United States Banks & Banking

Russia hit by second bailout as B&N Bank seeks central bank aid

reuters.com

Russia hit by second bailout as B&N Bank seeks central bank aid


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Longtime Webster Bank CEO To Retire

courant.com

Longtime Webster Bank CEO To Retire


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Stocks rise, led by banks and technology; oil prices fall

latimes.com

Stocks rise, led by banks and technology; oil prices fall


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SunTrust pays $1.1 million for steering clients to costly funds

ajc.com

SunTrust pays $1.1 million for steering clients to costly funds


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HSBC sees two UK interest rate hikes by end-2018

reuters.com

HSBC sees two UK interest rate hikes by end-2018


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Less foreign borrowing, longer bonds offset rise in emerging debt levels: BIS

reuters.com

Less foreign borrowing, longer bonds offset rise in emerging debt levels: BIS


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Credit union robbed inside Cedar Rapids Hy-Vee

kcrg.com

Credit union robbed inside Cedar Rapids Hy-Vee


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Home / United States / Business / Finance / Financial Institutions / Banking Institutions
The Wall Street Journal: Bank of Japan leaves monetary policy unchanged
TOKYO — The Bank of Japan left policy unchanged Thursday, sticking with its aggressive monetary stimulus measures as many other major central banks around the world head toward the exit door from easy money. The Japanese central bank’s decision to maintain its ultra-easy stance aimed at fueling inflation came just hours after the Federal Reserve announced the beginning of a multiyear program to shrink its bondholdings and indicated it was still on track to raise rates again in December   Read More ...
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Places: United States |  Asia |  N.E. Asia |  Japan | 
Stocks wobble after Federal Reserve news but close mostly higher
U.S. stock indexes overcame a wobble to close mostly higher Wednesday after the Federal Reserve said it would start reducing its huge bond portfolio next month and was still on track to raise interest rates later this year. The central bank's announcement drove bond yields higher, lifting shares of banks and other financial firms. Banks benefit from higher bond yields because it means they can charge higher interest rates on loans   Read More ...
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Places: Americas |  North America |  United States | 
Fed signals interest rates will keep going higher as it exits financial crisis policy
The Fed sent a strong message that it plans to keep raising interest rates, even as it unfurled plans to shrink its mammoth-sized balance sheet. The Fed's actions Wednesday also make clear that regardless of who is running the Fed next year, it is committed to its plan to shrink its portfolio and back away from the last phase of the extraordinary easing it began in the financial crisis   Read More ...
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Places: Americas |  North America |  United States | 
Yellen rips Wells Fargo scandal as 'egregious and unacceptable'
Federal Reserve Chair Janet Yellen blasted Wells Fargo for the bank's fake-account scandal, though she stopped short of what actions the central bank may take. Responding to a question at her quarterly news conference, Yellen called Wells Fargo's actions "egregious and unacceptable." The bank has been under fire for the past year after it admitted that thousands of employees enrolled customers in programs without their knowledge or consent   Read More ...
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Places: Americas |  North America |  United States | 
MOVES-Citigroup, SocGen, BofA Merrill, Hiscox, Franklin Resources
CITIGROUP Arnaud Mares, special adviser to the European Central Bank’s president Mario Draghi for the last five years, has been appointed chief European economist at Citigroup overseeing economics research across EMEA. SOCIETE GENERALE Societe Generale has hired Francisco Sottomayor as head of global markets for Spain and Portugal, with the aim of expanding the French bank’s business in the region. BANK OF AMERICA MERRILL LYNCH Adrien de Naurois, Bank of America Merrill Lynch’s head of sovereign, supranational and agency debt syndicate, is taking on additional coverage responsibilities at the U   Read More ...
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Places: North America |  United States | 
US stock indexes waver following Fed announcement
U.S. stocks are wavering between small gains and losses Wednesday afternoon as investors size up the Federal Reserve's latest economic and interest rate policy update. The central bank's policymakers said they will likely raise rates one more time this year and will begin unwinding the Fed's large portfolio of bonds next month. That sent bond yields and banks and other financial companies higher   Read More ...
