Oscar Wong | Moment | Getty Images There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months. Banks involved in the mess caused by the collapse of fintech intermediary Synapse have made progress piecing together account information for stranded customers that could … Read more
State-run and private sector banks may face modest earnings growth in the fiscal first quarter squeezed by pressures on net interest margin (NIM) mainly due to higher deposit costs. While compressed NIM can hurt profitability, this will be partially offset by loan growth outpacing deposit growth, and robust treasury earnings helped by lower bond yields … Read more
Wall Street finished higher for the holiday-shortened trading week, with tech stocks leading the way. The Dow Jones Industrial Average gained under 1% for the week. The S & P 500 and Nasdaq , which both closed at record highs Friday — rising nearly 2% and 3.5%, respectively, for the week. The first week of … Read more
We’re selling 50 shares of Morgan Stanley at roughly $100.04 each and 110 shares of Wells Fargo at roughly $60.65. Following Friday’s trades, Jim Cramer’s Charitable Trust will own 1,100 shares of MS, decreasing its 3.3% weighting to from 3.45% and 2,000 shares of WFC, decreasing its weighting to 3.64% from 3.84%. We’re making two … Read more
JPMorgan’s Marko Kolanovic. Crystal Mercedes | CNBC A top strategist at JPMorgan who was caught offside by the stock market rally is quitting the investment firm. Marko Kolanovic, who served as chief global markets strategist and co-head of global research, is leaving the bank to explore other opportunities, according to a source familiar with the … Read more
Natasha Craft, a 25-year-old FedEx driver from Mishawaka, Indiana. She has been locked out of her Yotta banking account since May 11. Courtesy: Natasha Craft When Natasha Craft first got a Yotta banking account in 2021, she loved using it so much she told her friends to sign up. The app made saving money fun … Read more
Nikolay Storonsky, founder and CEO of Revolut. Harry Murphy | Sportsfile for Web Summit via Getty Images LONDON — The boss of British financial technology giant Revolut told CNBC he is optimistic about the company’s chances of being granted a U.K. banking license, as a jump in users saw the firm report record full-year pre-tax … Read more
(L-R) Brian Moynihan, Chairman and CEO of Bank of America; Jamie Dimon, Chairman and CEO of JPMorgan Chase; and Jane Fraser, CEO of Citigroup; testify during a Senate Banking Committee hearing at the Hart Senate Office Building in Washington, D.C., on Dec. 6, 2023. Saul Loeb | Afp | Getty Images JPMorgan Chase and Morgan … Read more
Weighted average lending rates on fresh loans and deposits fell marginally by 16bps and one bps ( one basis point is 0.01 percent) respectively in May according to the latest data released by the Reserve Bank of India. The weighted average lending rate (WALR) on fresh rupee loans of commercial banks stood at 9.39 per … Read more
JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, D.C. Evelyn Hockstein | Reuters JPMorgan Chase said late Wednesday that the Federal Reserve overestimated a key measure of income in the giant … Read more
