Independent thinking for complex markets and current events
via CNBC: “The largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come. Even as the economy has surprised forecasters with its resilience, lenders have cut headcount or announced plans to do so, with the key exception being JPMorgan Chase , the biggest …
Since October 8th, a bank run has erupted at the Bank of Cangzhou in Hebei Province. Numerous online videos show long lines of people waiting to withdraw money at various branches of the Bank of Cangzhou. Not only were the bank lobbies packed with people, but long queues also formed outside on the streets, with …
Morgan Stanley’s stock takes a significant dive, while Bank of America sees a decline in deposits, albeit slower than JPMorgan Chase, amid increasing competition for deposits. The U.S. commercial property sector is experiencing its highest distress level in a decade, with significant debt and defaults among major players, hinting at an impending reckoning as substantial …
https://www.youtube.com/watch?v=wvS8Hj5P3Dc Bank executives are warning about unprecedented risks in the financial system. According to JPMorgan Chase CEO Jamie Dimon, banks are bracing for worst-case scenarios as higher interest rates elevate the risk of failures and losses in the months ahead. Americans should pay very close attention to what happens next because the turbulence will affect …
BofA HTM losses soar to $131.6 billion, up $26 billion in Q3 and the highest on record. pic.twitter.com/XiKXqjQW53 — zerohedge (@zerohedge) October 17, 2023 NEW: The significant decline in 🇺🇸 US bonds results in US banks facing an almost record-breaking unrealized loss of ~$600 billion 😮 pic.twitter.com/xjhkQdEU19 — Bitcoin News (@BitcoinNewsCom) September 30, 2023
The Biden administration has warned U.S. banks and other financial institutions that they can’t reject illegal immigrants’ credit applications based solely or predominantly on their immigration status. The Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) said in a recent statement that rejecting illegal immigrants for credit cards and various types of …
Fun fact: bank credit is now contracting! Since dollar standard (‘71), that’s only happened once before: 2008. Losses in T bonds will far worse than mortgage losses. Stocks are on the verge of a massive collapse. Fractional banking does’t work in reverse. Few. pic.twitter.com/0fzX16lYGn — Porter Stansberry (@porterstansb) October 15, 2023 Banks losses on held …
via reuters: Banking industry is assessing China exposures Review of risks sent to Western governments – UK Finance Bank boards discuss possible impact of any China curbs – bankers Lawyers receive surge in calls for mitigation advice West-China tensions have put banks on alert LONDON, Oct 13 (Reuters) – Big banks in Britain are preparing …
by TonyLiberty The largest US Banks are facing their worst Bad loan write-offs in 3 years. (Bad loan write-offs are loans that banks have given up on collecting. When a bank writes off a loan, it takes the loss on its balance sheet) The increase in bad loan write-offs is a sign that credit quality …
Former Speaker Kevin McCarthy did a deal with Biden to suspend the debt ceiling entirely until 2025. So there is no debt limit now. That is one of the reasons he was removed as Speaker. Conservatives felt that was crazy to allow Biden to borrow unlimited amounts of money for 18… — Wall Street Mav …
The situation is getting serious as banks are experiencing one of the sharpest declines in lending activity ever recorded. This means they’re not lending money as readily as before. At this rate, we might be heading towards a “credit event,” which essentially means a big problem in the world of credit and lending. Moreover, banks …
Banks block money and clean up ATMs: ‘National policy’– Dordrecht is well on its way to becoming one of the first cities in the Netherlands to become a cashless municipality. All banks, ING, but also ABN AMRO, for example, have now removed payment terminals from their offices. It is no longer possible to collect or …
Global central banks have been buying record amounts of gold as they seek to diversify reserves away from the dollar. “We expect central banks to continue their role as net purchasers of gold,” according to the head of gold strategy at State Street. The trend appears to be part of the broader de-dollarization drive, led …
by Quant2011 India and Poland. Yes, China, Russia, Turkey and Uzbekistan added a lot of gold too- but they got this gold from their own mines. They were not forced to buy that gold from other nations. This little aspect is totally ignored by all PM experts. All the above listed central banks bought only …