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Places: Americas |  North America |  United States | 
US Federal Reserve keeps interest rates unchanged
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Tags: Interest Rates | 
Places: Americas |  North America |  United States | 
Federal Reserve will start reducing its stockpile of bonds
The Federal Reserve announced Wednesday that it would start slowly reducing the trillions of dollars in bonds it bought to try to stimulate the economy, another milestone in the central bank's efforts to return to a normal monetary policy after the Great Recession. The long-awaited reduction in the Fed's $4.5-trillion balance sheet comes amid great uncertainty at the central bank.There are several vacancies on the Fed board, and there could be a change in leadership early next year if President Trump decides not to renominate Chairwoman Janet L   Read More ...
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Places: Americas |  North America |  United States | 
US advises banks to be on lookout for Venezuelan corruption
BOGOTA, Colombia (AP) — The U.S. Treasury is advising banks to be on the lookout for suspicious financial activity indicating corruption by senior Venezuelan officials. Wednesday's advisory by the Financial Crimes Enforcement Network asks banks to keep watch for Venezuelan government contracts, wire transfers from shell companies and real estate purchases in south Florida and Houston. It said the advisory arose out of concern expressed by financial institutions that transactions involving state-owned enterprises were being used to launder kickbacks and bribes paid to senior officials, their families and associates   Read More ...
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UPDATE 4-Bank bailout hits Russia as B&N asks central bank for aid
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Categories: Business | 
Tags: Banks & Banking |  Central Bank | 
Places: United States | 
ECB official says stimulus withdrawal should be no drama
FRANKFURT, Germany (AP) — A member of the European Central Bank's rate-setting committee says that it is time to start phasing out the bank's bond-purchase stimulus efforts. Klaas Knot, the head of the Netherlands' central bank and a member of the ECB's 25-member governing council, says in a speech released Wednesday that 12 quarters of growth in the 19 countries that use the euro means that "the main rationale for central bank asset purchases has disappeared   Read More ...
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Places: United States |  Hesse |  Frankfurt | 
Russia hit by second bailout as B&N Bank seeks central bank aid
MOSCOW (Reuters) - Russia’s B&N Bank, the country’s 12th biggest lender by assets, has sought a bailout from the central bank, just three weeks after another leading Russian bank had to be rescued. There was no immediate sign of market contagion on Wednesday as Russia’s central bank confirmed it was in talks with B&N’s owners and would decide on a bailout in the near future   Read More ...
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Places: United States |  Europe |  E. Europe |  Russia | 
Austrian bank BAWAG PSK expects to decide on IPO next week
VIENNA/FRANKFURT, Sept 20 (Reuters) - BAWAG PSK, the Austrian bank majority owned by U.S. private equity group Cerberus Capital Management, expects to formally announce next week whether it will go ahead with a share offer, two people familiar with the matter said. Announcing its intention to float would start a process that would lead to a listing a month later, at the end of October, the people said   Read More ...
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Places: Americas |  North America |  United States | 
CEE MARKETS-Hungarian bond yields hit record low on central bank easing
* Hungarian bonds up to 10 years trade at record-low yields * Hungarian central bank eased policy contrary to globaltrend * CEE assets are mos.   Read More ...
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Places: United States | 
Project Syndicate: The global economy is starting to create lose-lose situations
LONDON (Project Syndicate) — Next month, when finance ministers and central bank governors from more than 180 countries gather in Washington, D.C., for the annual meetings of the International Monetary Fund and the World Bank, they will confront a global economic order under increasing strain. Having failed to deliver the inclusive economic prosperity of which it is capable, that order is subject to growing doubts — and mounting challenges   Read More ...
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Places: Americas |  North America |  United States | 
UK retail sales surge in August, likely to boost BOE rate hike bets
