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New York CNN —Sheila Bair, who had a front row seat to the subprime mortgage meltdown, is worried today’s housing market is unsustainably hot. A housing bubble can form when prices rise to unsustainable levels. “I see much less speculation in the housing market today, thank goodness,” said Bair. ‘Dizzying heights’Legendary investor Jeremy Grantham shares Bair’s concern about a housing bubble. In many ways, today’s housing market is the polar opposite of the one that preceded the Great Recession.

Persons: Sheila Bair, ” Bair, Bair, ”, she’s, there’s, Jeremy Grantham, ” Grantham, Goldman Sachs, Fannie Mae, Priscilla Almodovar, it’s, ” Almodovar, Lawrence Yun, homebuyers shouldn’t, ” Yun, Yun, America doesn’t Organizations: New, New York CNN, National Association of Realtors, CNN, Federal Deposit Insurance Corp, NAR, “, UBS Locations: New York, Los Angeles, San Diego, Richmond, Cincinnati, Zurich, Tokyo, Miami, Toronto, Vancouver, London, America, “

"This quarter is all about higher interest rates for longer," said Mike Mayo, an analyst at Wells Fargo. "There is a constructive environment, and investment banking fees tend to be higher through the end of the year," said Jason Goldberg, a banking analyst at Barclays. Despite the renewed optimism, investment banking activity remains depressed. As rates rise, bond prices fall, representing losses on paper that would be realized if the banks sold the bonds. More broadly, "we're back into this environment where investors think interest rates are going to remain higher for longer," he said.

Persons: JP Morgan Chase, Mike Segar, JPMorgan Chase, Goldman Sachs, Morgan Stanley's, Mike Mayo, Ebrahim Poonawala, Jason Goldberg, Richard Ramsden, James Demmert, Ramsden, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Nick Zieminski 私 Organizations: JP, Co, REUTERS, JPMorgan, Citigroup, Wells, Bank of America, Federal Reserve, Wall Street, SoftBank's Arm Holdings, Barclays, U.S, Treasury, Valley Bank, Federal Deposit Insurance Corporation, Reuters, Street Research Locations: New York, Wells Fargo, dealmaking, Israel, Bengaluru

☆ This bank just hiked its 1-year CD rate to a fresh high
▼ + stars: | 2023-10-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Stashing money in safe assets is paying off — and another bank has just hiked the yield it pays on a 1-year certificate of deposit. LendingClub bumped the annual percentage yield on its 1-year CD to 5.65%, an increase of 15 basis points. That places LendingClub's 1-year CD some 55 basis points above the median CD peer rate, according to an analysis by Stephens, and it makes the bank's offering the top-paying CD within Stephens' coverage. "Following the market now anticipating a higher for longer rate cycle, we've seen a reversal of the CD rate cuts initiated in September by a few of our online banks," he said. The upside of buying a CD is you get to lock in your rate for the duration of the time you hold the instrument.

Persons: LendingClub, Stephens, Vincent Caintic, Caintic, Banks, — CNBC's Michael Bloom Organizations: Investors, Federal Deposit Insurance Corporation

☆ PNC Bank buys $16.6 bln capital commitment portfolio from Signature Bridge Bank
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO:The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen on the window of a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo Acquire Licensing RightsOct 3 (Reuters) - PNC Financial Services' (PNC.N) banking unit said on Tuesday that it had bought a portfolio of capital commitments from Signature Bridge Bank worth $16.6 billion in an agreement with the Federal Deposit Insurance Corp as receiver. "PNC has long participated in the capital commitments business and the acquired portfolio is highly complementary," the bank said in a statement. PNC Bank purchased these commitments and loans without any funding, guarantees or loss-sharing agreements from the FDIC, the company added. The FDIC closed Signature Bank in March amid an intensifying regional banking crisis and transferred all of its deposits and substantially all of its assets to Signature Bridge Bank, a full-service financial institution that is operating under a board appointed by the watchdog.

