United States Banks & Banking

Smart Money Tips from Savings Bank of Danbury

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Smart Money Tips from Savings Bank of Danbury


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China Citic, Baidu launch direct bank in fintech push

reuters.com

China Citic, Baidu launch direct bank in fintech push


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Tech, banks lead early losses for US stocks; oil heads lower

bostonherald.com

Tech, banks lead early losses for US stocks; oil heads lower


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Police hunting for suspect in Pawtucket Credit Union robbery

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Police hunting for suspect in Pawtucket Credit Union robbery


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Australia non-mining investment on the mend: RBA

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Australia non-mining investment on the mend: RBA


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'Common sensical' banker retires after 40 momentous years

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'Common sensical' banker retires after 40 momentous years


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BRIEF-Endicott Management reports a 7.83 pct stake in Metropolitan Bank Holding
Nov 20 (Reuters) - Metropolitan Bank Holding Corp: * Endicott Management Company reports a 7.83 percent stake in Metropolitan Bank Holding Corp as of Nov 8 - SEC filing * Endicott Management Co says acquired shares in Metropolitan Bank because co believed that the shares represented an "attractive" investment opportunity Source text: () Further company coverage: Our Standards:   Read More ...
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Janet Yellen to leave Fed board once Powell sworn in as central bank chief
U.S. Federal Reserve Chair Janet Yellen will leave her seat on the central bank’s Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the Fed, the central bank and Yellen announced on Monday. Yellen’s term as Fed chief ends in February, but she technically could continue serving out a separate appointment as a Fed governor until 2024   Read More ...
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Places: Americas |  North America |  United States | 
Yellen to leave Fed board once Powell sworn in as central bank chief
WASHINGTON (Reuters) - U.S. Federal Reserve Chair Janet Yellen will leave her seat on the central bank’s Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the Fed, the central bank and Yellen announced on Monday. Yellen’s term as Fed chief ends in February, but she technically could continue serving out a separate appointment as a Fed governor until 2024   Read More ...
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Places: Americas |  North America |  United States | 
Police searching for man armed with long gun after Greenwood bank robbery
GREENVILLE, SC (FOX Carolina) - Greenwood police are investigating after they said a man armed with a long gun robbed a bank Monday morning. The robbery happened at the Lakelands Federal Credit Union on Edgefield Street just after 10 a.m. Police said the suspect entered the bank, pointed a long gun at the teller and demanded money. No shots were fired and no one was hurt in the robbery   Read More ...
Categories: Business |  Law & Crime | 
Places: Americas |  North America |  United States |  Greenville | 
Europe's top banker expects job gains to give wages a boost
BRUSSELS (AP) — Europe's top central banker says he expects the improving labor market to eventually push up wages and inflation toward target. European Central Bank President Mario Draghi told European lawmakers Monday that there are a number of reasons why wages have not risen markedly despite the region's economic recovery. He said there's a possibility that the recent era of low inflation has capped wage demands and that the priority of wage negotiators has been to secure jobs   Read More ...
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Places: United States |  Europe | 
Exclusive: Saudi prince detention holds up loan to investment firm - sources
DUBAI (Reuters) - Kingdom Holding’s plan to borrow money to fund new investments has stalled because owner Prince Alwaleed bin Talal has been detained in Saudi Arabia’s anti-corruption crackdown, according to four banking sources familiar with the matter. Kingdom 4280.SE had approached banks to obtain the loan, but the financing plan has been held up because the lenders are worried about potential repercussions if they lend to the prince’s company, the sources said   Read More ...
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TSX slips as banks, resources stocks weigh
TORONTO (Reuters) - Canada’s main stock index opened slightly lower on Monday, hurt by losses among its heavyweight natural resources sectors and biggest banks, while consumer and technology stocks rose. The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 3.98 points, or 0.02 percent, at 15,994.59 shortly after the open. Reporting by Alastair SharpEditing by Chizu Nomiyama. Our Standards:   Read More ...
