12:37 a.m. May 7, 2021
Barclays activist investor sells entire stakeLONDON -- Edward Bramson's Sherborne Investors said it sold its entire stake in Barclays PLC, giving up on a yearslong activist campaign to restructure the bank. Sherborne, which seeks to influence the strategy of companies it owns shares in, was one of the bank's biggest shareholders with a 6% stake before the sale.
9:44 p.m. May 5, 2021
Caixabank boosts guidances as net profit soarsCaixabank SA's net profit in the first quarter surged amid accounting gains generated from the acquisition of Bankia SA and it upgraded its guidance for 2021. The Spanish bank said Thursday that net profit for the period was 4.79 billion euros ($5.78 billion) compared with EUR90 million a year earlier.
8:41 a.m. May 3, 2021
- By Chris Matthews
Yellen to name Michael Hsu acting comptroller of the currency: reportTreasury Secretary Janet Yellen plans to name a Federal Reserve bank regulator, Michael Hsu, as acting comptroller of the currency, the Wall Street Journal reported Wednesday.
Hsu currently serves as associate director of the Fed's bank supervision and regulation division. Yellen will appoint him to the role of first deputy comptroller, after which he will assume the role of acting comptroller of the currency.
The Office of the Comptroller of the Currency oversees federally chartered banks, including Goldman Sachs Group. Inc. and Wells Fargo & Co. .
10:32 p.m. April 29, 2021
Barclays beats views as impairment charges tumbleBarclays PLC is the latest U.K. bank that beat first-quarter expectations, and once again provisions for soured loans played a key role. The bank posted Friday a quarterly pretax profit of 2.40 billion pounds ($3.35 billion). This compares with GBP913 million a year earlier and analysts' expectations of GBP1.76 billion.
10:05 p.m. April 29, 2021
BBVA returns to profit; capital target maintainedBanco Bilbao Vizcaya Argentaria SA said Friday that it swung back to profit in the first quarter and maintained its capital target, which it raised back in January. The Spanish bank posted net profit of 1.21 billion euros ($1.47 billion) for the quarter compared with a loss of EUR1.79 billion a year earlier, when it reported billions in impairments and provisions mostly related to the impact of the coronavirus pandemic.
9:42 p.m. April 29, 2021
Banco de Sabadell profit falls as revenue declinedBanco de Sabadell SA's first-quarter net profit fell as the decline in provisions to cover potential loan losses didn't offset decreasing revenue. The Spanish bank said Friday that it posted a quarterly net profit of 73 million euros ($88.5 million), down from a net profit of EUR94 million in the previous-year period.
9:24 p.m. April 29, 2021
BNP beats views, helped by strong investment bank BNP Paribas SA added on Friday another beat to a series of strong earnings by European banks thanks to strong activity at its investment bank and falling provisions. The French bank's first-quarter net profit rose 38% to 1.77 billion euros ($2.15 billion), beating analysts' expectations of EUR1.24 billion, according to a consensus forecast provided by FactSet.
6:58 a.m. April 29, 2021
- By Andrea Riquier
Financial-sector ETFs pop as yields jumpExchange-traded funds tracking the financial sector and banks rallied Thursday as bond yields rose. The Financial Select Sector SPDR Fund was up 1% late morning, as was the Invesco KBWB Bank ETF . The Vanguard Financials ETF gained 0.9%. On Thursday morning, the yield on the 10-year U.S. Treasury note jumped more than 5 basis points to about 1.667%, after sticking in a range around 1.6% for several weeks. Banks can be more profitable in a rising-rate environment, and since they make money from lending money at higher rates than those they pay on deposits, deeply depressed rates are more challenging for them. Investors are likely selling bonds as an improving economy makes riskier assets more attractive. Bond yields and prices move in opposite directions.
9:38 p.m. April 26, 2021
UBS takes surprise $774 million Archegos hit UBS Group AG said it lost $774 million from the implosion last month of Archegos Capital Management, a bigger hit than analysts expected, deepening the damage caused by the fund. Switzerland's biggest bank by assets said it lost the money from closing out a U.S. fund's trades. It took $434 million off net profit in the quarter, which overall was up 14% at $1.82 billion because of a surge in investment banking revenue from strong stock markets.
