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[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. Future economic growth prospects were in focus on Tuesday following comments from financial titans pointing toward uncertain times ahead. The S&P banks index (.SPXBK) was down 2.6%, with Bank of America leading declines with a 5.6% drop. Fears about economic growth come amid a re-evaluation by traders of what path future interest rate hikes will take, following strong data on jobs and the services sector in recent days. "If economic growth continues to be better than what people are expecting, there are chances that the Fed would have to continue to be hawkish," said Rusty Vanneman, chief investment strategist at Orion Advisor Solutions.

[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. Concerns about a steep increase in borrowing costs have boosted the dollar, while weighing on equities and bond markets this year, with the S&P 500 down 17.5%. The S&P 500 rallied 13.8% in October and November on hopes of smaller rate hikes and better-than-expected earnings. The bank sector index (.SPXBK) fell 2.1%, with Bank of America leading declines with a 4.9% drop. The S&P index recorded three new 52-week highs and eight new lows, while the Nasdaq recorded 30 new highs and 191 new lows.

☆ 'We don’t lay off people’: This is how Bank of America's CEO plans to reduce employee levels
▼ + stars: | 2022-12-06 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Brian Moynihan, chief executive officer of Bank of America Corp., speaks during a Bloomberg Television interview at the Goldman Sachs Financial Services Conference in New York, on Tuesday, Dec. 6, 2022. Brian Moynihan is no stranger to laying off workers — it's one of the key ways he helped shape Bank of America after the 2008 financial crisis. The bank had 213,270 employees as of Sept. 30, about 3,900 more than the year earlier. Organizations as large as Bank of America are constantly losing and hiring employees, a churn that adds to expenses. Moynihan has used technology — from consolidating back-end processes to offering updated mobile apps — to help reduce noncustomer-facing employees.

☆ Wall Street bankers to see bonuses shrink as dealmaking sputters - Bloomberg Law
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Wall Street banks are weighing plans to slash bonuses this year, Bloomberg Law reported on Friday, as investment banking comes under pressure from choppy markets and a high interest-rate environment. Citigroup Inc (C.N) and Bank of America Corp (BAC.N) are considering cutting bonus pools by as much as 30%, the report said, citing people with knowledge of the internal deliberations. JPMorgan Chase and Co , the biggest U.S. bank by assets, is also planning bonus cuts, a source familiar with the matter told Reuters. Compensation and performance discussions typically begin in December as senior executives give indications about overall bonus pools that will be negotiated and finalized toward year-end. Citigroup and Bank of America declined to comment on the matter, while JPMorgan and Goldman Sachs did not respond to Reuters requests for comment.

WASHINGTON, Dec 1 (Reuters) - U.S. President Joe Biden rolled out the red carpet on Thursday for celebrities, lawmakers, and titans of industry at the White House's first state dinner in honor of French President Emmanuel Macron. The guest list included actress Jennifer Garner and her daughter with Ben Affleck, Violet; singer John Legend and model Chrissy Teigen; "Vogue" editor Anna Wintour; and director Baz Luhrmann. On Thursday night, Biden and his wife, Jill, welcomed the Macrons back to the White House for the dinner after diplomatic meetings earlier in the day. [1/7] Jennifer Garner and her daughter Violet Affleck arrive for a state dinner in honor of French President Emmanuel Macron at the White House in Washington, U.S., December 1, 2022. The lavish Washington dinner is one of few events that bring together people including the president's son Hunter and Kevin McCarthy, who leads a Republican congressional delegation that has vowed to investigate his business dealings.

☆ JPMorgan, BofA and Citi to slash banker bonuses - Bloomberg Law
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

Dec 2 (Reuters) - JPMorgan Chase & Co , Bank of America Corp (BAC.N) and Citigroup Inc (C.N) are all weighing plans to cut bonus pools for their investment bankers by as much as 30%, Bloomberg Law reported on Friday, citing people with knowledge of the internal deliberations. Reporting by Niket Nishant in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ JPMorgan, Other Banks in Talks to Reimburse Scammed Zelle Customers
▼ + stars: | 2022-11-28 | by ( David Benoit | Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Banks that own the Zelle payment network want to boost security as scams dupe customers into transferring money. Some of America’s biggest banks are devising a plan to compensate customers who fall victim to scams on their Zelle payment network. JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. are among the banks in advanced discussions to create a playbook for refunding customers and each other for illegitimate transfers, according to people familiar with the matter. The idea is to boost security and consumer trust in Zelle, the peer-to-peer payment system jointly owned by a consortium of banks, the people said.

☆ Berkshire Hathaway says Warren Buffett donates shares to family charities
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +2 min

Nov 23 (Reuters) - Berkshire Hathaway Inc (BRKa.N) said Warren Buffett has donated more of his fortune to four family charities, without disclosing whether the billionaire chairman made a new donation to the Bill & Melinda Gates Foundation. Buffett donated 1.5 million shares to the Susan Thompson Buffett Foundation. Another 900,000 shares were split evenly among charities run by his children Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the Novo Foundation. Buffett has since 2006 donated more than half of his Berkshire shares, worth more than $46 billion at the time of the donations. According the Buffett family foundation websites, the Howard G. Buffett Foundation works to alleviate hunger, mitigate conflicts and improve public safety around the world.

