By Tatiana Bautzer and Nupur Anand NEW YORK (Reuters) -Citigroup appointed Viswas Raghavan from JPMorgan Chase as its new head of banking, prompting a wave of changes at his previous firm just weeks after he was promoted. Raghavan most recently served as JPMorgan’s head of global investment banking. He is expected to join Citigroup in […]
Shares of New York Community Bancorp Inc. (NYSE:NYCB) have plummeted by over 54% so far this year as the bank struggles to manage its assets during the latest wave of the regional banking crisis. The bank reported a total loss of $252 million in the fourth quarter of 2023 and slashed dividends by roughly 71% […]
The banking crisis and recession of 2008 predictably led to tighter restrictions and regulations on the international banking industry – but a new note from Morgan Stanley’s sector expert Betsy Graseck suggests that the most recent set of regulations, the Basel III endgame, may be eased in the near future. The new rules derive from […]
Federal Reserve officials on Wednesday removed language from a key policy statement qualifying the US banking system as “sound and resilient,” a phrase it had used since March 2023 to reassure the public that regional lending problems were contained. That same day, fresh turmoil at a New York regional bank offered a reminder that those […]
WASHINGTON (Reuters) – A sell-off in shares of U.S. regional banks continued on Thursday, adding to losses from a day earlier when a surprise loss and a 70% divided cut from New York Community Bancorp renewed fears about the health of the industry. The KBW Regional Banking Index fell 1.4% after seeing its biggest single-day […]
Shares of Columbia Banking System (NASDAQ: COLB) fell 21% on Thursday after the parent company of Umpqua Bank on Wednesday delivered disappointing fourth-quarter 2023 results relative to Wall Street’s expectations. On Columbia Banking’s profit headwinds On the bottom line, Columbia Banking’s fourth-quarter operating earnings declined 43% year over year, to $0.44 per share, arriving significantly […]
In the shadow of Petco Park, Steve Garvey was greeted as a Padres hero who played alongside baseball legend Tony Gwynn and helped the team to its first World Series appearance. In Los Angeles, voters lit up as they posed for photos with the former all-star Dodgers first baseman who anchored the team’s legendary infield […]
China’s trying to manage its property crisis so the sector’s troubles don’t spill over. However, history shows that credit-fueled real-estate booms nearly always end with a major banking crisis, said an analyst. Real estate was a key driver of China’s economy that has been struggling to recover post-pandemic. China’s trying to manage its real-estate crisis […]
Ukraine will not leave Russia’s recent hefty attacks against it unanswered, Ukrainian President Volodymyr Zelensky said in his evening video address on Monday. “The terrorist must pay the most for the damage caused by terror, and Russia will pay,” he said. Four people were killed and 45 others injured in the Kharkiv, Zaporizhzhya and Khmelnytskyi […]
Hendrik Brink, born 1799. Abel Brink was Graafschap’s first banker. At the age of 10, he emigrated from the Netherlands to the United States with his parents, Hendrik Abel and Lammegien Brink, and a brother in 1848. They came from Rotterdam aboard the three-masted sailing vessel Dione and arrived in New York on June 2. […]
Wall Street’s most powerful banking executives warned Congress that new regulations on the industry proposed by the Biden administration risk hurting the US economy. On the eve of an election year, with the threat of recession looming large, the bosses of JPMorgan Chase, Citigroup, Goldman Sachs and five other large firms urged policymakers to “be […]