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Digital bank Monzo’s CEO was ‘very clear’ to Stripe founders: ‘We have no plans to be acquired’
Monzo isn't planning on partnering with a major bank any time soon but wants to build a shared "marketplace" ecosystem with them, Blomfield said. "Where we're going longer term is in marketplace banking, where we're trying to build Monzo into a control center, into a dashboard, a marketplace. So we do the day-to-day money management but say for example you want a mortgage, that's not something we would provide, so actually we'll offer mortgages from other banks on our platform   Read More ...
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Chinese shadow banking has slowed — but that's not as good as it seems
China is on a drive to reduce its reliance on debt, a habit that some experts warn could lead to a global financial crisis. An apparent recent victory in that push is new data suggesting that the growth in the risky "shadow banking" sector is slowing this year. But that might not be as good news as it seems on first blush: The credit is just moving to more regulated areas, keeping overall lending activity high   Read More ...
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Places: United States |  Asia |  E. Asia |  China | 
Terdot Trojan Hacks Banking, Credit Cards, Gmail, Facebook, Yahoo, And Twitter
Terdot, a new trojan based on the infamous Zeus malware, has been identified by security researchers. And according to Bitdefender, the trojan not only hacks banking and credit card information like its predecessors, but has the capacity to hack into email and social media – the current iteration comes loaded to obtain access to the user’s Gmail, Facebook, Twitter, and Yahoo accounts – and even modify traffic to and from the websites   Read More ...
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Goldman Sachs sees four US rate hikes in 2018
The US economy is heading into 2018 with strong momentum that's likely to boost wages and inflation more broadly, requiring the Federal Reserve to raise interest rates four times next year, Goldman Sachs Group Inc. economists said in a research note. The New York-based investment banking and securities firm raised its growth outlook for 2018 to 2.5 per cent and lowered its forecast for unemployment to 3   Read More ...
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Brazil central banker says 'fine' with gradual U.S. rate hikes
BERKELEY, Calif. (Reuters) - Brazil’s central bank chief Ilan Goldfajn said he expects the U.S. Federal Reserve to continue to raise U.S. interest rates gradually, allowing the current relatively benign environment for the South American economy to continue. He added that he expects Jerome Powell, nominated by President Donald Trump to succeed Janet Yellen as Fed Chair in February, to continue to raise rates gradually, “and that will be good for emerging markets   Read More ...
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Places: North America |  United States |  Brazil | 
Brazil central banker says 'fine' with gradual U.S. rate hikes
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Places: North America |  United States |  Brazil |  United Kingdom | 
Smart Money Tips from Savings Bank of Danbury
The holiday season is truly a magical time of year, but for many people it can be one of the most stressful times of the year financially. The Savings Bank of Danbury has a few Smart Money Tips to help you stay on track so you can make the season bright. Whether you are purchasing gifts, planning a trip, saving for college, buying a home or starting a business, the Savings Bank of Danbury can help you take charge of your financial world   Read More ...
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Elevated CAPE ratio suggests stock market returns to decline, regional Fed bank finds
A popular measure of valuing stocks looks set for a decline, and stock returns will suffer because of it, according to new research published Monday by the Federal Reserve Bank of San Francisco. The cyclically-adjusted price-to-earnings, or CAPE, ratio is the inflation-adjusted value of the S&P 500 index divided by the real earnings of companies in the index averaged over the most recent 10 years   Read More ...
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China Citic, Baidu launch direct bank in fintech push
BEIJING (Reuters) - China Citic Bank Corp () and search engine giant Baidu Inc () launched on Saturday a direct banking joint venture, dubbed AiBank, to capitalize on China’s rapidly growing fintech sector. AiBank is one among several tie-ups between an internet firm and a lender in China’s booming online finance market where technology gurus like Alibaba Group Holding Ltd () and Tencent Holdings Ltd () have already set up their own finance arms to offer a range of financial products including payment, wealth management and micro loans   Read More ...
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Global banks flag concerns over U.S. Senate tax proposal
WASHINGTON (Reuters) - Global banks raised concerns on Friday over a provision in the U.S. Senate tax bill aimed at cracking down on tax avoidance by multinational corporations that they said could hurt the banking industry. Banks initially looked to be one of the major winners of Republican lawmakers’ efforts to overhaul the U.S. tax code, and publicly they have been very supportive   Read More ...
