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...Within weeks, a US regional banking crisis spurred a panic that ultimately contributed to Credit Suisse’s weekend takeover by UBS....
...Other investment outfits inside Brookfield’s credit group include European credit manager LCM Partners, a stake in music royalty group Primary Wave, and a technology-focused lender called Pinegrove, in which...
...Lending by US regional banks remains anaemic, providing opportunities for private credit to fill the gap. Secondly, outdated financial regulations often exacerbate such shocks....
...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...
...Another 50 cents is collected by the merchant acquirer, or companies such as Block or Stripe that provide the shop’s point-of-sale service system....
...and small banks as merchants gained the ability to steer customers to preferred credit cards....
...New York Community Bancorp, with $115bn or so in assets, is having serious problems, and the broad market (here represented by the S&P 1500) indifferent: Admittedly the regional bank index is underperforming...
...This scepticism proved warranted in the past year when Credit Suisse was forcibly absorbed by local rival UBS and US regional banks plunged into freefall....
...The FDIC employed its standard bank closure powers to handle last year’s regional banking crisis including the shutdowns of Silicon Valley Bank, Signature and First Republic....
...The latest fall in NYCB’s stock was not echoed in the wider regional banking sector. The KBW Regional Bank index, which includes NYCB, closed down just 0.4 per cent on Wednesday....
...Shares in New York Community Bancorp meanwhile fell by a quarter on Friday after the regional lender delayed its annual report, saying it had found material weaknesses in the internal controls that guide...
...By September 2023, Weightman began assembling a private credit team, said Corinthia....
...The last big merger between two banks occurred almost five years ago, when regional lender BB&T bought SunTrust for about $28bn in a $66bn deal, forming Truist....
...PNC, the Pittsburgh-based regional lender, reported that lending dropped by $4bn or 1 per cent....
...Full-service banks such as JPMorgan are built for scale — ie getting as many deals through the door as possible — so there’s only so much impact any one individual can make. That’s intentional....
...The statement followed a downgrade from rating agency Moody’s on Tuesday, which cut the bank’s overall credit rating to junk....
...Blackstone’s credit and insurance division will buy the US credit card receivables from Barclays for an undisclosed sum, and the bank will continue to service the accounts for a fee....
...Bond yields have “come down enough from their peak that we see demand [from companies and households] for credit going forward”....
...The further challenge for the UK (which has a resilient services sector), adds Figures, is that modern goods increasingly come bundled with services — like connected cars — which will weigh on UK trade....
...“I had to lie down in the road and say: ‘We’re not signing until we get that cash’,” he said, while stressing that central government deserved credit for agreeing to it....
...“As a concept, credit-backed gilt repo is really exactly the same as having credit-backed swaps,” said Simeon Willis, chief investment officer at consultancy XPS Pensions....
...DBRS’s report also contains this wonderful description of Sotheby’s Financial Services’ collection strategy if any deadbeat art collectors fall behind on their payments: SFS employs a strategy for collections...
...Private equity groups stepped into fractured loan markets last year after the collapse of three large US regional lenders....
...Citi also avoided the big issues of 2023 after failures of regional banks and Credit Suisse and has about the lowest exposure to CRE/office. (a) Book value has increased while the stock declined....
...Those programmes tend to put a bid under bonds, because they favour the use of bonds as collateral against the Fed’s credit,” he said....
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