Persons: Ashraf Fahim, Jaiveer Singh, Anil D'Silva Organizations: PNC Bank, PNC Financial Services Group, REUTERS, PNC Financial Services, Signature Bridge, Federal Deposit Insurance Corp, PNC, FDIC, Bank, Thomson Locations: Washington , U.S, Bengaluru

☆ The fate of this consumer watchdog is in the hands of the Supreme Court
▼ + stars: | 2023-10-03 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

New York CNN —On Tuesday, the Supreme Court began hearing oral arguments in a case that will determine the fate of the Consumer Financial Protection Bureau. The Supreme Court will have the final say on that, however. The consumer watchdog agency was created after the 2008 financial crisis by way of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If the Supreme Court finds the CFPB’s funding structure unconstitutional, it could shutter the agency and invalidate all of its prior rulings. From listening to the case on Tuesday, though, Lynyak believes the Supreme Court will rule that the CFPB’s funding structure is constitutional.

Persons: Dodd, Frank Wall, Democratic Sen, Elizabeth Warren, Ting Shen, Wells, Sam Gilford, ” There’s, Joseph Lynyak III, Lynyak, ”, Noel Francisco, Francisco, “, Sonia Sotomayor, Amy Coney Barrett Organizations: New, New York CNN, Supreme, Consumer Financial, Bureau, Community Financial Services Association of America, Appeals, Fifth Circuit, Frank Wall Street Reform, Consumer, Democratic, Harvard Law School, Federal Reserve, Bloomberg, Getty, “, Mortgage Bankers Association, National Association of Homebuilders, National Association of Realtors, Bank of America, Court, Federal Deposit Insurance Corporation, Congressional, CNN, Dorsey & Whitney, Republican Locations: New York, New Orleans, United States

☆ '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

☆ Discover Financial jumps 7% after agreeing with FDIC to improve consumer compliance
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsCompanies Discover Financial Services FollowOct 2 (Reuters) - Shares of Discover Financial Services (DFS.N) climbed 7% on Monday after the bank agreed to improve its consumer compliance and related corporate governance as part of a consent order with the Federal Deposit Insurance Corp (FDIC). The stock was the top percentage gainer on the benchmark S&P 500 (.SPX) in early trading, outperforming both the broader markets and the financial sector. In late July, Discover revealed it had received a proposed consent order from the FDIC in connection with consumer compliance. At the time, the bank's shares tanked after it also disclosed a regulatory review over some incorrectly classified credit card accounts from around mid-2007 unrelated to the FDIC consent order.

Persons: Carlo Allegri, Manya Saini, Sriraj Organizations: New York Stock, REUTERS, Discover Financial, Discover Financial Services, Federal Deposit Insurance Corp, Discover Bank, U.S . Securities, Exchange Commission, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru

☆ Stocks making the biggest moves midday: Sphere Entertainment, Riot, Instacart, Insulet and more
▼ + stars: | 2023-10-02 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading. Sphere Entertainment — Shares of the media and entertainment company climbed 11.1% in midday trading after a U2 show debuted its Las Vegas Sphere venue Friday night. Bitcoin stocks — Stocks tied to digital currency trading advanced in lockstep with a rally in crypto prices. Instacart — Maplebear, the food delivery company doing business as Instacart, fell 9.2% in midday trading. The Wall Street bank said investors should buy the dip after the stock's underperformance in the first half of 2023.

Persons: — Stocks, MicroStrategy, —, — Maplebear, Gordon Haskett, Insulet, Jefferies, Goldman Sachs, Goldman, Truist, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox, Sarah Min, Scott Schnipper Organizations: Madison Square Garden, —, Riot, Marathon, Discover Financial, U.S . Securities, Exchange, Federal Deposit Insurance Corporation, Coeur Mining, Hecla Mining, Harmony, Mining, Gold Resource, Barclays, Norfolk Southern, Bank of America, Nvidia —, Nvidia, Apple, JPMorgan, UBS Locations: Las Vegas, lockstep, Coeur, Wall

