Hints and tips:
...Some of the world’s biggest banks — Morgan Stanley, Wells Fargo and Bank of America — are all reportedly lining up to get involved in bitcoin, too....
...result in banks lending less and at higher interest rates....
...It’s meant that for years Citi’s been lagging behind its peers like Wells Fargo and JPMorgan Chase in things like their stock price performance. Here’s the FT’s US banking editor, Joshua Franklin....
...The biggest contributors — Bank of America, Citigroup, JPMorgan and Wells Fargo — each put in $5bn, with the rest depositing between $1bn and $2.5bn each....
...depreciating currencies....
...But this is true only in a limited sense. Under post-crisis banking rules, currency and rates trading can be done at the bank holding company level, and therefore take advantage of deposits....
...From the SEC’s complaint: From the start of FTX’s operations in or around May 2019 until at least 2021, FTX customers deposited fiat currency (eg, US Dollars) into bank accounts controlled by [FTX’s affiliated...
...FTX’s employees paid hundreds of millions of dollars for property in the Bahamas where the firm was located, $135mn for naming rights to a Miami basketball stadium and even racked up a $55,319 tab at the...
...The government has since been forced to rely heavily on a domestic capital market, where interest rates are as high as 40 per cent, and central bank financing of 37.9bn cedis ($3.2bn) in 2022....
...US firms reliant on sales in overseas markets take a hit when profits earned in foreign currencies are converted back into US dollars....
...The average US student now graduates with $37,000 in student debt — up from $17,000 in 2001....
...Who signed the National Currency Act into law in 1863? A: Abraham Lincoln That law supported the use of US paper currency known as the greenback, which was introduced to help finance the Civil War....
...In a further sign of banks’ efforts to incorporate blockchain technology into their operations, HSBC and Wells Fargo said last week they had agreed to settle currency trades directly on blockchain....
...The supermassive black hole at centre of Milky Way Astronomers have unveiled the first images of the closest black hole to Earth, located at the centre of the Milky Way galaxy, from which they hope to glean...
...that its virtual currency was fully backed by US dollars at all times was a lie”, unquote....
...To cite another example: this week HSBC and Wells Fargo revealed plans to use blockchain to settle foreign exchange transactions between financial institutions....
...In general, consolidation driven by the costs of regulation and technology tends to favour big well-capitalised groups, such as the Swiss specialist wealth banks, US investment banks and universal banks...
...“There is no banking system in Russia without Sberbank,” said Ilan Stermer, director of banks research at Renaissance Capital....
...The US president announced last month he intends to appoint Saule Omarova as comptroller of the currency, which supervises national banks including Bank of America and Wells Fargo....
...My hourly rate puts me at more than a pound above the Office for National Statistics’ 2021 low-pay threshold of £9.40. But I’m below the national median average of £604 a week, or about £31,400 a year....
...European banks have struggled to compete with US rivals like JPMorgan Chase, Bank of America and Wells Fargo. 3....
...Stablecoins, pegged to a fiat currency, would be given more lenient treatment, with one important caveat: banks must guarantee that the coins are fully reserved at all times....
...Wells Fargo Sector: BANKS / HQ: SAN FRANCISCO, US Wells Fargo hoped for a fresh start after years of scandals when it appointed Charlie Scharf as chief executive in late 2019, but turnround efforts took...
...If the US and Europe want to compete well in the new world, they’ll have to find a way to do this better....
...It cannot do that without illicit bank accounts. It cannot do that without a network of money launderers....
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