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SINGAPORE, Oct 26 (Reuters) - Standard Chartered (STAN.L) reported a 40% increase in quarterly profit as higher interest rates boosted the emerging markets-focused bank's income and gave it ammunition to upgrade its revenue outlook. The bank expects income to grow 13% this year instead of a previously forecast 10%. "We remain confident in the delivery of our 2024 financial targets," CEO Bill Winters said in a statement on Wednesday. "Our performance this year has been strong, and the pace of economic recovery in many of our footprint markets is encouraging, notwithstanding increasing recessionary pressures in certain Western markets," Winters said. StanChart's statutory credit impairment charges more than doubled to $227 million from a year earlier, reflecting weakness in key economies.

☆ Lebanon deputy PM says state cannot "save all depositors" who lost funds in crisis
▼ + stars: | 2022-10-24 | by ( Maya Gebeily | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterSpeaking on local broadcaster LBCI, Chami said the state's plan to plug a $72 billion hole in the financial system would not be able to "save all depositors." Chami said the government's total foreign currency reserves - including its gold deposits - amount to between $25 billion and $30 billion "at best." Parliament still needs to approve a banking resolution framework to address Lebanon's bloated commercial banking sector and a capital controls law. Chami said he expected that most banks would not face problems in paying back depositors or undergoing a restructuring. Register now for FREE unlimited access to Reuters.com RegisterReporting by Maya Gebeily; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Inflation has people living paycheck to paycheck. Here’s how some banks are responding
▼ + stars: | 2022-10-20 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New York CNN Business —“Payday Friday” may soon be replaced by “Payday Wednesday.”This week, JPMorgan Chase, America’s largest bank, became the latest financial institution to offer customers early access to their direct deposits. Also, in the past year, several banks such as Bank of America, Citi and Chase have started scrapping overdraft fees. Services such as early access to direct deposits and waiving of overdraft fees come at a time when historically high inflation is draining consumers’ excess savings, said Mark Hamrick, chief economist for Bankrate. “At a time when prices have been high on a continuing basis, that has robbed consumers of purchasing power,” he said. So if there’s an interruption in income, that means individuals are going to be facing increased financial stress.”

☆ Wells Fargo's third-quarter earnings beat shows why the bank is a key Club pick
▼ + stars: | 2022-10-14 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

Wells Fargo (WFC) reported better-than-expected third-quarter results before the market opened Friday, bolstering shares, and validating the Club's bullish investment case for the lender. Wells Fargo was trading up nearly 3% in midday trading, at around $43.40 a share. * Financial definitions for bank stocks : ROTCE is a measure of annualized earnings applicable to Wells Fargo common shareholders as a percentage of average tangible common equity. Within consumer lending, home lending was down 52% from last year, while credit card revenue increased 8% over last year. A man walks past a Wells Fargo Bank branch on a rainy morning in Washington.

☆ Wells Fargo profit falls as bank boosts loan loss reserves; shares rise
▼ + stars: | 2022-10-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Pedestrians pass a Wells Fargo bank branch in New York, U.S., on Thursday, Jan. 13, 2022. Wells Fargo on Friday reported lower quarterly earnings than a year ago as a decision to build up reserves cut into profits. Wells Fargo shares were up 2% in premarket trading, as revenue topped expectations. Wells Fargo, with its focus on retail and commercial banking, was widely expected to be one of the big beneficiaries of higher rates. "Wells Fargo is positioned well as we will continue to benefit from higher rates and ongoing disciplined expense management," Scharf said.

☆ Citizens is targeting wealthy clients with the launch of a new private bank. Here's how the firm is beefing up its wealth management business.
▼ + stars: | 2022-10-11 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

On Tuesday, Citizens said it plans to launch a new private bank by the end of the year. Citizens Private Client will cater to customers with $200,000 more in deposits or investments. Citizens Private Client is intended to retain these customers as their financial needs become more complex. Private banking is a profitable business with relatively stable revenue that is often based on fees. The new private bank program is the latest step in Citizens' strategy to beef up its wealth management offerings.