☆ Social Security, Medicare, and other key programs Americans rely on could become 'vulnerable' depending on an upcoming Supreme Court ruling, a former federal official says
▼ + stars: | 2023-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Supreme Court is hearing oral arguments in a case challenging the CFPB's funding structure. A former FDIC official said an adverse ruling could risk Social Security and Medicare. Any agency that doesn't rely on annual funding from Congress would be jeopardized, she said. AdvertisementAdvertisementStill, advocates and lawmakers have stressed the importance of preserving the CFPB's funding structure to protect consumers from the potential fallout. A bad decision in the Supreme Court could wreck the financial security of millions of families and turn our economy upside down."

Persons: —, Sheila Bair —, Federal Deposit Insurance Corporation —, Bair, Dodd, Frank Wall, Shahid Naeem, Massachusetts Sen, Elizabeth Warren, Warren Organizations: FDIC, Security, Service, Financial, Community Financial Services Association of America Ltd, Federal Reserve, Fifth Circuit, Federal Deposit Insurance Corporation, Social Security, Frank Wall Street Reform, Consumer Protection, American Economic Liberties Project, Congress Locations: Massachusetts

On the heels of that decision, a federal appeals court invalidated a federal law that bars an individual who is subject to a domestic violence restraining order from possessing a firearm. A three-judge district court panel struck down the plan in January, saying that race had been the predominant motivating factor. Three years ago, the Supreme Court limited the independence of the CFPB by invalidating its leadership structure. The court’s decision could impact whether the SEC and other agencies can conduct enforcement proceedings in-house, using administrative courts staffed with agency employees, or whether such actions must be brought in federal court. “It’s difficult to think of any other recent First Amendment cases in which the stakes were so high,” Jaffer added.

Persons: Clarence Thomas, ”, Biden, Zackey Rahimi, John Roberts, Taiwan Scott, Thomas, Elizabeth Prelogar, Magnuson, Paul Clement, ” Clement, “, pare, George Jarkesy, Sackler, ” Prelogar, Jameel Jaffer, Jaffer Organizations: CNN, Gun Safety, South Carolina’s Republican, South Carolina State Conference of, NAACP, Democrat, Republican, National Marine Fisheries Service, Chevron, Natural Resources Defense, Stevens Fishery Conservation, Management, Independent, Consumer Financial, Federal Reserve, US, Federal Deposit Insurance Corporation, Securities, Exchange, US Securities and Exchange Commission, SEC, Social Security Administration, Circuit, Historic Purdue Pharma, Purdue Pharma, Sackler, Purdue, Facebook, YouTube, Columbia University’s Locations: United States, South Carolina, Alabama, Taiwan, Charleston County, Chevron, Florida, Texas

☆ Eight big U.S. bank CEOs to face Senate Banking Committee grilling in December
▼ + stars: | 2023-09-29 | by ( Emily Wilkins | ) www.cnbc.com time to read: +2 min

The meeting is the third time that Banking Committee Chair Sherrod Brown , D-Ohio, will hold an oversight hearing with the heads of the nation's biggest banks. Eight CEOs of the largest U.S. banks will face questioning at a Senate Banking Committee hearing in December, according to an announcement obtained by CNBC . "Part of that commitment is to hear directly from the biggest banks that hold too much power in the economy," he said. Brown and other Banking Committee members have ramped up oversight efforts in 2023, particularly regarding three banks that failed earlier in the year, Silicon Valley Bank, Signature Bank and First Republic. The failure of First Republic in May was the biggest bank failure in the United States since the 2008 financial crisis.