☆ Bank regulators tell Citigroup to take urgent action to fix resolution plan
▼ + stars: | 2022-11-23 | by ( Hannah Lang | ) www.reuters.com time to read: +3 min

The regulators gave Citi a January 2023 deadline to submit its plan to address the shortcomings, while giving the all clear to seven other large banks that submitted resolution plans. The problems related to earlier concerns the Fed had identified with Citi’s data quality and data management in an October 2020 enforcement action against the bank. Eric Compton, a banking analyst at Morningstar, said regulators often highlight data management issues at banks because they can be interrelated, potentially having wide-ranging impact. “Citi is not the first bank to have its resolution plan dinged," he said. Those problems related to the banks' abilities to produce data in stressed conditions to implement their resolution plans.

☆ U.S. business equipment borrowings grew 6% in October- ELFA
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - U.S. companies borrowed 6% more in October to finance equipment investments compared with a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Monday. The companies signed up for $11.3 billion in new loans, leases and lines of credit last month, compared with $10.7 billion a year earlier, according to ELFA. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77%, marginally down from 77.3% in September. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in November stood at 43.7%, down from 45% in October.

☆ Mortgage Rates Are High Because Nobody Is Buying Mortgages
▼ + stars: | 2022-11-15 | by ( Ben Eisen | ) www.wsj.com time to read: 1 min

The average 30-year fixed mortgage rate topped 7% recently, further cooling a housing market that was red hot just a few months ago. Bank of America Corp. gobbled up hundreds of billions of dollars of mortgage bonds during the height of the pandemic. But with rates rising, its buying spree has ended. Banks have stepped back from buying mortgage bonds. So has the Federal Reserve, the largest investor in that market.

The SEC filed 760 enforcement actions in the year ending Sept. 30, up 9% from the year before, according to the agency’s annual enforcement report, which was made public Tuesday. The SEC imposed a total of $6.44 billion in monetary penalties, the highest amount on record and 67% above the previous year. That made it the second-highest year for both the number of awards and dollar amounts of awards issued, the SEC said. PREVIEWThe SEC whistleblower program in August reversed a Trump-era change that would have put a limit on the amount of awards it could provide. The SEC said it was focusing on actions that would deter future violations while encouraging accountability from major institutions.

☆ Buffett's Berkshire sheds large portion of US Bancorp stake
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

In a regulatory filing, Berkshire said it owned just over 53 million U.S. Bancorp shares, for a 3.6% stake, on Oct. 31, down from 144.7 million shares, or 9.8%, on Dec. 31, 2021. Berkshire began investing in the Minneapolis-based bank in 2006, according to regulatory filings. U.S. Bancorp and Buffett's assistant did not immediately respond to requests for comment after market hours. Berkshire owned $126.5 billion of the iPhone maker's shares on Sept. 30. On Nov. 14, Berkshire is expected in a regulatory filing to disclose more information about its U.S.-listed stock holdings.

The latest stock sale comes as analysts had also widely expected Musk to sell additional Tesla shares. Tesla has lost nearly half its market value and Musk's net worth slumped by $70 billion ever since he bid for Twitter in April. Musk pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covered the $44 billion price tag and the closing costs. Banks, including Morgan Stanley (MS.N) and Bank of America Corp (BAC.N), committed to provide $13 billion in debt financing. Tesla and Twitter did not immediately respond to Reuters' requests for comment.

☆ Rising Rates Boost Companies’ Focus on Working Capital Management
▼ + stars: | 2022-11-03 | by ( Nina Trentmann | Kristin Broughton | ) www.wsj.com time to read: +5 min

Higher interest rates are putting more pressure on companies to free up cash from their operations, a cheaper option than relying on credit. PREVIEWRising financing costs are one of several factors pushing companies to improve how they manage working capital, alongside high inventory levels and persistent inflation. “The only difference now is that with your cost of capital being higher, sometimes the economics change, but we’re always looking at working capital,” he said. “Working capital management comes more in focus,” Mr. Fracassa said, as it costs more for companies to draw on their revolving lines of credit with today’s higher rates. “It was kind of the unique rebuild period for working capital,” Mr. Wells said.

