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☆ It's time to buy the dip in this private equity stock, analysts say
▼ + stars: | 2023-10-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Multiple Wall Street analysts are sticking by their bullish calls on Blackstone despite a disappointing third quarter, telling investors that now is the time to buy the stock. Shares of Blackstone fell nearly 8% on Thursday after earnings and revenue came in short of estimates, according to FactSet's StreetAccount. BX 3M mountain Blackstone's stock has fallen sharply over the past month. But Oppenheimer analyst Chris Kotowski said in a note to clients Friday that the move in the alternative asset manager's stock is an overreaction and that investors should buy the dip. "Blackstone (BX) has been exhibiting relative strength – including with its strong investment performance (especially in private credit and infrastructure).

Persons: Blackstone, FactSet's, Oppenheimer, Chris Kotowski, Kotowski, Craig Siegenthaler, Siegenthaler, Jon Gray, Gray, — CNBC's Michael Bloom Organizations: Blackstone, Bank of America, The Bank of America

☆ Banks report continued pain on commercial real estate loans
▼ + stars: | 2023-10-18 | by ( Matt Tracy | ) www.reuters.com time to read: +4 min

REUTERS/Amr Alfiky/File photo Acquire Licensing RightsOct 18(Reuters) - A number of U.S. banks saw continued pain in the third quarter on delinquent commercial real estate (CRE) loans in their portfolios, as stress in the sector persists. As a result, banks recorded continued provisions for credit losses and charge-offs from the previous quarter, driven by their non-performing (NPL), or delinquent, CRE loans. Borrowers have struggled to refinance their CRE loans as property values have declined and interest costs have risen. Some $20 billion of office commercial mortgage-backed securities, which bundle together individual loans, mature in 2023, according to real estate data provider Trepp. "While overall credit quality remains strong across our portfolio, the pressures we anticipated within the commercial real estate office sector have begun to materialize," PNC Chief Financial Officer Robert Reilly told analysts.

Persons: Amr Alfiky, Cole, that's, Morgan Stanley, Goldman Sachs, JPMorgan, Mayra Rodriguez Valladares, Wells, Robert Reilly, Matt Tracy, Lananh Nguyen, Jonathan Oatis Organizations: REUTERS, Florida Atlantic University, Bank of America, Trepp, Regulators, JPMorgan, Citigroup, PNC, Thomson Locations: New York City, U.S

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsOct 13 (Reuters) - Wells Fargo on Friday beat analysts' estimates for third-quarter profit as it benefited from customers paying more interest and raised its annual forecast for future income from interest payments. The swiftest tightening of U.S. monetary policy in 40 years aimed at reining in sticky inflation has buoyed banks' interest income. Rival banking giant JPMorgan Chase (JPM.N) on Friday posted a rise in third-quarter profit as higher interest rates boosted its income from loans. Wells Fargo earned $1.48 per share in the third quarter, beating analysts' expectations of $1.24, according to LSEG data.

Persons: Wells, NII, JPMorgan Chase, Wells Fargo, Charlie Scharf, Banks, Noor Zainab Hussain, Manya, Saeed Azhar, Lananh Nguyen, Sriraj Organizations: REUTERS, Friday, JPMorgan, Wells, Manya Saini, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, Wells, Bengaluru, New York

☆ CRE delinquency rates have 'not at all' risen to anticipated levels, says Walker & Dunlop CEO
▼ + stars: | 2023-10-11 | 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 EmailCRE delinquency rates have 'not at all' risen to anticipated levels, says Walker & Dunlop CEOWalker & Dunlop CEO Willy Walker joins 'Squawk on the Street' to discuss his sentiment towards the commercial real estate market, the implications of the move higher in bond yields, and more.