British retail sales unexpectedly surged in August, official figures showed on Wednesday, boosting the chance that the Bank of England will raise interest rates in November. Last week the BOE said it was likely to raise interest rates in the coming months if the economy and inflation pressures strengthen as expected. Wednesday's official data showed a sharp pick-up in monthly sales growth in August to its fastest since April, despite inflation pressures that have previously squeezed spending   Read More ...
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Places: United States | 
US bank CEOs are likely 'very afraid' of bitcoin, says wealth advisor
CEOs of U.S. banks are likely "very afraid" of bitcoin, according to a wealth advisor. Some financiers have said the cryptocurrency is an unwise investment because of its volatility or supposedly weak store of value, but bank chiefs have another reason to dislike bitcoin, said Rainer Michael Preiss, executive director at Taurus Wealth Advisors. "Of course, if you run a very large U   Read More ...
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Places: Americas |  North America |  United States | 
Elizabeth Warren urges Fed to 'step up' and remove Wells Fargo's board
Sen. Elizabeth Warren on Tuesday again urged the Federal Reserve to remove Wells Fargo's board in response to the bank's fake account scandal. The Massachusetts Democrat contended that the central bank has a chance to "step up" and prove it cares about protecting consumers. In a Senate hearing this year, Fed Chair Janet Yellen told Warren that the Fed has the power to remove directors   Read More ...
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Places: Americas |  North America |  United States | 
A 'historical unicorn' could cause a 'nasty shock' for investors, strategist says
Global asset prices are "possibly the most elevated" in history, Deutsche Bank strategists said in a sweeping new report about the frequency of financial crises and shocks throughout history. This kind of "gross overvaluation in both equities and bonds" is of particular concern right now to Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management. He says investors may soon face an unexpected shock as central banks look to normalize monetary policy years after the financial crisis   Read More ...
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Places: Americas |  North America |  United States | 
EMERGING MARKETS-Russian bank bailout talk hits Moscow financial shares, elsewhere flat pre-Fed
LONDON, Sept 20 (Reuters) - Russia’s bank and financial shares index fell on Wednesday after a lender asked authorities for a bailout, while other emerging assets flatlined, awaiting the outcome of the U.S. Federal Reserve meeting. Emerging stocks traded just off three-year highs and sovereign bond yields have also pulled off multi-year lows, with the Fed expected to announce a decision to start paring bond holdings and provide hints of a possible December rate hike   Read More ...
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Places: Americas |  North America |  United States |  Europe |  E. Europe |  Russia | 
MOVES-Bank of America promotes Jim O'Neil to co-head of CIB EMEA - memo
LONDON, Sept 20 (Reuters) - Bank of America Merrill Lynch has promoted Jim O'Neil to co-head its corporate and investment bank in Europe, Middle East and Africa (EMEA), according to a memo seen by Reuters on Wednesday.   Read More ...
Categories: Business | 
Places: Americas |  United States | 
MOVES-BAML promotes O'Neil in Europe leadership reshuffle
LONDON, Sept 20 (IFR) - Bank of America Merrill Lynch has promoted Jim O‘Neil, who previously ran the UK government body that managed the taxpayers’ holdings in bailed out banks, to co-head its corporate and investment bank in Europe. O‘Neil is to run CIB for Europe, Middle East and Africa alongside Bob Elfring, according to a memo to staff seen by IFR   Read More ...
Categories: Business | 
Places: United States |  Europe | 
Longtime Webster Bank CEO To Retire
James C. Smith, the longtime chief executive of Waterbury-based Webster Bank and son of the bank’s founder, will retire Jan. 1, and will be succeeded by the first CEO outside the Smith family in the bank’s 82-year history. Smith, 68, will be succeeded by John R. Ciulla, the bank announced Tuesday. Ciulla joined Webster in 2004, later leading commercial banking, and was named president in 2015   Read More ...
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Places: Americas |  North America |  United States |  Northeast |  New England |  Connecticut |  Waterbury | 
As charts point to a big bank rally, a technician says there is one name you want to bet on
