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...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...But banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...It is increasingly infiltrating the likes of the Federal Reserve Board, the European Central Bank and the Bank of England. And it is one of the few acronyms for which economists deserve forgiveness....
...OK, Nvidia did well, and maybe that stock should be trading maybe where it is, maybe not. We can discuss that....
...when I could be earning a better savings rate if I take it to one of the other, you know, 4, 000 banks in the US....
...The top six banks have all done better than that — with the unhappy exception of Citi: JPM, Bank of America, Wells and US Bank all outgrew the banking system despite being in the top ten by size back in...
...nearly two-thirds funded by corporate saving, derived from operating cash flow running well in excess of capital investment....
...England, European Central Bank and the Federal Reserve....
...Other top banks Citigroup, JPMorgan Chase and Wells Fargo also recorded drops in lending in the first three months of the year as they revealed results late last week....
...Banks are unlikely to offer the same high yield on their savings accounts due to costs of intermediation. Direct debt sales to retail investors will therefore suck out funds from bank accounts....
...From the bank: When can we expect sagging S&L tax revenues to moderate consumption and gross investment growth?...
...“The economy is performing well,” said Fed chair Jay Powell in a news conference after the FOMC announcement....
...People might well be lumping the Fed in with “government”, but at face value, the Fed truly has power without responsibility....
...Even so, some economists believe recent US data — notably on inflation — will force the central bank to be more cautious....
...Central banks will first push out expectations on the timing of the journey to 2 per cent and then, well down the road, transition to an inflation target based on a range, say 2-3 per cent....
...If so, then the central bank should start lowering the federal funds rate soon to offset the delayed impact of the past two years of monetary tightening....
...First, the rise of fixed-rate loans — and pandemic savings — have stunted the impact of rate rises....
...Here are a few of them: Federal Reserve European Central Bank Bank of Japan Swedish Riksbank...
...The central bank has held rates steady since July....
...Additional reporting by Peter Wells in New York...
...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...
...Here he makes the case that the stock prices in the failure of the bank’s recently announced strategic revamp: Investors value banks on price-to-book value ratios with reference to the return on equity...
...This is true for the Federal Reserve, European Central Bank and the Bank of England and there is not a lot of difference between how much rate expectations have changed on both sides of the Atlantic....
...This cost the FDIC $16bn it could not afford; it took these billions from other banks to save wealthy venture capitalists and crypto barons from taking a moderate and well-deserved haircut on the uninsured...
...the chair of the Federal Deposit Insurance Corporation has warned....
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