Hints and tips:
...“Citi will seek the assistance of the SBA to ensure that the agency’s data accurately reflects actual PPP lending,” the bank said....
...But non-bank lenders such as Kabbage and OnDeck only received approval days before the initial $350m pot of SBA loans ran out....
...Late last week, the SBA confirmed that PPP loans would keep their federal guarantee even if they were sold in the secondary market, which lenders said would encourage investors....
...One significant benefit: lending money does not pay Morgan Stanley’s brokers on their typical, and lucrative “grid” for managing brokerage accounts....
...Wells Fargo had swallowed Wachovia, JPMorgan had been given both Bear Stearns and Washington Mutual....
...They helped underwrite the Center for Responsible Lending, a non-profit research outfit that seeks to educate the public about predatory lending....
...The group that built its success on traditional consumer and commercial banking is moving into investment banking thanks to its 2008 acquisition of the Wachovia....
...In 2008 snatching Wachovia, the North Carolina-based bank, out of the hands of Citigroup....
...“By lending to [BNY] through the structure that Barclays designed, Barclays could offer a very favourable borrowing rate.”...
...Washington Mutual has settled a similar dispute and Wachovia is pursuing an administrative complaint over a deal....
...The IRS has been battling six US banks – BB&T Corp, Bank of New York Mellon Corp, Sovereign Bancorp (now a unit of Banco Santander), Wachovia Corp, Washington Mutual Inc and Wells Fargo & Co – over tax credits...
...Business lending, its largest and most profitable segment, has grown by 38 % annually over the last 10 years....
...Other big users of the discount window on that day were Wachovia, which borrowed $15bn, Bank of Scotland, which took $11bn, and Norinchukin of Japan, which borrowed $6bn....
...They left other forms of lending mostly to specialised institutions, such as mortgage lenders and carmakers’ captive vehicle-finance companies....
...Up until 2007, lenders such as GE Capital, Wells Fargo, Wachovia and the CIT Group dominated lending to this category....
...Higher lending volumes and wider spreads have doubled SMBC’s US revenues in the past two years....
...Let’s also not forget Washington Mutual and Wachovia, victims of residential mortgage problems, which no longer exist as independent entities....
...Concerns over China’s move to curb lending sent commodity stocks lower on Wednesday, forcing Wall Street to erase most of the previous session’s gains....
...Wachovia also suffered from losses on commercial real estate and other lending....
...Jumbo lending dropped to $98bn in 2008 – less than a third of the $348bn of jumbo loans made in 2007, according to Inside Mortgage Finance – as mortgage companies tightened standards and investors retreated...
...also become more prevalent if acquirers could use their target’s losses to shelter more of their profits against tax, he said, in the way Wells Fargo and PNC were handed tax breaks for their purchases of Wachovia...
...become too small to offset the perceived risk of lending to another bank,” said Sacha Tihanyi at Scotia Capital....
...Barclays Capital has closed Equifirst, its US mortgage lending business, because of “market conditions” less than two years after buying it....
...Its competitor Johnson Controls has completed 70 per cent of its restructuring programme, according to Wachovia, which upgraded its shares, sending them up 5.5 per cent to $18.68....
...Vikram Pandit, Citi’s current chief executive, has been criticised for failing to take bolder action in selling assets and businesses and for letting Wachovia, a regional lender whose takeover would have...
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