Financials rallied back to their mid-August highs on Monday, and TradingAnalysis.com founder Todd Gordon says JPMorgan is one big bank that could see a bounce. The basic call is pinned on what Gordon sees happening in the bond market. "The financials are acting quite strong as bonds are threatening a breakdown, so you could find potentially higher rates," he explained Monday on To illustrate his point, on a chart of TLT, the ETF that tracks long-term Treasury bonds, Gordon draws a line connecting TLT's lows over the past few months   Read More ...
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Places: Americas |  North America |  United States | 
Fed economist: 'No evidence that QE works' as central bank starts unwinding program
The Federal Reserve is on the cusp of reversing the most ambitious monetary stimulus program in world history amid questions over how much impact it really delivered. There's little question that the program, known as quantitative easing or "money printing," boosted the stock market. The three iterations of QE between November 2008 and October 2014 each saw big boosts to the market, with a cumulative gain from beginning to end, including the various down periods between each leg, of about 140 percent   Read More ...
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Places: Americas |  North America |  United States | 
BRIEF-Walter Investment Management says co entered into a commitment letter with Barclays Bank
Sept 20 (Reuters) - Walter Investment Management Corp * Walter Investment Management Corp - on September 13, Walter Investment Management Corp entered into a commitment letter with Barclays Bank PLC - SEC filing * Walter Investment Management Corp - Barclays has committed to provide company with an upsize of facilities with a maximum increase amount of $300 million * Walter   Read More ...
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Places: Americas |  North America |  United States | 
Markets Right Now: Banks, tech stocks lead indexes higher
NEW YORK (AP) — The latest on developments in financial markets (All times local): U.S. stocks posted slight gains on Wall Street, enough to send major indexes to more record highs. Banks, insurers and other financial companies led the gainers. Technology stocks also helped lift the market, while health care companies lagged the most. JPMorgan chose rose 1.1 percent and Facebook climbed 1   Read More ...
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Places: Americas |  North America |  United States | 
Markets Right Now: Banks, tech stocks lead indexes higher
NEW YORK (AP) — The latest on developments in financial markets (All times local): U.S. stocks posted slight gains on Wall Street, enough to send major indexes to more record highs. Banks, insurers and other financial companies led the gainers. Technology stocks also helped lift the market, while health care companies lagged the most. JPMorgan chose rose 1.1 percent and Facebook climbed 1   Read More ...
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Places: Americas |  North America |  United States | 
MOVES-Credit Suisse, Goldman Sachs, Standard Chartered, Prudential
(Adds Credit Suisse, Goldman Sachs, BNY Mellon Wealth Management, Banco Bradesco SA) CREDIT SUISSE GOLDMAN SACHS Goldman Sachs has moved Jeroen Rombouts, one of its most senior foreign exchange bankers, to its investment banking division to co-head corporate derivatives in Europe, Middle East and Africa. BNY MELLON WEALTH MANAGEMENT Bank of New York Mellon Corp’s wealth management arm named Juan Alejandro Ramos as senior wealth director of its Greenwich, Connecticut office   Read More ...
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Places: Americas |  North America |  United States |  Connecticut |  Greenwich | 
MOVES-Rombouts to co-head Goldman EMEA corporate derivatives
LONDON, Sept 19 (IFR) - Goldman Sachs has moved Jeroen Rombouts, one of its most senior foreign exchange bankers, to its investment banking division to co-head corporate derivatives in Europe, Middle East and Africa. Rombouts will also help drive the FX business globally across the corporate franchise, Goldman said in a memo to staff seen by IFR. He will be co-head in EMEA alongside Alessandro Dusi   Read More ...
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Places: United States | 
US STOCKS-Wall St little changed as investors focus on Fed meeting
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Tags: Banks & Banking |  Central Bank |  Investors | 
Places: Americas |  North America |  United States | 
MOVES-BNY Mellon Wealth Management names new senior wealth director
Sept 19 (Reuters) - Bank of New York Mellon Corp’s wealth management arm named Juan Alejandro Ramos as senior wealth director of its Greenwich, Connecticut office. Ramos, who previously worked at BofA's U.S. Trust bank as senior vice president, will report to Managing Director Chris Griffin. () (Reporting by Roopal Verma in Bengaluru) Our Standards:   Read More ...
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Places: Americas |  North America |  United States |  Connecticut |  Greenwich | 
Wall St. little changed as investors focus on Fed meeting
