Epstein's victims. Last month, Rakoff said JPMorgan could be liable to Epstein's victims if they could show Staley had firsthand knowledge that Epstein ran a sex-trafficking venture.

Persons: JPMorgan Chase, JPM.N, Jeffrey Epstein's, Epstein, Jane Doe, Carliss Chatman, Chase, Temin, Jed Rakoff, JPMorgan, Adam Zimmerman, David Boies, Sigrid McCawley, Morgan Chase, Mike Segar JPMorgan, Jes Staley, shepherding, Staley, Rakoff, Jamie Dimon, Ghislaine Maxwell, Maxwell, Chatman, Mary Erdoes, Stephen Cutler, Dimon, Cutler, Jeffrey Epstein, Erdoes, Nupur Anand, Lananh Nguyen, Saeed Azhar, Luc Cohen, Jonathan Stempel, Tatiana Bautzer, Megan Davies, Alexander Smith, Grant McCool, Lisa Shumaker Organizations: YORK, JPMorgan, Washington, Lee University School of Law, U.S, Deutsche Bank, University of Southern, Co, New York City, REUTERS, U.S ., Barclays, U.S . Virgin, Thomson Locations: U.S, Manhattan, Virginia, University of Southern California, New York, U.S . Virgin Islands

☆ Ex-JPMorgan executive Staley to be questioned under oath about Epstein ties
▼ + stars: | 2023-06-09 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

It has in turn sued Staley, arguing he concealed what he knew about Epstein's trafficking and should cover any damages the bank may face in the cases. Staley left JPMorgan in 2013, a few months after the bank fired Epstein, and served as Barclays' (BARC.L) chief executive from 2015 to 2021. Zachary Margulis-Ohnuma, a lawyer who has represented sex trafficking victims and defendants, said he expected the plaintiffs to "grill" Staley on his knowledge of Epstein's sex trafficking and whether it affected the handling of Epstein's accounts. Staley also said JPMorgan had "unclean hands" given its own mistakes in dealing with Epstein. Epstein killed himself at age 66 in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges.

Persons: Jes Staley, Jeffrey Epstein, Epstein, Jed Rakoff, Staley, Jamie Dimon, Zachary Margulis, Jeff Epstein, Luc Cohen, Nupur Anand, Noeleen Walder, Daniel Wallis Organizations: YORK, JPMorgan Chase, U.S ., JPMorgan, Deutsche Bank, Barclays, Thomson Locations: U.S, U.S . Virgin Islands, Manhattan, Florida, Virgin, New York

NEW YORK, June 2 (Reuters) - JPMorgan Chase & Co's (JPM.N) President and Chief Operating Officer Daniel Pinto said loan demand is declining at a time when regional and small banks are also tightening credit. JPMorgan's revenue for investment banking and trading are expected to decline 15% in the second quarter, Pinto said last month at the bank's annual investor day. Uncertainty and increased market volatility as central banks approach the end of their monetary tightening cycles have dented investment banking demand. Rival Goldman Sachs (GS.N) has said its dealmaking and trading revenue may slide by 25% in the second quarter, leading to job cuts. Bank of America Corp (BAC.N) expects investment banking fees and trading revenue to be broadly flat this quarter.

Persons: Daniel Pinto, Pinto, Goldman Sachs, Andy Saperstein, Morgan Stanley, Nupur Anand, Lananh Nguyen, David Gregorio Our Organizations: YORK, JPMorgan Chase, Federal Reserve, JPMorgan, Bank of America Corp, Thomson Locations: New York

[1/4] Holly O’Neill, President of Retail Banking at Bank of America speaks during a Newsmaker interview with Reuters in New York City, New York, U.S., May 31, 2023. "The consumer is still very healthy," Holly O'Neill, Bank of America's president of retail banking, said at a Reuters Newsmaker event. U.S. consumer spending increased more than expected in April, boosting the economy's growth prospects for the second quarter. Consumer spending on Bank of America cards fell 1.2 percent in April compared with a year earlier, the first year-on-year decline since February 2021, its data showed. The biggest shot O'Neill took in her career was moving to the consumer bank after serving as chief operating officer of the private-banking division.