Persons: Walker, Willy Walker Organizations: Dunlop, & & '

☆ 'Shark Tank' investor Kevin O'Leary warns commercial real estate woes will topple banks and throttle businesses
▼ + stars: | 2023-10-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Kevin O'Leary is worried about commercial real estate, regional banks, and small businesses. O'Leary wants to boost protections on payroll accounts to ensure companies can pay their workers. AdvertisementAdvertisementPressure is building on regional banks, commercial real estate developers, and small businesses, Kevin O'Leary has warned. AdvertisementAdvertisement"We're going to see more cracks in regional banks, and that's putting pressure on the loan books of those banks which are hitting small business," O'Leary said. The founder of O'Leary Funds and O'Leary Ventures urged lawmakers to support a $100 million guarantee for non-interest-bearing accounts, which would protect payroll accounts.

Persons: Kevin O'Leary, O'Leary, —, " O'Leary, They've Organizations: Service, Fox Business, Federal Reserve, Federal Deposit Insurance Corp, O'Leary Funds, O'Leary Ventures Locations: Regional

☆ What a stressed commercial real estate market means for these exposed bank stocks
▼ + stars: | 2023-09-27 | by ( Morgan Chittum | ) www.cnbc.com time to read: +9 min

Banks are facing mounting uncertainty as the commercial real estate (CRE) sector continues to struggle. Commercial real estate landscape Higher interest rates, tightening credit conditions and elevated office vacancies are weighing down the estimated $21 trillion commercial real estate sector . A lagging commercial real estate market can strain a bank's capital reserves while a stronger market can boost incomes from lending and fees. While there's reason for concern in the broader commercial real estate market, we see the most pronounced challenges unfolding in offices. CEO Charlie Scharf said the bank sustained "higher losses in commercial real estate, primarily in the office portfolio."

Persons: Banks, Wells, Morgan Stanley, Morgan Stanley's dealmaking, Tomasz Piskorski, Piskorski, Jim Cramer, Morgan, deteriorations, Tailwinds, JPMorgan Chase, Wells Fargo, Michael Santomassimo, Charlie Scharf, Jeff Marks, Wells Fargo execs, Santomassimo, Jim Cramer's, Jim, Collin Madden, Karen Ducey Organizations: Columbia Business School, Federal Reserve, CNBC, That's, Semiconductor, Arm Holdings, Rivian, IB, Barclays, JPMorgan, GEM, Estate Partners, South Lake Union Locations: Wells, CRE, U.S, Wells Fargo, South Lake, Seattle , Washington

Sept 18 (Reuters) - Cadence Bank (CADE.N) CEO Dan Rollins calls the regional banking crisis from earlier this year "March madness." Interviews with half a dozen regional bank executives and economists show the March banking crisis has had a lasting impact on the regional banking industry and the economy. Torsten Slok, chief economist at Apollo Global Management, said the banking crisis had "a magnifying effect" on the Fed's tightening but its full impact would come with a lag. The failure triggered a crisis of confidence, with depositors moving their money from regional banks to the perceived safety of the largest lenders. The KBW Regional Bank Index (.KRX) is down about 20% since early March despite a summer rebound.

Persons: Dan Rollins, Rollins, Mark Zandi, ”, Zandi, Torsten Slok, Slok, Cadence's Rollins, Steve Wyett, Wyett, Banks, Cadence’s Rollins, Randy Chesler, Chesler, Moody's Zandi, Jeff Jackson, Raj Singh, Singh, Paritosh Bansal, Anna Driver Organizations: Cadence Bank, Moody’s, Apollo Global Management, Bank, Reuters Graphics, Valley, Regional, BOK, Federal, Loan, Thomson Locations: . Federal, Silicon, Tulsa , Oklahoma, Kalispell , Montana, Wheeling , West Virginia

☆ 'Shark Tank' investor Kevin O'Leary warns of a 3-pronged financial disaster as soaring interest rates bite
▼ + stars: | 2023-09-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Higher rates are hitting regional banks, commercial real estate, and small businesses, he says. "We've got the pressure at the regional banks, commercial real estate collapse, and small business not getting any capital," the "Shark Tank" investor told "Kudlow" in a recent interview. The Federal Reserve has rushed to crush historic inflation by hiking interest rates from nearly zero to north of 5% since last spring. Many small businesses and CRE developers rely heavily on debt financing from smaller banks, meaning higher rates and a credit crunch pose serious threats to them. He cautioned in another recent interview that the Fed was likely to lift rates higher than 6%, sending residential mortgage rates from a little over 7% today to above 8%.