☆ Rising Rates Boosts Companies’ Focus on Working Capital Management
▼ + stars: | 2022-11-03 | by ( Nina Trentmann | Kristin Broughton | ) www.wsj.com time to read: +6 min

☆ Democratic U.S. senator wants probe into Saudi firm's stake in Twitter
▼ + stars: | 2022-10-31 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Senator Chris Murphy said on Monday he wants a U.S. national security review of a Saudi Arabian conglomerate's stake in Twitter Inc after Elon Musk's takeover of the social media company. "The deal is in line with the long-term investment strategy which Kingdom Holding Company is known for," the statement said. Alwaleed's Kingdom Holding is 16.9% owned by Saudi Arabia's sovereign wealth fund, which is chaired by Crown Prince Mohammed bin Salman. Banks including Morgan Stanley (MS.N) and Bank of America Corp (BAC.N) committed to provide $13 billion in debt financing. Reporting by David Shepardson in Washington Editing by Franklin Paul and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Banks plan to sell Tenneco buyout debt next week -sources
▼ + stars: | 2022-10-28 | by ( Matt Tracy | Shankar Ramakrishnan | ) www.reuters.com time to read: +2 min

Banks led by Citigroup Inc (C.N) and Bank of America Corp (BAC.N) aim to begin marketing a portion of the Tenneco debt package's secured portion as early as next week, said one of the sources. The package consists of a $2.4 billion leveraged loan, a $2 billion secured bond, and a $1 billion unsecured bond. This activity is rekindling hope among banks that they may not have to suffer big loses to shed junk-rated debt from their balance sheet. If the Tenneco syndication goes well, banks are sitting on plenty of junk-rated debt they may seek to offload. This includes $11 billion in debt backing the takeover of media analytics company Nielsen and $13 billion of debt for Elon Musk’s acquisition of Twitter.

☆ Factbox: Who's in and out in Credit Suisse's day of reckoning
▼ + stars: | 2022-10-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Oct 27 (Reuters) - Credit Suisse's (CSGN.S) latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. IN:MICHAEL KLEINA former Citigroup Inc (C.N) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan (JPM.N) where he was a managing director in New York. The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse's reputation after a series of scandals.

☆ U.S. business equipment borrowings grew 11% in September - ELFA
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - U.S. companies borrowed 11% more in September to finance their equipment investments compared with a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday, while raising doubts over the sustainability of this growth amid slowdown fears. The companies signed up for $10.2 billion in new loans, leases and lines of credit last month, compared with $9.2 billion a year earlier, according to ELFA. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77.3%, up from 75.2% in August. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in October stood at 45%, compared with 48.7% in September.

☆ Musk informs co-investors he plans to close Twitter deal by Friday-source
▼ + stars: | 2022-10-25 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: An image of Elon Musk is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. Musk pledged to close the deal on a video conference call on Monday with bankers who are helping fund the deal, according to the report. Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag and closing costs. Banks, including Morgan Stanley and Bank of America Corp, have committed to provide $13 billion of debt financing to support the deal. The closure of the deal will put to rest months of speculation that the erratic entrepreneur would abandon the takeover.

☆ Musk informs co-investors he plans to close Twitter deal by Friday, person familiar says
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - Elon Musk has notified co-investors who committed to help fund his $44 billion acquisition of Twitter Inc (TWTR.N) that he plans to close his buyout of the social media firm by Friday, according to a person familiar with the matter. The move is the clearest sign yet that Musk plans to comply with a Delaware court judge's deadline to complete the transaction by Friday. Musk pledged to close the deal on a video conference call on Monday with bankers who are helping fund the deal, according to the report. Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag and closing costs. Banks, including Morgan Stanley and Bank of America Corp (BAC.N), have committed to provide $13 billion of debt financing to support the deal.

☆ Arizona, Texas join multi-state probe into big banks over net-zero pledge
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

A combination file photo shows Wells Fargo, Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America, JPMorgan, and Goldman Sachs from Reuters archive. The investigation is targeting JPMorgan Chase & Co , Goldman Sachs Group Inc , Bank of America Corp , Citigroup Inc , Wells Fargo & Co (WFC.N) and Morgan Stanley (MS.N). "American banks should never put political agendas ahead of the secure retirement of their clients," Arizona AG Mark Brnovich said in a statement. "The last thing Americans need right now are corporate activists helping the left bankrupt our fossil fuel industry," Texas AG Ken Paxton said, adding that the banks practices potentially violate consumer protection laws. JPMorgan declined to comment, while the other five banks did not immediately respond to requests for comment.

☆ Bank of America updates on return-to-office plans - memo
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

Oct 18 (Reuters) - Bank of America Corp (BAC.N) employees will have to work from office depending on their role and functional needs, with some of them needing to be in office for three days a week, according to a memo seen by Reuters. Positions that require in-office locations, including financial center employees, will continue to be fully based in offices through their full work schedule, the memo said. Roles that "generally need to function inside" offices will have the option to work from home for a limited number of days each month, while employees with job profiles supporting a split schedule will work in the office for a minimum of three days each week, according to the memo. Register now for FREE unlimited access to Reuters.com RegisterReporting by Deborah Sophia in BengaluruOur Standards: The Thomson Reuters Trust Principles.

"There's a reasonable chance of a recession in the U.S., but it's not certain," Solomon said on Tuesday after the company released third-quarter earnings. "Fitch expects the U.S. economy to enter genuine recession territory — albeit relatively mild by historical standards — in 2Q23." David Solomon, Chairman and CEO of Goldman Sachs, speaks at the 2022 Milken Institute Global Conference, in Beverly Hills, California, U.S., May 2, 2022. "Private equity activity gets reset at a time like this because values have to come down because financing costs have gone up," he said. "So there's been less private equity activity right now."

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