Persons: Holly O’Neill, Mike Segar, Holly O'Neill, O'Neill, Erica, Lananh Nguyen, Saeed Azhar, Nupur Anand, Nick Zieminski Organizations: Retail Banking, Bank of America, Reuters, REUTERS, Bank of America Corp, Bank of, JPMorgan Chase &, First, Bank, Thomson Locations: New York City , New York, U.S

☆ Exclusive: JPMorgan to close 21 First Republic Bank branches
▼ + stars: | 2023-06-01 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

NEW YORK, June 1 (Reuters) - JPMorgan Chase & Co (JPM.N) will shut 21 branches of First Republic Bank by the end of the year as it integrates the failed lender into its operations, a JPMorgan spokesperson said on Thursday. The locations account for about a quarter of First Republic's 84 branches across eight states. "These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office," the spokesperson said. After that, they will be eligible to apply for other roles at JPMorgan, which currently has 13,000 vacancies. JPMorgan is the largest U.S. lender, with more than 296,000 employees and 4,800 branches.

Persons: Nupur Anand, Lananh Nguyen, Christopher Cushing Organizations: YORK, JPMorgan Chase &, First Republic Bank, JPMorgan, Thomson Locations: New York

NEW YORK, May 31 (Reuters) - Wells Fargo & Co's (WFC.N) Chief Executive Officer Charlie Scharf said on Wednesday that there will be losses in the office loan space but the lender was proactively managing its portfolio. But in the context of the overall portfolio and the overall size of our loan portfolio with the company, we are not overly concentrated in office (loan space)," Scharf said while speaking to investors at a conference. The bank's outstanding commercial real estate (CRE) loans stood at $154.7 billion, or 16% of total loans, with $35.7 billion in office loans at the end of March. Office loans have posed concerns for some lenders as property values decline and more borrowers default on their loans. The San Francisco-based bank set aside $1.21 billion in the first quarter to cover potential loan losses, compared to $787 million a year earlier.

Persons: Charlie Scharf, " Scharf, Scharf, Banks, We've, Wells Fargo, Nupur Anand, Saeed Azhar, Jason Neely, Nick Zieminski Organizations: YORK, U.S, Regulators, JPMorgan Chase &, Bank of America Corp, Citigroup Inc, Thomson Locations: San Francisco, New York

☆ JPMorgan cutting about 500 jobs this week
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +1 min

May 26 (Reuters) - JPMorgan Chase & Co (JPM.N) is cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters. JPMorgan is the largest U.S. lender. On Thursday, a JPMorgan source said the lender was laying off nearly 1,000 First Republic Bank employees after acquiring the failed bank earlier this month. First Republic became the largest U.S. lender to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May. JPMorgan's workforce stood at 296,877 at the end of the first quarter, up 8% from a year earlier, according to a filing.

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.

☆ Factbox: The JPMorgan executives who will update investors on First Republic, strategy
▼ + stars: | 2023-05-22 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

REUTERS/Marco... Read moreNEW YORK, May 22 (Reuters) - JPMorgan Chase & Co (JPM.N) executives will update investors on its takeover of failed First Republic Bank, which has made the biggest U.S. bank even bigger. CEO Jamie Dimon and other top executives will present their strategies at an investor day at its headquarters in New York on Monday. Lake and Piepszak are among the executives in charge of integrating First Republic Bank after it was shuttered by authorities on May 1. JEREMY BARNUM, CHIEF FINANCIAL OFFICERBarnum was promoted to CFO in 2021 after leading global research. The finance chief joined JPMorgan in 1994, serving in various roles including CFO and chief of staff for the investment bank.

☆ JPMorgan expects $3 bln income boost from First Republic deal
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, May 22 (Reuters) - JPMorgan Chase & Co's (JPM.N) net interest income would rise by $3 billion this year due to its purchase of failed First Republic Bank, according to a presentation published ahead of its investor day on Monday. The largest U.S. lender agreed to take into its books $173 billion of the failed bank's loans, $30 billion of securities and $92 billion of deposits after First Republic was shuttered by authorities earlier this month. The Wall Street giant is in the process of integrating First Republic, which will likely take about 12 months. First Republic was the third U.S. regional lender to fail since March in a sector-wide upheaval that roiled financial stocks, deepened worries of a crisis and heaped pressure on mid-sized banks. Reporting by Nupur Anand and Lananh Nguyen in New York and Mehnaz Yasmin in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ JPMorgan's Dimon says bank's plans regarding his tenure are unchanged
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