Persons: Sherrod Brown, Janet Yellen, Powell, Brown, Chuck Schumer Organizations: Federal, Banking, Housing, Urban Affairs, CNBC, Silicon Valley Bank, Signature Bank, First, Republic, JPMorgan, Federal Deposit Insurance Corp Locations: Hart, Washington , DC, Ohio, First Republic, United States

☆ Best High-Yield Savings Accounts for October 2023
▼ + stars: | 2023-09-28 | by ( Martha C. White | ) www.wsj.com time to read: +18 min

With the Federal Reserve steadily raising interest rates to fight inflation, high-yield savings account payouts have steadily risen, too. After years of near-zero returns, the average savings account rate has risen to 0.45%, according to the Federal Deposit Insurance Corp. Their new High-Yield Savings account offers a 3.5% APY, but you need a hefty $5,000 deposit to open the account. Unlike some high-yield online savings accounts, you earn a high APY—currently 5%—on every dollar in your account. You can conduct immediate electronic transfers between your brokerage account and savings account, and manage both savings and investment activities on a single platform.

Persons: Martha C, it’s, JPMorgan Chase, Wells, Wells Fargo, Ally, Synchrony, UFB, —, Achilles, We’ve, Foster, Alliant, Morgan Stanley, Marcus, Goldman Sachs, Charles Schwab, Charles Schwab Bank Charles Schwab Organizations: Federal Reserve, Federal Deposit Insurance Corp, Capital, National, One’s, JPMorgan, JPMorgan Chase JPMorgan Chase &, Chase Savings, Ally, Synchrony, CIT, First Citizens, Bank, Axos Bank, Webster Bank, National Bank, Zelle, Alliance Data Systems, Comenity Capital Bank, FDIC, Foster Care, Navy, Navy Federal, Savings, Morgan Stanley Private, Morgan Stanley Private Bank, Bloomberg, Trade, Charles, Charles Schwab Bank, Best Bank, National Credit Union Administration, dateline Locations: Chase, Zelle, Ally’s, Utah, Chicago, U.S, .

☆ Sam Bankman-Fried talked crypto with Jerome Powell the same month that the Fed chair met with JPMorgan and Goldman Sachs CEOs
▼ + stars: | 2023-09-28 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried met with Jerome Powell last year to discuss crypto, per the NYT. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementJerome Powell, the chair of the Federal Reserve, once met with Sam Bankman-Fried to discuss crypto, The New York Times reported. Prior to the meeting, Wetjen sent the Fed chair some policy papers that FTX had recently published, according to the NYT. The FDIC and a spokesperson for Bankman-Fried did not immediately respond to Insider's request for comment, sent outside US working hours.

Persons: Sam Bankman, Fried, Jerome Powell, SBF, Martin Gruenberg, —, Mark Wetjen, Wetjen, FTX, Powell, stablecoins, cryptocurrencies, Goldman Sachs, David Solomon, Jamie Dimon, Morgan Stanley, James Gorman, Lael Brainard Organizations: Wall Street, Service, Federal Reserve, The New York Times, Commodity Futures Trading Commission, JPMorgan Chase, Times, Fed, National Economic Council, Federal Deposit Insurance Corporation, FDIC, Customers Locations: Alameda

Mr. Powell’s public calendar shows that he and Mr. Bankman-Fried met as planned. And Mr. Wetjen went on to send the Fed chair two policy papers that FTX had recently published, according to emails obtained through a public records request. “Hope you’re finding these useful!” Mr. Wetjen wrote. According to newly released records, Mr. Wetjen managed to gain access to a range of federal officials. And public calendars show that Mr. Bankman-Fried went on to meet with another top financial regulator, Martin Gruenberg, head of the Federal Deposit Insurance Corporation.

Persons: Jerome H, Powell, Sam Bankman, ” Mr, Mark Wetjen, Fried, Wetjen, FTX, Hope, Mr, Lael Brainard, Martin Gruenberg Organizations: Federal Reserve, Commodity Futures Trading Commission, Fed, White, National Economic Council, Federal Deposit Insurance Corporation Locations: Washington

☆ Best 5-Year CD Rates
▼ + stars: | 2023-09-25 | by ( Martha C. White | ) www.wsj.com time to read: +7 min

Best 5-year CD ratesA five-year CD is one of the more common CD terms available. Our CD rate picks reflect the best available five-year CD rates we found on DepositAccounts, com, which tracks roughly 275,000 rates at more than 11,000 banks and credit unions. For instance, a five-year CD could represent your long-term horizon in a CD ladder also containing one, two, three and four-year CDs. You expect interest rates to fallThe current interest rate environment is great for savers, but if the U.S. economy slows, the Federal Reserve policy makers are likely to cut interest rates in order to stimulate the additional growth. These accounts’ interest rates are variable, so if prevailing interest rates decline, banks will cut their rates and you will earn less money.