https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section531&num=0&edition=prelim h/t User1two9
by confoundedinterest17 The US is experencing a slow down. The massive Federal government and Federal Reserve Covid stimulus has worn out and we are left with a sagging jobs report and soaring credit card delinquencies. After ADP’s reports printed almost perfectly in line with BLS last month (+177k vs +187k), all eyes are on today’s print, …
This liquidity strain might prompt banks to tighten lending, potentially making it more challenging for individuals and businesses to access credit. A record $870 billion of deposits have left banks over the last 18 months. This is the highest deposit flight since The Great Depression. The UAW strike, student loan payments & government employees furloughed …
Guest Post by Pam and Russ Martens at Wall Street on Parade.com: On March 30, 2022, two highly troubling events occurred: (1) Fed data showed that unrealized losses on available-for-sale securities at the 25 largest U.S. banks were approaching the levels they had reached during the financial crisis in 2008; and (2) the Fed simply …
via geofinancialnews: Declining credit quality metrics in Commercial real estate lending pushed several banks to reduce their exposures to the sector by offloading loans related to the asset class, particularly office loans, in the second quarter. US banks’ commercial real estate loan portfolios showed signs of increasing stress During the second quarter, the net charge-off …
“Most of these buildings have mortgages with interest rates of less than 4%,” he said. “Now the Fed has raised rates to 5.5% terminal rate, which means these mortgages are going to be refinanced at 9% to 11%." Read more: https://t.co/yPg1zgXsR9 — unusual_whales (@unusual_whales) September 27, 2023 US housing affordability is worse today than the …
“JUST IN: Nearly 700 US banks now exceed the 2006 Commercial Real Estate (CRE) loan concentration guidance. What is the CRE loan concentration guidance? It’s guidance by the FDIC for the amount of exposure that small banks should have to CRE loans. Currently, small banks hold over 70% of CRE loans which is $2 trillion …
“Westpac Bank expands cash transaction options at branches nationwide. Bank customers will have easier access to their money as one major bank expands its cash transaction options.” https://www.news.com.au/finance/business/banking/westpac-bank-expands-cash-transaction-options-at-branches-nationwide/news-story/3cf4ec3f404ddd0124ac21ac092b2210 “More Westpac customers will have easier access to their money as bank branches expand their cash transaction options across the country.” “We know many small businesses and …
A vast majority of global central banks are exploring the scope of issuing their own digital currencies – and it’s a trend that could eventually aid the international campaign to shift away from the dollar, according to a research paper published by International Monetary Fund staff. Up to 93% of monetary authorities around the world …
Thousands of NatWest customers have been plunged into the red and left with a ‘headache’ as money they deposited into their accounts disappeared. NatWest blamed an ‘ongoing incident with cash deposit machines’ for the blunder which left many out of pocket. A number of people took to social media site X, formerly Twitter, to complain …
Lobbyists Grab Control at House Financial Services Hearings, Backing Jamie Dimon’s Push to Gut Higher Capital Proposals We’re very sorry to have to tell you this, but if you’re not watching Senate Banking or House Financial Services Committee hearings when the topic is about increasing bank capital or any new regulations to make the …
Interest rates on bank deposits are reaching rock bottom, with major banks offering meager rates like Wells Fargo at 0.15%, Citibank at 0.05%, Chase, Bank of America, and US Bank all hovering at a mere 0.01%. In contrast, alternatives to traditional bank deposits are offering significantly higher returns, with Certificates of Deposit (CDs) topping the …
The current situation in the US financial landscape is a cause for concern. It has been known that the top 5 US banks are over-leveraged, which can be a recipe for disaster. Over-leveraging can make these banks vulnerable to financial downturns and economic shocks. This vulnerability is further highlighted by the fact that companies are …
BREAKING: Truist plans ‘sizable’ layoffs; target of cuts uncertain https://t.co/S94qKp2qzt — Financelot (@FinanceLancelot) September 11, 2023 Banks in the US just saw their biggest weekly deposit outflows since the collapse of SVB. Total bank deposits (on a seasonally-adjusted basis) plunged by $70 billion last week alone. This puts bank deposits at their lowest levels since …
