Page 2 - Us Banks
US banks share fall on warnings of slower-than-anticipated recovery
Bank executives this week softened investor hopes ahead of a widely expected interest rate cut by the Federal Reserve, as well as persistent worries over the economy
 "US banks share fall on warnings of slower-than-anticipated recovery")
Warren Buffett offloads more Bank of America shares; sales top $3.8 bn
The sales began after Bank of America's stock price had risen by about two-thirds since late October, and traded at more than 1.2 times book value
 "Warren Buffett offloads more Bank of America shares; sales top $3.8 bn")
Goldman Sachs appoints co-heads of investment banking business in India
The firm also announced that Sunil Khaitan has joined as head of financing in India. Reuters reported in April that Goldman hired Khaitan from Bank of America
 "Goldman Sachs appoints co-heads of investment banking business in India")
Goldman Sachs targets $2 bn for first Asia-focused pvt equity fund
Only five China-focused private equity funds were raised in the first half this year, totalling $2.2 billion
 "Goldman Sachs targets $2 bn for first Asia-focused pvt equity fund")
US regulators fine Citigroup $136 mn for failing to address data issues
The fines are the latest blows for CEO Jane Fraser as she tackles the bank's regulatory failings
 "US regulators fine Citigroup $136 mn for failing to address data issues")
Fed mulls rule change that could save biggest US banks billions in capital
Updating those inputs or "coefficients" would reduce the banks' systemic scores and resulting capital surcharge, said the people who declined to be identified discussing private regulatory issues
 "Fed mulls rule change that could save biggest US banks billions in capital")
Big US banks withstand Fed Reserve's commercial real estate shock scenario
The results, released on Wednesday by the Fed, examine whether banks would be able to continue lending to households and businesses in the event of a severe global recession
 "Big US banks withstand Fed Reserve's commercial real estate shock scenario")
US bank profits jump 79.5% as large firms shake off failed bank costs
Specifically, the FDIC said bank noninterest expense dropped $22.5 billion in the first quarter, and was the primary cause of the profit boost
 "US bank profits jump 79.5% as large firms shake off failed bank costs")
US banks seen booking more commercial property losses, loan sales
Buschbom said office loans remain the "biggest pain points" for banks, but he also expects stress in the multifamily sector especially construction loans
 "US banks seen booking more commercial property losses, loan sales")
Big banks led by Citigroup continue layoffs amid pressure to cut costs
Headcount at Citi declined by 2,000 employees after the third-largest U.S. lender completed a sweeping reorganization aimed at improving profits and reducing management layers
 "Big banks led by Citigroup continue layoffs amid pressure to cut costs")
M&T Bank Q1 results: Profit declines by 25% on higher deposit costs
Regional lenders have had to pay higher interest rates on deposits to prevent customers from fleeing to higher-yielding alternatives, such as money market funds
 "M&T Bank Q1 results: Profit declines by 25% on higher deposit costs")
Wells Fargo Q1 results: Profit declines by 7%, beats market estimates
The bank's net interest income (NII) -- the difference between what it earns on loans and pays out for deposits -- fell 8% to $12.23 billion
 "Wells Fargo Q1 results: Profit declines by 7%, beats market estimates")
Citi Q1 results: Profit drops as costs rise on employee severance
Net income fell to $3.4 billion, or $1.58 per share, in the three months ended March 31, the bank said on Friday. That compares with $4.6 billion, or $2.19 per share, a year earlier
 "Citi Q1 results: Profit drops as costs rise on employee severance")
US regulators probe role of asset managers BlackRock, Vanguard in banks
The move could add to a host of troubles for asset managers, which have often been criticized for exerting undue influence on the management of their portfolio companies
 "US regulators probe role of asset managers BlackRock, Vanguard in banks")
S&P Global downgrades outlooks on 5 US banks to 'negative' on CRE exposures
The ratings agency downgraded the outlook for First Commonwealth Financial, M&T Bank, Synovus Financial, Trustmark and Valley National
US banks to see modest hit from deal to lower swipe fee by Visa, Mastercard
The antitrust settlement announced on Tuesday is one of the largest in U.S. history. If approved by court, it would resolve most claims in a nationwide litigation that began nearly two decades ago
 "US banks to see modest hit from deal to lower swipe fee by Visa, Mastercard")
S&P Global downgrades outlooks on 5 regional US banks to 'negative'
It downgraded First Commonwealth Financial, M&T Bank , Synovus Financial, Trustmark and Valley National Bancorp
 "S&P Global downgrades outlooks on 5 regional US banks to 'negative'")
Morgan Stanley planning to eliminate several hundred jobs in wealth unit
The bank's shares have been the worst-performing among its biggest US peers this year, down about 10%
 "Morgan Stanley planning to eliminate several hundred jobs in wealth unit")
Citi sees opportunity in US bank stocks to 'play offense' after turmoil
In CRE, the exposure to office loans has been the primary concern for investors, but such loans only make up for 1% to 4% of the total for banks under Citi's coverage, Citi said
 "Citi sees opportunity in US bank stocks to 'play offense' after turmoil")
Google, US bank coalition pledge billions to underserved businesses
The Biden Administration announced a series of measures to boost small and minority-owned businesses ahead of its annual Freedman's Bank Forum
 "Google, US bank coalition pledge billions to underserved businesses")