Persons: Kevin O'Leary, We've, it's, O'Leary, CRE, hasn't Organizations: Service, Federal Reserve, Bank, Wall Street titans, JPMorgan Locations: Wall, Silicon

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. Wells Fargo had 233,834 employees at the end of the June quarter compared to 243,674 in the second quarter last year. Even though there is systematic stress in office real estate, the other portfolios are performing well, Santomassimo said. In the June quarter, Wells Fargo increased its allowances for credit losses by $949 million to account for potential losses in office loans. 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, Mike Santomassimo, Santomassimo, Wells Fargo, Nupur Anand, Andrea Ricci Organizations: REUTERS, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, New York

WASHINGTON, Sept 5 (Reuters) - The U.S. Federal Deposit Insurance Corporation (FDIC) is seeking buyers for the $33 billion commercial real estate (CRE) loan portfolio of failed New York lender Signature Bank, it said on Tuesday. The majority of the portfolio comprises multi-family properties primarily located in New York City, the regulator said, adding that it would be marketing the asset over the next three months. Within the CRE portfolio is about $15 billion of loans secured by residences that are rent stabilized or controlled. New York City and State housing authorities, as well as community groups, are providing input to the FDIC as it begins marketing. The FDIC said it expects to complete any portfolio sales by the end of 2023.

Persons: Michelle Price, Pete Schroeder, David Goodman Organizations: U.S, Federal Deposit Insurance Corporation, Signature Bank, FDIC, York Community Bancorp, New, Thomson Locations: New York, New York City, State

☆ Idalia to boost Florida apartment insurance costs further
▼ + stars: | 2023-08-31 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

Costs have risen the most on multifamily properties such as apartments and condos, according to industry executives and data from credit ratings agency Moody's. Property insurance costs to multifamily assets in Florida have gone up anywhere from 30% to 70% in the past year, and are even higher for those with prior losses, non-renewing insurance carriers or valuation issues, she said. Nationally, CRE properties' insurance costs have grown roughly 7.6% annually on average since 2017, according to an August Moody's report. RENTS, CAP RATESRising insurance premiums on multifamily properties have contributed, among other factors, to rent increases in Florida and elsewhere, said three industry executives. Insurance costs are also forcing CRE lenders to boost due diligence on refinancing and when pricing deals on apartment blocks, executives said.

Persons: Daniel Hokanson, Ian, Kevin, Idalia, Walker, Dunlop, you’re, Willy Walker, multifamily, Ryan Barber, Marsh, Martha Bane, Gallagher, Bane, Matt Tracy, Michelle Price, Marguerita Choy Organizations: U.S . Army National Guard, . National Guard Bureau, REUTERS, Florida, Carolinas, Reuters, Walker, UBS, Insurance, Thomson Locations: Fort Myers, Fort Myers , Florida, U.S, Hawaii's, Maui, Lahaina, California, Florida, Miami, Tampa, Orlando

☆ Sycamore Tree CEO Mark Okada: The case for a no landing will fade when CRE debts become due
▼ + stars: | 2023-08-25 | 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 EmailSycamore Tree CEO Mark Okada: The case for a no landing will fade when CRE debts become dueMark Okada, Sycamore Tree Capital Partners CEO, joins 'Closing Bell' to discuss his case for a recession scenario, the lag effects of monetary policy taking a toll on banks, and why investors should turn towards fixed-income over equities.