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Places: Americas |  North America |  United States | 
Competition with tech and other sectors is a prime concern for banks, Deutsche Bank CEO says
Deutsche Bank spends most of its time thinking about how it can be competitive with companies that are not banks, such as coffee chain Starbucks, its chief executive has said. John Cryan said Friday that the bank was not just thinking about competition with other financial institutions but other sectors like technology. Speaking at a banking conference in Frankfurt, Germany, Cryan said: "Probably the most interesting thing, certainly the one on which we spend most time, would be: can we be competitive against companies that are not banks? Can we, for example, be competitive in payments versus companies that purport to make payments but are not regulated in the art of making payments?" A number of so-called challenger banks — smaller institutions set up with the aim of disrupting larger lenders — have made significant headway in recent years, launching current accounts and seeking regulation among other things   Read More ...
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The Fed: Fed speeches show readiness to raise rates next month and a wariness about next recession
Federal Reserve Chairwoman Janet Yellen began the week by complaining that sometimes her colleagues talk too much. But Fed watchers don’t seem to mind. They say they gleaned two important conclusions from a flurry of public appearances by central bankers this week. The first point is that the central bank is set to raise rates again in December. “We have pretty much hit the all clear for a December rate hike,” said Thomas Simons, economist at Jefferies   Read More ...
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BRIEF-New Residential Investment says co, 3 units, Deutsche Bank National Trust, others amended series 2015-VF1 indenture supplement
Nov 17 (Reuters) - New Residential Investment Corp * New Residential Investment says on Nov 15, co, 3 units, Deutsche Bank National Trust, others amended series 2015-VF1 indenture supplement - SEC Filing * New Residential Investment Corp - the series 2015-VF1 indenture supplement is related to the series 2015-VF1 notes * New Residential Investment - series 2015-VF1 indenture supplement was   Read More ...
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BRIEF-California Resources says ‍entered into $1.3 bln credit agreement with Goldman Sachs Bank USA and various lenders​
Nov 17 (Reuters) - California Resources Corp * California Resources - entered into $1.3 billion credit agreement with Goldman Sachs Bank USA, Bank Of New York Mellon Trust Company and various lenders * California Resources Corp says the 2017 term loans under the credit agreement mature on December 31, 2022 - SEC Filing * California Resources- proceeds of loans in   Read More ...
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Tags: Money |  Finance |  Banks & Banking |  Credit |  Financial Institutions |  Creditors | 
Places: Americas |  North America |  United States |  New York | 
NBT Bank starts program to boost home ownership in Manchester
MANCHESTER — NBT Bank on Thursday announced a new program that provides financial incentives for people to buy a home in Manchester. People with household incomes up to $94,080 can buy a one- or two-family home, put down as little as 5 percent and avoid paying mortgage insurance. First-time home buyers also can get an interest rate beak of a quarter point   Read More ...
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Places: Americas |  North America |  United States |  Northeast |  New England |  New Hampshire | 
German watchdog drops inquiry into HNA, Qatar over Deutsche Bank: source
FRANKFURT (Reuters) - Germany’s financial watchdog will take no action after ending an investigation into whether China’s HNA and Qatar’s royal family were working together on their investments in Deutsche Bank (), a person familiar with the matter said. HNA, which has been on a global acquisition spree in past years, began building its Deutsche stake this year in multiple steps, saying the bank’s shares were “substantially undervalued and are an attractive investment”, according to an SEC filing   Read More ...
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Places: United States |  Germany | 
Enterprise Bank tops list of large companies in Mass.
When Enterprise Bank employees talk about their career paths, a surprising number tell the same story: They started as a part-time teller, fell in love with the encouraging and inclusive work environment, and decided to stick around. The result is a bank staffed by people who are enthusiastic about their work, connected to one another, and deeply invested in their employer’s success   Read More ...
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Places: Americas |  North America |  United States |  Northeast |  New England |  Massachusetts | 
Saudi central banker: 'Overdue' anti-corruption drive will pay off
