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...Wells Fargo recently cited WeWork’s troubles among its reasons for adding a $20.5mn mortgage on 599 Broadway, a midsized office building in lower Manhattan, to its watchlist of loans at risk of missed payments...
...(Ethan Wu) Bank earnings Banks are the most economically sensitive of businesses. They earn a spread by acquiring money at a lower price and lending it at a higher one....
...The US government has asked JPMorgan, PNC and several other financial groups, including a handful of non-bank investment firms, to bid for all or part of First Republic, as US regulators try to determine...
...Eleven large banks including JPMorgan and PNC put $30bn in deposits with First Republic last month in a failed attempt to stabilise the bank....
...The US markets take a break on Monday for Martin Luther King Day, but then we’re back into the thick of earnings season with the tail-end of the big US bank reports and a clutch of results from non-financial...
...Street bank seeking to navigate a difficult economic environment for lenders....
...Only one of the names in the chart below (PNC Financial) could be considered anything close to a regional bank, and even that one is so large that it almost deserves its own separate category....
...JPMorgan said it would repay the $25bn in deposits that 10 other large banks placed with First Republic in a failed effort to stabilise the bank. Its own $5bn contribution will be eliminated....
...Before 2008, it was assumed that innovations such as securitised mortgage products would promote resilience by spreading default risk beyond banks....
...PNC, for example, puts a cumulative loss number of 7.1% on the office book, and Wells Fargo is at 5.8%. And banks emphasise that this will take years to play out, not a couple of quarters....
...During the 2008 financial crisis, America’s largest bank was the saviour of choice for failing investment bank Bear Stearns and bankrupt mortgage lender Washington Mutual, the biggest ever bank failure....
...The shares of First Republic, a California bank with some similarities to SVB, had been hit particularly hard amid fears that it would be forced to sell its mortgage portfolio at a steep loss to cover deposit...
...securities would force banks, as a group, to either hold more capital, own fewer Treasuries and agency mortgage-backed securities, or both....
...Shares in JPMorgan were up in early trading in New York, but US regional banks were under pressure, with Citizens and PNC both falling....
...Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist and US Bank....
...In the US, banks run the gamut — from top-tier Wall Street names such as JPMorgan to regional powerhouses such as PNC and community banks with less than $100mn in assets....
...In the past 24 months, BNP Paribas has sold Bank of the West to Bank of Montreal for $16.3bn; Spanish bank BBVA has sold its US operations to PNC for $11.6bn; Japan’s MUFG has sold its retail business to...
...Hey Fintech Fam, My recent story about the growing number of US couples asking for cash for a mortgage down payment in place of traditional wedding gifts sparked a debate in the comments over whether using...
...Pittsburgh-based PNC struck a $11.6bn deal last year to buy the US business of Spain’s BBVA. Morgan Stanley and Bank of America advised MUFG on the deal, and US Bancorp was advised by Goldman Sachs....
...Last week, it emerged that France’s BNP was seeking to sell San Francisco-based Bank of the West. A year ago Spain’s BBVA sold its American unit to PNC....
...The market has more confidence that the big regional banks like US Bank (USB), Truist (TFC) and PNC, which depend less on capital markets, will be able to maintain their returns....
...“Running a bank in the US [requires] having very strong compliance, a very strong legal structure and good systems. That makes us a sound bank, but that is expensive.”...
...From First Boston came Kapito, Fink’s right-hand man on the mortgage trading desk; Barbara Novick, the formidable head of portfolio products; Ben Golub, a maths wizard who had designed many of the bank’s...
...The loan on 1290 Avenue of the Americas was initially made by Deutsche Bank, UBS, Goldman Sachs and the state-owned Bank of China, but they sold it into the bond market in 2012, as a commercial mortgage-backed...
...(Billy Nauman) Sin stocks cheer Trump’s bank lending gambit In 2019, JPMorgan Chase, PNC and other banks announced they would no longer do business with private prison operators — a sector dominated by...
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