Persons: Mark Okada Organizations: Sycamore Tree Capital Partners Locations: Sycamore

☆ Goldman Sachs says buy this little-known real estate name with 20% upside
▼ + stars: | 2023-08-23 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Real estate investment trust Safehold is trading at attractive levels, and investors need to scoop up the stock, according to Goldman Sachs. The company owns, acquires and originates ground leases, and has stable cash flows through fixed payments and contractual rent increases. Unlike its other real estate investment trust peers, Safehold's primary earnings metric is per-share earnings, rather than funds from operations per share. "The company originates ground leases at conservative 35-40% LTVs (versus the value of the land and the building). To be sure, Burrows noted that transactions and investment volumes have "slowed meaningfully" due to rising interest rates.

Persons: Goldman Sachs, Caitlin Burrows, Burrows, Safehold, — CNBC's Michael Bloom

☆ S&P downgrades multiple US banks citing 'tough' operating conditions
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

S&P downgraded the ratings of Associated Banc-Corp (ASB.N) and Valley National Bancorp (VLY.O) on funding risks and a higher reliance on brokered deposits. It also downgraded UMB Financial Corp (UMBF.O), Comerica Bank (CMA.N) and Keycorp (KEY.N), citing large deposit outflows and prevailing higher interest rates. A sharp rise in interest rates is weighing on many U.S. banks' funding and liquidity, S&P said in a summarized note, adding that deposits held by Federal Deposit Insurance Corp (FDIC)-insured banks will continue to decline as long as the Federal Reserve is "quantitatively tightening." The rating agency also downgraded the outlook of S&T Bank and River City Bank to negative from stable on high commercial real estate (CRE) exposure among other factors. Reporting by Gokul Pisharody in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Moody's, Bank of New York Mellon BK.N, Gokul, Akanksha Khushi, Varun Organizations: Global, National Bancorp, UMB Financial Corp, Comerica Bank, Federal Deposit Insurance Corp, Federal, T Bank, City Bank, Bank of New York Mellon, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Thomson Locations: New York City, U.S, Silicon, Bengaluru

☆ Moody's cuts ratings of 10 U.S. banks and puts some big names on downgrade watch
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Moody's cut the credit ratings of a host of small and mid-sized U.S. banks late Monday and placed several big Wall Street names on negative review. Moody's also changed its outlook to negative for 11 banks, including Capital One , Citizens Financial and Fifth Third Bancorp . Among the smaller lenders receiving an official ratings downgrade were M&T Bank , Pinnacle Financial , BOK Financial and Webster Financial . "Meanwhile, many banks' Q2 results showed growing profitability pressures that will reduce their ability to generate internal capital. Though the stress on U.S. banks has mostly been concentrated in funding and interest rate risk resulting from monetary policy tightening, Moody's warned that a worsening in asset quality is on the horizon.

Persons: Moody's, Cullen, Frost, Jill Cetina, Ana Arsov Organizations: New York Stock Exchange, Bank, New York Mellon, U.S . Bancorp, Truist, Frost Bankers, Northern Trust, Capital, Citizens Financial, Fifth Third Bancorp, T Bank, Pinnacle Financial, BOK, Webster, Regional, Silicon Valley Bank, Signature Bank, Credit Suisse, UBS, Federal Reserve, Fed Locations: New York City, U.S, Regional U.S, Silicon, Europe, Swiss

☆ 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

☆ Investors are making the same mistake they made during the dot-com and housing bubbles, analyst says
▼ + stars: | 2023-08-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Investors are so excited about stocks that they're missing the bigger, grimmer economic picture. Danielle DiMartino Booth said the complacency reminded her of the dot-com and housing bubbles. She pointed to a surge in bankruptcies and mounting pressures in the bank and real estate sectors. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. DiMartino Booth has made it clear she's in the latter camp for now.