The head of Saudi Arabia's central bank says an anti-corruption campaign that has ensnared some of the kingdom's top business leaders will pay dividends over the long run. Saudi Arabia , including dozens of princes, business titans and government officials, earlier this month in a dramatic move it says is aimed at stamping out corruption that has cost the country at least $100 billion   Read More ...
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Places: United States |  Asia |  Mideast |  Saudi Arabia | 
Exclusive: Germany's top banks step up efforts to offload toxic shipping debt
LONDON/FRANKFURT (Reuters) - Top national lenders Deutsche Bank and Commerzbank () are stepping up efforts to offload distressed shipping loans, finance sources said, as the German banking system grapples with $100 billion in toxic debt from the sector. While the shipping sector is showing signs of recovery after a near-decade long downturn, it is still struggling with an excess of ships and sluggish growth in global trade, which has led to some shipping companies going to the wall   Read More ...
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Places: Americas |  North America |  United States |  Germany | 
Square Cash users can now withdraw money from any ATM with their Cash Cards
The mobile banking company first introduced its Cash Cards in May as prepaid cards — meaning any transaction pulls funds from the user's Square Cash app, not from a bank account. Users could previously only use the cards in place of a debit or credit card to complete a purchase. The new ATM access could theoretically allow users to skip the step of transferring funds from the Cash App to their bank if they want to withdraw money   Read More ...
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Draghi says the ECB has not hurt banks' profits
European Central Bank (ECB) President Mario Draghi said Friday that the environment of low rates in the euro zone has not hurt the profits of European banks. "As regards bank profitability, ECB research finds little evidence that our monetary policy is currently doing harm," Draghi told an audience in Frankfurt. The central bank has been under some criticism from bank managers for keeping interest rates too low for a long time   Read More ...
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Analysts flee Wall Street with gallows humor as research changes loom
(Reuters) - Having covered financial stocks at big and small banks for more than two decades, David Hilder was accustomed to the ebb and flow of Wall Street job cuts and hiring sprees. But he threw in the towel as an analyst last year after deciding customers simply will not pay what it costs to produce research in the years ahead, especially after a regulation called MiFID II upended the pricing model   Read More ...
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UPDATE 1-Ukraine lawmaker: several candidates for central bank chief
(Adds detail, quote, background) KIEV, Nov 17 (Reuters) - The acting governor of Ukraine’s central bank, Yakiv Smoliy, and the head of Raiffeisen Bank’s local unit are among candidates for the role of central bank governor, Interfax Ukraine quoted lawmaker Ihor Kononenko as saying on Friday. Kononenko has close ties to President Petro Poroshenko, whose months-long delay in nominating a candidate for approval by parliament has concerned Ukraine’s financial backers, including the International Monetary Fund   Read More ...
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Places: United States |  Ukraine | 
Traditional banks should help govern fintech: Fed's Brainard
WASHINGTON (Reuters) - Traditional lenders should demand that online financial companies protect consumer privacy and money interests, Federal Reserve Governor Lael Brainard said on Thursday. “Banks have considerable influence,” Brainard said of the relationship between conventional lenders and online operators. Banks often pay tech companies for the information they gather on borrowers. For that reason, Brainard said, those lenders can set high standards in consumer protection and privacy   Read More ...
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Tags: Money |  Finance |  Banks & Banking |  Credit |  Financial Institutions |  Creditors | 
Places: Americas |  North America |  United States | 
'No cash, Carney?' Bank of England Governor unable to find wallet
LIVERPOOL, England (Reuters) - Bank of England Governor Mark Carney appeared unable to find his wallet on Thursday while attending a central bank event to promote public understanding of economics. When everyone in the room was asked to take out a purse or wallet, as an example of something that represented the economy, Carney hunted in several pockets before drawing a blank   Read More ...
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Places: United States |  United Kingdom |  Liverpool | 
Fed's Williams calls for global rethink of monetary policy