Persons: Martha C, —, ”, Ken Tumin, Dillon Haviland Organizations: Federal Deposit Insurance Corp, Federal Reserve, Fed, TBH Advisors, FDIC, National Credit Union Administration Locations: U.S, Nashville, Tenn

☆ Cash accounts are paying more than 5% in interest—but 'don't load up on it,' says money expert
▼ + stars: | 2023-09-22 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

With interest rates hovering near zero for much of the last decade, savers couldn't expect to earn much in interest when they stashed their money. Online banks are offering high-yield savings accounts paying interest in the neighborhood of 5%, according to Bankrate. High-yield savings accounts High-yield savings accounts and money market accounts are both insured, up to $250,000, by the Federal Deposit Insurance Corporation. Money market funds Money market funds are mutual funds that invest in short-term low-risk debt. There is a very small risk of losing money with these, and they generally pay attractive interest rates and can be quickly liquidated.

Persons: Cash, Amy Arnott, there's, they've, Arnott, Banks, Morgan, Charles Schwab Organizations: Federal Reserve, Morningstar Research Services, ., Federal Deposit Insurance Corporation, Vanguard

☆ US government shutdown: What is it and who would be affected?
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +7 min

Contracts awarded prior to the shutdown would continue, and the Pentagon could place new orders for supplies or services needed to protect national security. NATIONAL PARKS AND NATURAL RESOURCESIt's not clear how the United States' 63 national parks would be affected. They remained open during the 2018-2019 shutdown, through restrooms and information desks were closed and waste disposal was halted. WHITE HOUSEIn 2018-2019 shutdown, the White House furloughed 1,100 of 1,800 staff in the Executive Office of the President. Some offices, such as the National Security Council, continued at full strength, while others like the Office of Management and Budget were scaled back sharply.

Persons: Kevin Wurm, Lockheed Martin, Donald Trump, Pete Buttigieg, Pell, Andy Sullivan, Pete Schroeder, Howard Schneider, Moira Warburton, Scott Malone, Alistair Bell Organizations: U.S, Capitol, REUTERS, Workers, Pentagon, Boeing, Lockheed, Raytheon, The, National Nuclear Security Administration, FBI, Drug Enforcement Administration, Service, Border Patrol, Coast Guard, Federal Trade, AFFAIRS U.S, National Institutes of Health, National Science Foundation, National Oceanographic, Atmospheric Administration, NASA, Space, Disease Control, Prevention, Food and Drug Administration, Securities, Exchange, Commodities, Futures Trading, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Social Security Administration, Veterans Administration, Federal Emergency Management Agency, Education Department, White, Small Business Administration, National Labor Relations, National Security Council, Management, U.S . Postal, Thomson Locations: Washington , U.S, United States

☆ What the Fed’s September Rate Decision Means for You
▼ + stars: | 2023-09-20 | by ( Steve Garmhausen | ) www.wsj.com time to read: +5 min

By Steve GarmhausenThe Federal Reserve elected on Wednesday to keep interest rates steady, and that’s good news for savers: It means they’ll continue to enjoy the best rates in more than two decades. There’s more good news: The market, which just a few weeks ago expected rate cuts to start early in 2024, now doesn’t expect cuts until midyear. “There are several options to get at least 5% on your liquid cash, and that should stay around until the Fed cuts rates,” says DepositAccounts.com founder Ken Tumin. Meanwhile, inflation remains well above the Fed’s preferred rate of 2%, providing another reason for it to keep rates high. The fed-funds rate is the interest rate at which banks lend reserve balances to each other overnight.