Persons: Danielle DiMartino Booth, We're, BNN, DiMartino Booth, Biden, Sam, Jeremy Siegel, Paul Krugman, David Rosenberg, Jeremy Grantham Organizations: Service, QI Research, BNN Bloomberg, Nasdaq, Dallas Fed, Federal Reserve Locations: Wall, Silicon

The Fed's quarterly Senior Loan Officer Opinion Survey, or SLOOS, also showed that banks expect to further tighten standards over the rest of 2023. Monday's SLOOS report - which Fed policymakers had in hand last week when they decided to deliver an 11th interest-rate hike after skipping one at their June meeting - suggests credit tightening is ongoing. For small firms, a net 49.2% of banks said credit terms were stiffer, versus 46.7% in the last survey. Smaller net shares of banks reported tightening standards for auto loans, though terms for credit cards did tighten somewhat. While still weak, demand for auto loans was the least soft in four quarters, while demand for credit card loans was essentially flat after two straight negative quarters.

Persons: Monday's, You've, you've, Jerome Powell, Daniel Silver, Ann Saphir, Nick Zieminski, Dan Burns, Cynthia Osterman Organizations: Federal, Survey, Reuters, Thomson

☆ Lincoln National's CRE exposure targeted by two hedge funds
▼ + stars: | 2023-07-28 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

NEW YORK, July 28 (Reuters) - Two hedge funds have placed bets that bonds issued by life insurance company Lincoln National Corp (LNC.N) will fall or that its default risk will increase, due to their concerns about the company's commercial real estate (CRE) exposure. Lincoln declined to provide comments on the hedge funds' positions and referred to previous remarks by its management. Fitch Ratings' senior director Jamie Tucker said in an email to Reuters the agency considers Lincoln's CRE exposure modestly below-average compared with the industry, while the quality is materially stronger. In April, Boaz Weinstein, founder of New York-based Saba, said in a post the firm was holding some of Lincoln's credit default swap (CDS), and had already sold some of it. loadingLincoln's CDS spread, a measure of credit risk, is 238 basis points, compared with 323 when Saba disclosed the position, meaning the perceived risk has declined.

Persons: Ellen Cooper, David Meneret, Lincoln, Fitch, Moody's, Jamie Tucker, Boaz Weinstein, Saba, Tracy Benguigui, Carolina Mandl, Megan Davies, Anna Driver Organizations: YORK, Lincoln National Corp, Saba Capital, Moody's, Reuters, New, CDS, Partners, Citizens Inc, Barclays, LNC, Thomson Locations: CRE, Hill, Lincoln, Saba, New York

☆ Lincoln National's commercial real-estate exposure targeted by two hedge funds
▼ + stars: | 2023-07-28 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

Lincoln declined to provide comments on the hedge funds' positions and referred to previous remarks by its management. Fitch Ratings' senior director Jamie Tucker said in an email to Reuters the agency considers Lincoln's CRE exposure modestly below-average compared with the industry, while the quality is materially stronger. In April, Boaz Weinstein, founder of New York-based Saba, said in a post the firm was holding some of Lincoln's credit default swap (CDS), and had already sold some of it. loadingLincoln's CDS spread, a measure of credit risk, is 238 basis points, compared with 323 when Saba disclosed the position, meaning the perceived risk has declined. Among seven listed life insurers tracked by Barclays, Lincoln was the only one which ended the first quarter below its capital target.

☆ US banks' second quarter earnings: the results in charts
▼ + stars: | 2023-07-21 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +3 min

The results follow a tumultuous first quarter in which Silicon Valley Bank and two other lenders failed. Signs of a revival in the investment banking sector, as higher rates and economic uncertainty have hampered deals and trading, also drove share gains. The upbeat results sparked a rally in bank stocks with the S&P 500 Banks Index (.SPXBK) gaining 9.3% and the KBW Regional Banking Index (.KRX) rising 13.7% month-to-date. Here are three charts on mid-sized banks' second-quarter results:DEPOSIT LEVELSReuters GraphicsWhile regional bank earnings in recent days have reassured investors that the crisis has subsided, regional banks are being squeezed as they pay customers more to retain their deposits. The KBW Regional Banking Index (.KRX) has rallied 13.7% month-to-date but remains down 13.6% so far this year.