3:01 a.m. April 19, 2021
- By Tomi Kilgore
Sterling Bancorp to be acquired by Webster Financial in a deal valuing Sterling at more than $5 billionSterling Bancorp announced Monday an agreement to be acquired by Webster Financial Corp. in a stock deal that values Sterling at more than $5 billion. Sterling shares gained 0.7% in premarket trading while Webster shares were still inactive. Under terms of the agreement, each Sterling shareholders will receive 0.463 Webster shares for each Sterling share they own. Based on Friday's stock closing prices, that values Sterling shares at $26.56 each, an 11.5% premium. With 193.46 million shares outstanding as of Feb. 25, the deal values Sterling at $5.14 billion. After closing, which is expected to occur in the fourth quarter of 2021, Webster shareholders will own 50.4% of the combined company. The banks expect the deal to add greater than 20% to Webster's earnings and greater than 10% to Sterling's earnings, and to result in $120 million in synergies. "This combination provides exceptional financial benefits and enables us to more aggressively invest in key businesses and activities to enhance value for our customers, our communities, our shareholders and our bankers," said Webster Chief Executive John Ciulla. Sterling's stock has rallied 32.5% and Webster shares have climbed 36.1% year to date through Friday, while the SPDR Regional Banking ETF has run up 30.3% and the S&P 500 has gained 11.4%.
10:05 p.m. April 18, 2021
ABN AMRO to pay $575.1 million over Dutch probeABN AMRO Bank NV said Monday that it will pay 480 million euros ($575.1 million) after accepting a settlement offer from the Dutch Public Prosecution Service regarding its anti money-laundering probe.
12:16 p.m. April 17, 2021
- By Quentin Fottrell
My parents made my sister executor of their $4 million estate, and joint owner of their bank accounts. Should I be worried? ‘We have five other siblings who are currently unaware of this arrangement’‘We have five other siblings who are currently unaware of this arrangement.’
10:46 p.m. April 15, 2021
Bank of Ireland to buy KBC Bank loans, liabilitiesBank of Ireland Group PLC said Friday that it has entered into a memorandum of understanding with KBC Bank Ireland to potentially acquire all of its performing loan assets and liabilities. The transaction would result in Belgium-based KBC Group NV's withdrawal from the Irish market, as it is also looking to divest its non-performing mortgage loan portfolio.
9:58 a.m. April 15, 2021
- By Andrea Riquier
Bank ETFs tumble even as earnings come in strongExchange-traded funds tracking the banking sector fell Thursday even as big banks reported quarterly results that blew away analyst expectations. The broad Financial Select Sector SPDR Fund lost 0.5% midday Thursday, while funds more focused on banks were down more sharply: the Invesco KBW Bank ETF slid 1.7% and the First Trust Nasdaq Bank ETF was off 1.2%. Shares of JPMorgan Chase , which reported on Wednesday, were flat, but Citigroup Inc. and Well Fargo & Company both lost 0.7%.
9:00 a.m. April 15, 2021
- By Chris Matthews
Senate, House to hold hearings with major bank CEOs in late MayRep. Maxine Waters of California and Sen. Sherrod Brown of Ohio announced Thursday that the House Financial Services Committee and the Senate Banking Committee will hold hearings featuring the CEOs of the nation's largest banks, including JPMorgan Chase & Co , Bank of America Crop. , Citigroup Inc. , Wells Fargo & Co. , Goldman Sachs Group Inc. and Morgan Stanley during the final week in May. Brown, an Ohio Democrat, will be holding the Senate hearing on Wednesday, May 26 at 10 a.m. Eastern Time, while Waters, a California Democrat, will convene the House hearing on Thursday, May 27, also at 10 a.m.
4:19 p.m. March 29, 2021
Goldman, Morgan limit losses linked to ArchegosGoldman Sachs Group Inc. and Morgan Stanley were quick to move large blocks of assets before other large banks that traded with Archegos Capital Management, as the scale of the hedge fund's losses became apparent, according to people with knowledge of the transactions. The strategy helped limit the U.S. firms' losses in last week's epic stock liquidation, they said.
