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...of America, Société Générale and JPMorgan Chase....
...The bank said much of the jump in loan losses was tied to credit cards and commercial real estate. The bank said it took losses on 16 different office loans in the quarter....
...Analysts at Bank of America think late fees represent between 14 per cent and 30 per cent of the companies’ credit card revenue....
...The US has eight G-SIBs: JPMorgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street and Wells Fargo....
...that financial stress among consumers “is likely to get worse in the near term with inflation running hotter than income growth, especially for those on social security”.In contrast, analysts at Bank of America...
...The decision has “primarily been driven” by the fact that outside North America the settlement cycle is not changing to T+1, the letter says....
...Roughly $10bn of so-called private credit loans have been refinanced in public markets, as borrowers pay down burdensome loans in favour of a cheaper alternative, according to data from Bank of America....
...US lender Capital One has agreed to buy rival Discover Financial for $35.3bn, in an all-stock tie-up that is set to unite two of America’s largest credit card companies....
...“A very strong labour market means, all else equal, strong consumer credit,” Barnum said....
...North America was the top destination for investment among all global executives, followed by Europe....
...Moody’s is the only of the three big credit rating agencies that still awards the US a pristine triple-A credit designation....
...UBS is eliminating jobs as it integrates teams from the struggling Credit Suisse, which it acquired last year. Citi, UBS and BofA declined to comment on lay-offs....
...China’s “credit impulse” — the change in the flow of credit — was a “headwind for growth for much of the last year” but has now moved back into positive territory, BofA’s analysts said....
...— Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...Now that there are these other sources of credit, from non-bank lenders to private credit, is the fact that banks are losing market share to other credit providers bad news for the American economy?...
...Bank of America analysts said the capital raise and new leadership should “provide breathing room” to the bank....
...The Inflation Reduction Act climate law signed by US President Joe Biden included a $7,500 consumer tax credit for EVs that contain North America-made parts and minerals produced domestically or from countries...
...Terms of the transaction were not disclosed but are not material for Manulife’s investment management business, which is particularly strong in North America and Asia....
...Microsoft has committed more than $10bn in capital and infrastructure credits to OpenAI — though not all of that capital has been drawn down — and has embedded OpenAI’s powerful generative AI tools into...
...It has also ensured nuclear projects are eligible for a 30 per cent tax credit outlined in the Inflation Reduction Act for zero carbon power plants....
...Lower credit ratings typically raise a country’s borrowing costs, although the previous downgrades by Fitch and S&P left little impact....
...Lenders including Bank of America, Barclays, Credit Suisse and Goldman Sachs collectively lost billions of dollars as they eventually sold the debt on to other investors....
...At the same time, moves by international carmakers to locate more production in the US to unlock the tax credits available under the IRA should also help them lower prices — potentially boosting sales....
...And it’s very possible that tightening credit conditions have started affecting buyers’ habits, whether those buyers are individuals or businesses....
...Spending by BofA’s credit card customers rose 3 per cent in the quarter compared with a year ago. Lending also increased, but only by 1 per cent....
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