Persons: Banks, Manya Saini, Michelle Price, Barbara Lewis, Nick Zieminski Organizations: Bank, Banks, Federal, Reuters Graphics, Bank of America, Graphics, Graphics Bank, Thomson Locations: Silicon, KBW, Bengaluru

☆ Factbox: U.S. banks increase reserves for commercial real estate exposure
▼ + stars: | 2023-07-21 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

While regional banks carry the greatest exposure to the commercial real estate (CRE) sector, second quarter earnings show that a number of big banks have prepared for potential defaults, primarily on office loans. However, Borthwick noted the bank's office CRE exposure was low relative to its overall loan portfolio, at 2%. CRE loans represented just 15% of the bank's overall lending book, while only 1% of the CRE loan portfolio was office-related. WELLS FARGO (WFC.N)The bank said it had a $949 million increase in its allowance for credit losses, primarily CRE office loans. WEBSTER FINANCIAL CORP (WBS.N)The regional bank's nonperforming CRE loans ticked up to $47.9 million last quarter from $35.8 million in the first quarter.

Persons: Goldman Sachs, Andrew Kelly, Alastair Borthwick, Borthwick, GOLDMAN SACHS, markdowns, Denis Coleman, Jeremy Barnum, WELLS, Charlie Scharf, Bruce Van Saun, Dominic Ng, East, James Leonard, MORGAN STANLEY, Webster, Glenn MacInnes, John Ciulla, Matt Tracy, Michelle Price, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, U.S, AMERICA CORP, GOLDMAN SACHS GROUP INC, Goldman, JPMORGAN CHASE &, JPMorgan, Citizens, EAST WEST BANCORP, East, BANCORP, WEBSTER FINANCIAL, Thomson Locations: New York City , New York, U.S, California, CRE

☆ France to raise regulated household electricity prices by 10% from August
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

PARIS, July 18 (Reuters) - The French government has decided to raise regulated household electricity prices by 10% starting from August, a government official said on Tuesday, confirming a report from newspaper Les Echos. The 10% increase is much lower than the one proposed by the French Energy Regulatory Commission (CRE), which - based on current market prices - recommended an increase of 74.5%. In May, Finance Minister Bruno Le Maire said France's cap on electricity prices would be phased out and end at the end of next year. European electricity prices soared last year, mainly driven by the fallout from the war in Ukraine. France also saw record-low nuclear output as state-owned utility EDF (EDF.PA) repairs reactors affected by stress corrosion.

Persons: Les, ”, Bruno Le Maire, France's, Benjamin Mallet, Tassilo Hummel, Charlotte Van Campenhout, Jason Neely Organizations: French Energy Regulatory Commission, Finance, EDF, Thomson Locations: Europe, Ukraine, France

☆ Commercial real estate lending fell for the first time in 2 years last month as credit conditions tighten
▼ + stars: | 2023-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Commercial real estate lending fell for the first time in two years last month amid tight credit conditionsDebt on commercial property fell to $5.44 trillion in June, driven by a large drop in multifamily lending. Outstanding commercial real estate debt dropped to $5.44 trillion in June, marking the first drop in commercial real estate lending recorded in two years, according to Refinitiv data cited by Capital Economics. Multifamily property debt fell by $21.6 billion last month, the research firm said. Still, commercial property debt saw sluggish growth in June, increasing by just $7.4 billion last month. Commercial real estate prices could plunge as much as 40% from their peak, Morgan Stanley previously estimated, which would mark an even more severe crash than what was seen in the 2008 financial crisis.

Persons: That's, Charlie Cornes, Banks, Morgan Stanley Organizations: Capital Economics, Service, Capital Locations: Wall, Silicon

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

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