10:13 p.m. March 28, 2021
Credit Suisse sees hefty loss from U.S. hedge fundCredit Suisse Group AG said Monday that it could see a "highly significant" impact on its first-quarter results after a U.S.-based hedge fund defaulted on margin calls made by the Swiss bank. Credit Suisse and other banks are in the process of exiting the positions in question, the bank said. While it didn't quantify the size of the resulting loss, it said it could be significant and material to first-quarter results, notwithstanding the positive trends set out in a business-performance update earlier in March.
7:40 a.m. March 22, 2021
- By Michael Ashbaugh
Charting a jagged technical test, S&P 500 maintains support (3,915) Focus: Regional banks digest break to record territory, KRE, UNH, M, DDS, DKNGU.S. stocks are higher early Monday, rising at least partly amid easing Treasury yields. Against this backdrop, the S&P 500 has weathered a jagged retest of next support (3,915) to punctuate a mid-March downturn that has thus far inflicted limited true damage.
6:19 a.m. March 19, 2021
- By Andrea Riquier
Bank ETFs slide on surprise Fed decisionExchange-traded funds with exposure to the financial sector slipped on Friday after the Federal Reserve said it would not extend a measure of bank regulatory relief. The Invesco KWB Bank ETF was down 2.2% mid-morning, and the First Trust Nasdaq Bank ETF and the Financial Select Sector SPDR Fund each fell 1.7%. Regional-bank funds fared the same: the iShares U.S. Regional Banks ETF gave up 1.7%. The Fed's decision means that starting on April 1, big banks will have to include Treasurys in calculation of the Supplementary Leverage Ratio. An exemption to that rule was put in place in the aftermath of the coronavirus market shocks.
6:47 p.m. March 14, 2021
- By Janet Kersnar
As U.K. eases COVID-19 lockdown restrictions, Pandemic Year 2 provides equal helpings of anxiety and hope Camden, a North London hamlet home to both haves and have-nots, attempts to get back on its feet one year laterCamden, a North London hamlet home to both the haves and have-nots, attempts to get back on its feet one year later.
11:05 a.m. March 12, 2021
- By Gary Zimmerman
Retirees: Now is the time to make your money work for you Earning a higher return on investments enables retirees to do more, more often, for longerEarning a higher return on investments enables retirees to do more, more often, for longer
8:59 p.m. March 10, 2021
HSBC to phase out coal financing by 2030HSBC Holdings PLC is planning to phase out coal financing in the European Union and the Organization for Economic Cooperation and Development by 2030, as part of the lender's efforts to decarbonize its portfolio.
9:52 a.m. Feb. 25, 2021
- By Tomi Kilgore
Financial sector ETF pulls back from record despite big jump in Treasury yieldsThe financial sector suffered broad losses Thursday, as support from wasn't enough to offset the broader-market selloff. The SPDR Financial Select Sector ETF fell 1.0% in afternoon trading, to pull back from Wednesday's record close, with 56 of its 65 equity components losing ground. Meanwhile, the S&P 500 slumped 1.9%. Among the financial ETF's (XLF) more-active components, shares of Bank of America Corp. slumped 0.7%, Citigroup Inc. shed 0.8%, Wells Fargo & Co. lost 1.4% and J.P. Morgan Chase & Co. slid 0.9%. Meanwhile, the yield on 10-year Treasury note jumped 11.0 basis points toward a one-year high of 1.499%. Higher long-term yields can lead to higher bank profits, as they can increase they spread between what banks earn on longer-term assets, like loans, that are funded by shorter-term liabilities. Over the past three months, the XLF has gained 16.3%, while the 10-year Treasury yield has climbed by 62.1 basis points and the S&P 500 has gained 6.0%.
11:04 p.m. Feb. 23, 2021
Metro Bank's 2020 pretax loss widens significantlyMetro Bank PLC reported Wednesday a significantly widened pretax loss for 2020 and said it expects to book a significant credit loss linked to the coronavirus pandemic. The U.K. retail bank posted a pretax loss of 311.4 million pounds ($439.5 million), compared with a loss of GBP130.8 million for the year-earlier period.