May 22 (Reuters) - JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon said he still approaches his job leading the largest U.S. bank with the same intensity, when asked by analysts about his retirement plans on Monday. Asked how many more years he wanted to stay as CEO, Dimon said, with a laugh, "three and a half." He added that he was on the same timetable as before. Reporting by Nupur Anand and Lananh Nguyen in New York, Manya Saini in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ JPMorgan investors to scrutinize First Republic takeover
▼ + stars: | 2023-05-19 | by ( Nupur Anand | ) www.reuters.com time to read: +4 min

Analysts will seek more details about the deal and JPMorgan's plans to integrate First Republic's business into the largest U.S. bank. FIRST REPUBLICJPMorgan has agreed to undertake $173 billion of the failed bank's loans, $30 billion of securities and $92 billion of deposits after First Republic was shuttered down by authorities. Dimon had said that he expects blowback from the FRC deal earlier this month in an interview on Bloomberg TV. loadingAn acquisition of this scale will raise question on integration, execution risks, employee retention among others, analysts believe. JPMorgan has made 19 acquisitions since 2020 but the last major purchase of this scale by the lender was in 2008 of Bear Stearns.

☆ US banks rethink social media as a threat, not a marketing tool
▼ + stars: | 2023-05-18 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

Greg Becker, the former CEO of Silicon Valley Bank, blamed social media as an "unprecedented" factor in the lender's demise. The former CEO of First Republic Bank, Michael Roffler, also blamed social media for its collapse two months later. Bank executives and directors have ordered their companies to add social media into risk-management programs, according to regional bank executives who declined to be identified because the discussions are private. "NIP IT IN THE BUD"Banks are also contacting customers who complain on social media to address their issues quickly. The Financial Stability Board, an international body, is also investigating the role of social media in recent market turmoil, a source said.

NEW YORK, May 16 (Reuters) - JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon said that it is "unlikely" that the bank will acquire any other struggling lender, weeks after it acquired the failed First Republic Bank. Dimon's latest statement comes just two weeks after JPMorgan bought a majority of First Republic Bank's assets in a rescue effort backed by the U.S. government. First Republic was the third major U.S. institution to fail in two months, and JPMorgan agreed to take $173 billion of the bank's loans, $30 billion of securities and $92 billion of deposits. In the shareholder meeting on Tuesday while all management proposals passed, all of the motions submitted by shareholders failed. A shareholder proposal on tweaking rules under which shareholders can call for a special shareholder meeting also got more than 30% of backing.

☆ In the Market: Why US regional banks are doomed to a doom loop
▼ + stars: | 2023-05-15 | by ( Paritosh Bansal | ) www.reuters.com time to read: +4 min

REUTERS/Brian SnyderMay 15 (Reuters) - Banking regulators have been pushed by market volatility in recent weeks into doing things that they haven't really wanted to do, like letting the largest U.S. bank get even bigger. Take the case of the Federal Deposit Insurance Corp (FDIC), one of the main banking regulators. These banks provide credit to vast sections of the U.S. economy, and deposit flight has forced them to pull back on lending. They have provided banks with lifelines that give them enough cash to meet deposit withdrawals, for example. Treasury Secretary Janet Yellen said on Saturday that nearly all banks had access to sufficient liquidity but pressure on earnings may lead to some midsize bank deals.

☆ U.S. home buyers persevere despite high rates, prices: study
▼ + stars: | 2023-05-09 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

NEW YORK, May 9 (Reuters) - U.S. home buyers are still committed to their plans to buy a property despite rising interest rates, high inflation and slowing growth, according to a study by Bank of America (BAC.N) published on Tuesday. Of the 1,000 respondents surveyed, 54% said they will speed up their home purchase plans, or stick to their original timing, even as prices rise and inventory stays low. Buying a home is an even bigger priority for people under 40 than other age groups, the study showed. Almost half of the prospective buyers surveyed by BofA said they were looking to buy a house because they are tired of renting and rent increases. Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

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