☆ Don McCree is spearheading Citizens Bank's push into New York. He has just overseen the acquisition of HSBC's branches in the city, and was in town this week for Citizens' official launch into the Big
▼ + stars: | 2022-09-23 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +4 min

McCree was in New York this week for Citizens official launch in the city. The bank snapped up HSBC’s bank branches, and McCree is confident this boost in retail banking will lead to more business in commercial banking. He calls it the "hole in the donut" for Citizens' deeper push into retail banking. So when HSBC decided to exit retail banking in New York, McCree and his fellow Citizens executives pounced. "There's so many companies, for example, in lower Manhattan looking for a new bank," McCree said.

☆ Gone are the days of chunky bonuses and salary increases. Wall Street's top brass are ready to trim their workforces as annual staff cuts return.
▼ + stars: | 2022-09-23 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

It's a shift from this time last year, when junior bankers scored significant pay bumps, dealmaking reached record-breaking highs, and investment bankers prepared themselves for some of the chunkiest bonuses they'd ever received. Per this story from Bloomberg, however, the layoffs should not be as severe as what Wall Street experienced after market crashes in 1987 and 2008. For many, the return of staff cuts is kind of a return to normalcy. Fabrice Coffrini/AFP via Getty Images2. Credit Suisse is planning on splitting its investment bank into three parts, according to the Financial Times. The US Securities and Exchange Commission will let Wall Street keep payment-for-order flow, per Bloomberg.

☆ Loans Are Cheaper Than Bonds for Some Highly Rated Companies
▼ + stars: | 2022-09-21 | by ( Nina Trentmann | ) www.wsj.com time to read: +7 min

Some highly rated companies are turning to term loans instead of bonds for their financing needs, taking advantage of cheaper pricing as banks have been slower to adjust to rising interest rates than the credit markets. Highly rated companies raised $998.8 billion in bonds in the U.S. this year through Monday, compared with $177.9 billion in term loans, according to Refinitiv, a data provider. For all of last year, fundraising through bonds amounted to $1.46 trillion versus $236.7 billion for term loans for investment-grade-rated companies. Term loans often have a shorter duration than bonds, with many of them ranging from three to five years. Term loans tend to be secured,” Mr. Holtz said, pointing to the mixture of bonds and term loans that make up the company’s capital structure.

☆ You don't need a company with several employees to qualify for a business credit card — even side gigs like driving for Uber can count
▼ + stars: | 2022-04-01 | by ( Caroline Lupini | Freelance Reporter | ) www.businessinsider.com time to read: +10 min

Any sort of for-profit business activities count as a business — even on a very small scale — can likely qualify you for a business credit card. Do you qualify for a business credit card? How to establish a tax identityThe foundation of obtaining a business credit card is establishing a separate tax identity for your business activity. When you sign up for a business credit card, you're dealing with the commercial banking division of the bank. That means business credit card spending will not help you build personal credit (because these products aren't intended to be used for personal spending).

Additions to the organizational chart also highlight the growth within some of JPMorgan's key teams. The chart focuses on key executives as well as the people who support them. In the chart, those leaders that sit on JPMorgan's Operating Committee are denoted as Senior executives. It also provides some clues as to who might one day succeed Dimon, Wall Street's longest running CEO. See the chart here:Have we missed anyone, or do you know more about how the power is shared at JPMorgan?

☆ Deutsche Bank CEO sticks to targets, promises dividend in 2022
▼ + stars: | 2019-12-10 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Deutsche Bank shareholders can expect a dividend in 2022, the bank's chief executive confirmed to CNBC Tuesday. Christian Sewing, who has been leading Deutsche Bank since April, said the lender has come a long way over the last few months and remained committed to its targets. "We also want to return capital to the shareholders from the year 2022 on. The bank has been hit by higher competition, lower market share in investment and commercial banking; different litigation charges and various management reshuffles. Its share price has dropped about 82% from 10 years ago.

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