Persons: Steve Garmhausen, ”, Ken Tumin, “, Michael Yoshikami, Banks, don’t Organizations: Federal Reserve, —, Fed, BMO Alto, Federal Deposit Insurance Corp Locations: Walnut Creek, Calif

☆ How to get an even higher CD rate than you see advertised
▼ + stars: | 2023-09-19 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Higher yields on certificates of deposit are out there, but you'll have to venture beyond your favorite bank to get them. "There could be as much as a 50-basis point difference going to a brokered CD," he said. Brokered vs. bank offerings With a bank CD, the investor goes directly to the institution to buy the instrument. For instance, brokered CDs purchased via Vanguard begin at 1 to 3 months and go out beyond 10 years. The value of the CD will fluctuate with interest rates, with the price declining as yields run higher.

Persons: Malcolm Ethridge, Greg McBride, McBride, Ethridge, Michael Bloom Organizations: Wealth, Vanguard, Bankrate.com . Bank, Federal Deposit Insurance Corp Locations: Rockville , Maryland

☆ Savings Account and CD Rates Today | Savings Rates vs CD Rates
▼ + stars: | 2023-09-18 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Leading High-Yield Savings Account RatesRemember that high-yield savings account rates are variable, so they will change over time. Fees no monthly service fee Annual Percentage Yield (APY) 5.26% Minimum Deposit Amount $1 Pros Check mark icon A check mark. FDIC Insured* Annual Percentage Yield (APY) 5.00% Minimum Deposit Amount $1,000 Pros Check mark icon A check mark. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos, —

☆ Savings Account and CD Rates Today | More Banks Add 5% Rates
▼ + stars: | 2023-09-15 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, USALLIANCE, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos, —

☆ Wall Street banks shed jobs to ease cost pressures
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Morning commuters walk on Wall Street in New York's financial district October 30, 2014. Others, like Citigroup (C.N), are preparing to cut jobs as part of a structural revamp targeted to remove complexity. It also laid off nearly 1,000 employees from First Republic Bank, the collapsed lender it had acquired from the Federal Deposit Insurance Corp. The bank laid off about 3,200 people earlier this year in its biggest headcount reduction since the 2008 financial crisis. Lazard (LAZ.N) -The New York-based investment bank said it would cut around 10% of its workforce in 2023.

Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Wells Fargo, Wells, Mike Santomassimo, Santomassimo, Charles Schwab, Lazard, Jaiveer Singh, Maju Samuel Organizations: REUTERS, Banking, Citigroup, JPMorgan, First Republic Bank, Federal Deposit Insurance Corp, Reuters, Financial Times, Bloomberg News, Wall Street, UBS Group, Credit, Thomson Locations: New, U.S, New York, York, Bengaluru

☆ Savings Account and CD Rates Today | More 5% Rates Come to Market
▼ + stars: | 2023-09-14 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Start, Western Alliance Bank, Mint Western Alliance Bank, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos, —

☆ Savings Account and CD Rates Today | Earn Over 5% on Savings and CDs
▼ + stars: | 2023-09-12 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

The groups argued that banks cannot properly respond to the proposal, which would require lenders to hold more cash to absorb losses, without that analysis. The Fed drafted the rules with the Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC). The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. The U.S. central bank has estimated it will increase industry capital requirements by $170 billion. "These capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital."

Persons: Rick Wilking, Goldman Sachs, Morgan Stanley, Banks, David Solomon, Jamie Dimon, Morgan Stanley's, Dan Simkowitz, Pete Schroeder, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Michelle Price, Paul Simao, Deepa Babington Organizations: Deposit Insurance Corporation, REUTERS, Rights, Federal Reserve, JPMorgan Chase, Citigroup, APA, Fed, Federal Deposit Insurance Corp, Currency, OCC, Banking, Reuters, JPMorgan, FDIC, Republican, Financial, Bank Policy Institute, American Bankers Association, Financial Services, Institute of International Bankers, Securities Industry, Financial Markets Association, Chamber of Commerce, Thomson Locations: Westminster , Colorado, U.S, Washington

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