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...The idea of a wholesale conversion of obsolete office towers into desperately needed housing, as New York City’s Mayor, Eric Adams, has proposed, seems far-fetched....
...Banks say this is problematic because they could end up accidentally offering some of those services, if for example they carry out a wholesale trade for a client and end up with a residual cash balance,...
...Its price to book value of nearly 3 times trumps that for mortgage-heavy Wall Street banks like JPMorgan, Bank of America and Wells Fargo. But Rocket doesn’t have appreciably higher return on equity....
...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....
...largest wealth manager outside North America....
...He also has a $200mn stake in Axos, an online-only bank that is one of Trump’s largest direct lenders, making him the group’s biggest shareholder. The auto lender is used to doing risky business....
...Nowhere is that clearer than with the tangled mess of the Federal Home Loan Bank system. In the US the Federal Reserve plays a critical role in financial stabilisation as the lender of last resort....
...Fitch notes the expected debt-to-GDP ratio of 113 per cent this year is two and a half times that of a median AAA-rated country....
...One source of the funding comes from 11 government-sponsored wholesale regional lenders known collectively as the Federal Home Loan Banks, which would likely be bailed out by Washington if they were to fail...
...Another state actor involved is the national development bank, BNDES, which is one of the lenders that must agree to any proposal....
...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....
...The US is home to about 4,400 banks, but the concern sparked by SVB’s collapse is focused on roughly 100 lenders that fall just below the country’s top 20 banks including as JPMorgan Chase and Bank of America...
...Craig Coben is a former global head of equity capital markets at Bank of America and now a managing director at Seda Experts, an expert witness firm specialising in financial services....
...Tony Blair to N.F.L star Tom Brady and his supermodel wife Giselle Bundchen....
...Bank of America is planning job cuts within its investment bank, per Bloomberg. David Malpass, the president of the World Bank who was appointed by former US president Donald Trump, is quitting....
...From Barclays: The longer-term trend shows that bank stress is a natural side effect of the Fed’s policy stance, as Employ America argued Tuesday, even if panicky venture capitalists didn’t help in SVB’...
...The failure of Silicon Valley Bank and the sell-off in US banks that followed have highlighted the lasting dangers of a strategy many lenders used to boost profits when interest rates were low....
...Exclusive: Blackstone is talking to US regional banks about partnerships that would see lenders making or “originating” loans that the private equity group would then funnel to its insurance customers....
...Jefferies has hired senior Bank of America software investment banker Ron Eliasek, per Reuters....
...Bank of America has named Mike Browne and Anand Melvani as co-heads of its leveraged finance business in the Americas....
...Independent mortgage lenders and mortgage subsidiaries of banks reported a net loss of $82 on each loan they sold in the second quarter to be packaged into securities, according to the MBA....
...This has panicked some investors in US and European banks such as Bank of America and Deutsche Bank. Check out the Lex stream later today for a note on the phenomenon....
...But a flood of cash that poured into the lender, aptly named Silicon Valley Bank, during a golden age for start-ups and venture capital funds has put it in a vulnerable position as the tech sector faces...
...They will mostly consist of executives from Wall Street banks such as Goldman Sachs. Lex has written its fair share of critical notes on America’s premier investment bank....
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