SAN FRANCISCO (Reuters) - Global central bankers should take this moment of “relative economic calm” to rethink their approach to monetary policy, San Francisco Fed President John Williams said Thursday, warning that to fight the next recession, as with the last, they would need to do more than just cut interest rates. Other Fed officials, including Chicago Fed Bank President Charles Evans, have in recent days urged a strategy review at the Fed, but Williams’ call for a worldwide review is considerably more ambitious   Read More ...
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Places: Americas |  North America |  United States | 
City agency approves tax funds for new bank, park in midtown Missoula
A new three-story Stockman Bank building is slated for construction on Brooks Street in Missoula next year, and plans for a brand-new public park not far away are moving steadily along. On Thursday, the Missoula Redevelopment Agency’s Board of Commissioners approved reimbursing Stockman Bank up to $454,941 in Tax Increment Financing (TIF) assistance to help with portions of the $15 million project that will benefit the public, including improvement of public utilities, economic stimulus and the elimination of blight   Read More ...
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Places: Americas |  North America |  United States |  West |  Mountain |  Montana | 
UPDATE 2-Austrian bank BAWAG has record quarter, sticks to M&A plans
* Acquisitions, core earnings drive rise in pretax profit * BAWAG eyes further takeovers in Germany and Austria * Cerberus owns a third of bank, also bullish on Germany * Shares have slid since IPO despite robust growth (Adds CEO comment, share price) By Francois Murphy The bank is hoarding capital to fund possible deals, mainly in Germany, and stuck to its broad guidance that it is in talks to make acquisitions of various companies with balance sheets of up to around 10 billion euros ($11   Read More ...
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Places: Americas |  North America |  United States |  Austria | 
China's banking regulator plans to tighten shareholder rules
BEIJING/SHANGHAI, Nov 16 (Reuters) - China’s banking regulator on Thursday published draft rules that increase scrutiny over the relationship between commercial lenders and their shareholders, the latest in a slew of measures taken by Beijing to bolster supervision of its financial system. The provisional regulations, which the China Banking Regulatory Commission (CBRC) published on its official website, require any investor or investors wishing to hold shareholding of more than 5 percent in a commercial lender for the first time to apply with the regulator   Read More ...
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Places: Americas |  North America |  United States |  Asia |  E. Asia |  China | 
Few banks seen queuing for China's red carpet invite
HONG KONG (Reuters) - China stunned the finance world last week when it unveiled plans to allow foreign control of its financial institutions. Few bankers thought their long-held dream of better access to the world’s largest banking market was within reach. The likelihood, however, is that even fewer will rush to take advantage of that opening. In theory, foreign banks will be allowed to take larger stakes in their Chinese commercial peers - currently capped at 20 percent - while investment banks will be able to take control of their securities joint ventures   Read More ...
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Places: Americas |  North America |  United States |  Asia |  E. Asia |  China |  Hong Kong | 
UPDATE 1-Georgia's TBC Bank Q3 profit up 29 pct, buoyed by strong lending
(Adds details, background) Nov 16 (Reuters) - TBC Bank Group Plc, Georgia’s largest retail bank, reported a 29 percent jump in third-quarter underlying net profit, buoyed by robust lending, and maintained its medium-term return-on-equity (ROE) target. TBC, which became Georgia’s largest bank by loans and deposits after buying JSC Bank Republic from SocGen and the European Bank for Reconstruction and Development (EBRD), said net interest margin stood at 6   Read More ...
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UPDATE 1-Austrian bank BAWAG reports record third-quarter profit
(Adds detail) VIENNA, Nov 16 (Reuters) - Austria’s BAWAG, the former trade union bank owned by U.S. private equity firm Cerberus until its listing last month, posted its highest ever third-quarter pretax profit on Thursday, driven mainly by higher core revenues. BAWAG carried out Austria’s biggest ever initial public offering last month, raising 1.9 billion euros, in which Cerberus Capital Management sold down its stake to roughly 35 percent from 53 percent   Read More ...
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Places: Americas |  North America |  United States |  Austria | 
Georgia's TBC Bank Q3 profit up 29 pct, buoyed by strong lending
Nov 16 (Reuters) - TBC Bank Group Plc, Georgia’s largest retail bank, reported a 29 percent jump in third-quarter underlying net profit, buoyed by robust lending, and maintained its medium-term return-on-equity target. TBC, which became Georgia’s largest bank by loans and deposits after buying JSC Bank Republic from SocGen and the European Bank for Reconstruction and Development (EBRD), said net interest margin stood at 6   Read More ...
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