9:21 p.m. Feb. 22, 2021
HSBC sharpens Asia focus as earnings tumble 35%HSBC Holdings PLC, one of the world's largest banks, said it would pour about $6 billion of extra investment into Asia in the next five years, as it doubles down on its core business. The London-based bank, which makes most of its profit in Hong Kong and mainland China, said Tuesday that earnings fell 35% to $3.9 billion last year as the coronavirus pandemic roiled the global economy.
10:55 p.m. Feb. 17, 2021
Barclays turns profit despite economic weaknessLONDON -- Barclays PLC posted a profit in 2020 as buoyant securities trading made up for a lackluster banking performance in the U.K., where the coronavirus pandemic caused the largest economic contraction among the world's advanced economies.
8:26 a.m. Feb. 17, 2021
- By Michael Ashbaugh
Charting market cross currents, S&P 500 pulls in to the range Cross currents across asset classes surface amid surging Treasury yields, TNX, USO, GLD, FXY, UUP, XLF, KREU.S. stocks are lower early Wednesday, pressured as the latest economic data fuel the debate regarding potential pending inflation. Against this backdrop, each big three U.S. benchmark has reversed from Tuesday’s record high, pulling in to its former range amid largely garden-variety selling pressure.
8:14 a.m. Feb. 5, 2021
- By Michael Ashbaugh
Charting a slow-motion breakout, S&P 500 edges to all-time high Focus: 30-year yield approaches marquee 2.0% mark, TYX, CSCO, BLDP, KEY, DDOGU.S. stocks are higher early Friday, rising despite a soft monthly U.S. jobs report. Against this backdrop, the S&P 500 and Nasdaq Composite have extended modest breakouts — tagging all-time highs — while the recently lagging Dow Jones Industrial Average vies to register its latest record close.
11:20 p.m. Feb. 4, 2021
BNP Paribas posts smaller-than-expected profit dipPARIS -- French bank BNP Paribas SA reported a drop in fourth-quarter profit, hurt by record low interest rates and the fallout of the coronavirus pandemic, but said it expected revenue to bounce back this year as the global economy gradually recovers.
9:36 p.m. Feb. 4, 2021
BNP gives upbeat guidance after strong tradingBNP Paribas SA struck a positive tone on the outlook for 2021, after a strong trading performance helped the company weather a tough year during the coronavirus pandemic. France's largest listed bank by assets Friday joined its European peers in reporting strong results from trading and investment-bank operations, while the pandemic took a toll on its other divisions, BNP said.
7:08 a.m. Feb. 4, 2021
- By Andrea Riquier
Community bank ETFs pop as economy reflatesExchange-traded funds with exposure to community banks outperformed Thursday on growing signs of inflation in the economy. The SPDR S&P Regional Banking ETF and the iShares U.S. Regional Banks ETF were up 3% at midday, while the First Trust Nasdaq Bank ETF gained 2.7%. Amid growing signs that businesses and consumers are proving resilient in the face of the coronavirus crisis, financial conditions are improving for banks. The yield on the 10-year U.S. Treasury note continued to rise, and was trading near an 11-month high on Thursday.
8:36 a.m. Feb. 2, 2021
- By Michael Ashbaugh
Charting a bullish February start: S&P 500 spikes from major support Focus: Biotechs challenge all-time highs, Regional banks sustain decisive breakout, XBI, KRE, TDOC, EXP, TOLTechnically speaking, the U.S. benchmarks are off to a strong February start, rising in the wake of the most aggressive market downturn in about three months, writes Michael Ashbaugh.
8:07 a.m. Feb. 2, 2021
- By Michael Ashbaugh
Charting a bullish February start: S&P 500 spikes from major support Focus: Biotechs challenge all-time highs, Regional banks sustain decisive breakout, XBI, KRE, TDOC, EXP, TOLTechnically speaking, the U.S. benchmarks are off to a strong February start, rising in the wake of the most aggressive market downturn in about three months. Against this backdrop, each big three benchmark has extended a reversal from major support, rallies preserving a bullish intermediate-term bias.