(Reuters) - U.S. stocks were little changed on Tuesday as investors held back from making major bets ahead of the Federal Reserve’s policy meeting that is expected to roll out a plan to pare the central bank’s debt holdings. Investors do not expect the central bank to increase interest rates as an outcome of the two-day meeting but will closely watch Fed Chair Janet Yellen’s views on inflation, which remains stuck below the Fed’s 2-percent target rate   Read More ...
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Places: Americas |  North America |  United States | 
Wall St. little changed ahead of Fed's policy meeting
(Reuters) - U.S. stocks were little changed in morning trading on Tuesday as investors avoided taking major bets ahead of the two-day Federal Reserve meeting that is expected to roll out a plan to pare the central bank’s bond holdings. Investors do not expect the central bank to increase interest rates in the meeting but will closely watch Fed Chair Janet Yellen’s views on inflation, which remains stuck below the Fed’s 2-percent target rate   Read More ...
Categories: Business | 
Places: Americas |  North America |  United States | 
Retired South Dakota state official pleads guilty in scam
A retired fraud investigator for the South Dakota Department of Revenue has pleaded guilty to federal bank fraud and money laundering charges. Steven Knigge, 71, was accused of fraudulently asking banks in several states to wire money to an account in South Dakota belonging to him, while he was working as a state official in the summer of 2015. Banks in Georgia, Arizona, Washington and Texas were targeted, authorities said   Read More ...
Categories: Business |  Law & Crime | 
Places: Americas |  North America |  United States |  South Dakota |  West |  Arizona |  Pacific |  Washington | 
Investment bank Jefferies' quarterly profit doubles
(Reuters) - U.S. investment bank Jefferies Group LLC’s third-quarter profit more than doubled from a year ago, as it earned more from advising on debt and equity financing as well as mergers and acquisitions. Jefferies said on Tuesday net income attributable to the company rose to $83.8 million in the quarter ended Aug. 31, compared with $41.2 million, a year earlier   Read More ...
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Places: Americas |  North America |  United States | 
Nine years on from the financial crisis, banks are still working to rebuild trust
Nine years later, the global economy has come a long way from where it was, but a major factor in the developments since then can be attributed to the artificial environment created by the world's major central banks - pumping in billions of dollars into the economy in their attempts to stabilize inflation, limit unemployment and incentivize growth. But while these efforts may slowly be bringing the economy out of the woods, financial services are still being badly hit   Read More ...
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Places: Americas |  North America |  United States | 
Two Indian renewable power producers plan to sell $750 mln in domestic bonds -sources
* Greenko to sell 30 bln rupees in rupee-denominated bonds -bankers * ReNew also plans to raise 18 bln rupees in domestic market -bankers * Sales come as regulatory change hits foreign investor demand By Promit Mukherjee and Krishna Merchant The pair turned to the domestic market after the central bank introduced limits on selling rupee-denominated bonds overseas, known as masala bonds, said the bankers, who declined to be identified as the plans are not public   Read More ...
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Places: United States |  Asia |  S. Asia |  India | 
Where Deutsche Bank thinks the next financial crises could happen
Central banks unwinding quantitative easing, potential crises in China and Italy, elevated global trade imbalances and a backdrop of populism: Just some of the potential sources of the next financial crisis, according to the latest research from Deutsche Bank. In a report looking for the potential source of the next financial shock, Deutsche Bank strategists Jim Reid, Nick Burns, Sukanto Chanda and Craig Nicol warned that there are "a number of areas of the global financial system that look at extreme levels   Read More ...
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Places: United States | 
RPT-Deutsche Bank CEO faces board grilling on turnaround progress
(Repeats story first published on Monday) * Deutsche Bank CEO to brief board on progress * Some shareholders impatient with pace of change * CEO Cryan says taking “baby steps” on more risk By Tom Sims Cryan, along with his top managers, is in Berlin to update chairman Paul Achleitner and the rest of the supervisory board on progress on Deutsche Bank’s most pressing projects, a person familiar with the meeting on Monday and Tuesday said   Read More ...
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