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...Instead, it will be smaller regional banks that will feel more of this pressure....
...The odds are it will be coming from card-issuing banks such as JPMorgan, Citigroup or Bank of America rather than Visa or Mastercard. Banks have plenty of ways to offset lower interchange fees....
...Several of the bank’s businesses — including credit cards and corporate transaction services — did better than expected in a quarter that many thought would be marred by the upheaval of the restructuring...
...The bank, born of two mergers (one of them with Signature!), sped across the $100bn asset threshold, triggering a change in rules....
...Just last week, we brought you the tale of the co-head drama inside the bank....
...Analysts at Bank of America think late fees represent between 14 per cent and 30 per cent of the companies’ credit card revenue....
...Profits may be hit by additional fees as part of the Federal Deposit Insurance Corporation’s plan to recover losses associated with rescuing Silicon Valley Bank and Signature Bank last year, most of which...
...and small banks as merchants gained the ability to steer customers to preferred credit cards....
...But since the Bank of England began QT in February 2022, global central bank balance sheets have been trimmed aggressively....
...Stocks of other smaller banks also fell, with the KBW Regional Bank index declining by 6 per cent....
...Raghavan’s move to Citi puts him at the heart of one of the biggest reorganisations of a major bank in years. As Citi’s new head of banking, it also lands him in charge of its most troubled unit....
...provided many of the bank’s problems....
...So a co-head structure is agreed pretty much explicitly along colonial lines; one co-head is the voice of the bank in the business and the other is the voice of the business in the bank....
...JPMorgan Chase has named Eric Menell and Gian Piero Sammartano to new roles as heads of the bank’s sports investment banking coverage....
...Black-Litterman:” the bank deadpans with reference to the below chart, “Prior calculation implies double-digit return expectations for a 5 per cent allocation to bitcoin to be optimal.”...
...US regional banks are not out of the woods yet....
...The sheer size and interconnectedness of capital markets have forced central banks — in 2008, 2020 and 2023 — to become a backstop and buyer of last resort of securities to prop up both the banking sector...
...NYCB grew swiftly with two rapid-fire deals to buy Flagstar Bank and most of the deposits at failed lender Signature Bank in 2023....
...The bank also announced that Alessandro DiNello, the former chief executive of Flagstar Bank, which NYCB bought in 2022, would take on an executive role....
...This helps explain why the People’s Bank of China, faced with a massive real estate bust, has only gradually cut rates, which remain well above 0 per cent....
...Raghavan, 57, is a 23-year veteran of JPMorgan Chase, the largest investment bank globally, and had been promoted to sole head of investment banking last month....
...For the best part of four years, Rickenbacher appeared to be the safe pair of hands the bank badly needed....
...ratio of NYCB’s large bank peers.”...
...That is well below the 22 per cent and 15.5 per cent reported by JPMorgan and Bank of America, respectively....
...Bank of America cut the pay of Brian Moynihan, its top executive, by 3 per cent, or $1mn, to $29mn....
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