6:20 a.m. Feb. 2, 2021
- By Andrea Riquier
Bank ETFs jump on yield curve steepeningFinancial-sector exchange-traded funds rallied Tuesday as bond yields rose and the yield curve steepened. The Invesco KBW Bank ETF gained 2.9% mid-morning, and is up 4.1% so far this week, on track for its best week since Jan. 8. The First Trust Nasdaq Bank ETF rose 2.3%, also up 4.1% for the week to date. Banks and financial institutions make money by borrowing money at lower rates than the rates at which they lend. That's easier when there's a bigger spread, known as the yield curve, between the two. It's harder for the yield curve to get wider when yields overall are so compressed, which is why investors think higher rates benefit banks. The benchmark 10-year Treasury note climbed again Tuesday morning, up to 1.114%.
9:49 p.m. Jan. 31, 2021
Swedbank proposes dividend payouts after resultsSTOCKHOLM--Swedbank AB on Monday reported a forecast-beating net profit for the fourth quarter and proposed dividend payouts for 2019 and 2020. The Swedish bank said that, after consultation with the country's Financial Supervisory Authority, it is proposing a dividend corresponding to 25% of net profit for both the 2019 and 2020 financial year.
7:05 a.m. Jan. 29, 2021
- By Victor Reklaitis
White House on GameStop drama: SEC is monitoring, government is working 'how it should'White House press secretary Jen Psaki on Friday deferred to the Securities and Exchange Commission when asked by reporters about the and other heavily shorted stocks, as she said the federal government was working "how it should." Referring to how , a reporter asked what the message was to people in the U.S. and worldwide when "individual investors acting collectively against large financial institutions are shut down pretty much overnight, while the big banks and financial institutions responsible for the 2008 housing crisis got a 'get out of jail free' card." Psaki said: "The message is that the U.S. government is starting to work how it should. The SEC is a regulatory agency that oversees and monitors developments along these lines. It is currently in their purview. They've put out . We will certainly defer to them on that, and I point you to them for further questions."
9:52 p.m. Jan. 28, 2021
CaixaBank declares dividend as net profit risesCaixaBank SA said Friday that net profit rose in its fourth quarter, while the board proposed the distribution of a dividend for 2020. Net profit for the period was 655 million euros ($794 million) compared with EUR439 million a year earlier, the Spanish bank said. Gross income in the period rose to EUR2.15 billion.
6:03 p.m. Jan. 26, 2021
Banking & Financial Inclusion | The Wealth GapMarla Blow, senior vice president of social impact at Mastercard's Center for Inclusive Growth, and Brandee McHale, head of Citi Community Investing & Development and president of Citi Foundation, have a conversation about the role of banks and financial firms in promoting financial security and addressing inequities.
2:49 a.m. Jan. 20, 2021
Commerce Bancshares EPS tops view, revenue missesCommerce Bancshares said its profit for the fourth quarter rose as the provision for credit losses fell along with a decrease in the estimate of the allowance for credit losses. The Kansas, City, Mo., bank-holding company on Wednesday posted a profit of $129.9 million, or $1.11 a share, compared with $106.9 million, or 88 cents a share, in the year-ago period.
8:54 a.m. Jan. 12, 2021
- By Tomi Kilgore
Goldman Sachs stock surges toward a record, adds more than 60 points to the Dow's priceShares of Goldman Sachs Group Inc. surged 3.2% toward a record high, in midday trading Tuesday, as upbeat analyst comments and rising Treasury yields provide support. The stock provided the biggest boost to the Dow Jones Industrial Average , which was virtually flat even as Goldman's stock price gain of $9.28 added about 61 points to the Dow's price. BofA Securities analyst Michael Carrier reiterated his buy rating on Goldman while raising his price target to $345 from $270, saying he sees "attractive upside ahead" as investment sentiment shifts toward value from growth, and amid an improving economic backdrop. JMP Securities analyst Devin Ryan boosted Goldman's target to $320 from $285, saying he believes investors are valuing the bank on its legacy framework, despite "substantial structural shifts" to its capital/efficiency position over the past couple years and "tremendous" investments into new growth areas. Also providing a boost to Goldman's stock, the rose 3.8 basis points toward a 10-month high of 1.168%. Higher longer-term yields can help boost bank earnings, as they can increase the spread between what banks earn longer-term assets, such as loans, that are funded by shorter-term liabilities.