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...In a research note on Monday, Bank of America analysts said they had “several conversations” with the NYCB management team over the past 48 hours....
...That is more than any of the biggest names in corporate America including Tesla, the $565bn behemoth whose stock is often frenetically traded....
...The longer it takes to finalise a deal, the longer the wait to begin generating revenue to pay back lenders....
...Neither has stopped share prices of US mortgage lenders from regaining favour among investors....
...Over the past two years, big banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo charged more for loans in lockstep with the Fed lifting interest rates, without passing on the increase...
...It also risks serious flak from Dutch politicians and regulators who worry about threats to the banking sector, especially after the travails of America’s regional lenders a year ago....
...Analysts at Bank of America think late fees represent between 14 per cent and 30 per cent of the companies’ credit card revenue....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...Citi, JPMorgan and Bank of America have all gotten in....
...Fitch, Standard and Poor’s and Moody’s are the world’s three most prominent agencies engaged in rating wholesale debt. Moody’s still rates the US as AAA....
...Bank of America analysts said the capital raise and new leadership should “provide breathing room” to the bank....
...The drop in profits last quarter shows how the swift rise in interest rates — which started two years ago and led to last year’s bank failures — continues to weigh on lenders, even as America’s largest bank...
...The news outlet/hedge fund Hunterbrook, in its debut article/short sale, sent the stock of United Wholesale Mortgage down 8 per cent....
...A version of this article was first published by Nikkei Asia on December 18. ©2023 Nikkei Inc. All rights reserved....
...Bank of America analysts wrote in a note that higher losses tied to commercial real estate office exposure “are a reminder of ongoing credit normalisation that we are likely to witness across the industry...
...Raghavan joined JPMorgan in 2000 and previously held senior roles in the lender’s debt and equity capital markets businesses, and also ran investment banking in Europe, Middle East and Africa....
...$10bn of so-called private credit loans have been refinanced in public markets, as borrowers pay down burdensome, high interest loans in favour of a cheaper alternative, according to data from Bank of America...
...Commercial property, and in particular mortgages on office buildings with low occupancy rates, have been a big concern for lenders since the Fed started lifting interest rates....
...Created by federal law in 1932, the FHLB system was designed to provide wholesale lending in support of residential mortgage finance....
...The move is an edict from Andy Sieg, who runs Citi’s wealth management division and joined the company last year from Bank of America....
...However, it remains a minnow among mortgage lenders. It originated $336mn worth of home loans in the most recent quarter....
...The three lenders collectively earned $49.6bn in net interest income during the third quarter. That is a 29 per cent increase from the year ago period....
...That has been reflected in the share price of Rocket Company, which owns Quicken Loans, America’s largest non-bank mortgage lender. These have rallied 48 per cent so far this year....
...The scramble for retail deposits points to tough times ahead for online lenders with heavy dependence on wholesale funding....
...But while this may soothe the concerns of lenders in the short-term, investors and analysts cautioned that operational problems at Pemex demand fundamental reform....
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