Core inflation prices jump most in four months as spending picks up
Consumer spending has driven core inflation metrics to their highest levels in months, according to data released by the Bureau of Economic Analysis. Higher inflation will likely serve as a signal to the Federal Reserve to maintain high interest rates.
Dimon plans to sell $141 million worth of JPMorgan shares
Dimon and his family currently hold about 8.6 million JPMorgan shares, meaning the planned sale would represent less than 12% of their holdings in the New York-based bank. His net worth totals about $2 billion, according to the Bloomberg Billionaires Index.
Press Release: FDIC Makes Public September Enforcement Actions – No Administrative Hearings Scheduled For November 2023
PRESS RELEASE | OCTOBER 27, 2023 FDIC Makes Public September Enforcement Actions – No Administrative Hearings Scheduled For November 2023 WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in September 2023. There are no administrative hearings scheduled for November 2023. […]
We need to start talking about consumers’ financial trauma
Two-thirds of American adults report experiencing financial trauma in their lives, and the vast majority say they are still feeling its negative effects. Improving financial literacy can help.
Bankman-Fried struggles on stand in rare dress rehearsal before testimony
Sam Bankman-Fried spent almost three hours trying to persuade a judge to allow him to testify about the role FTX lawyers played in the lead up to the collapse of the crypto-exchange and the alleged mismanagement of customer funds.
First Citizens reports strong third quarter, led by deposit growth
Both loans and deposit balances have stabilized since the North Carolina bank acquired parts of the failed Silicon Valley Bank, paving the way for better-than-expected fourth-quarter earnings guidance. The only blemish in the third quarter, one analyst said, was credit quality.
Old National strikes $344M deal to expand in Nashville
The Indiana bank said it agreed to acquire CapStar Financial in an all-stock deal that would hasten its growth in Tennessee.
LendingClub offsets cooldown in loan-buying demand through new product
CEO Scott Sanborn said it’s unclear when demand from banks to buy the fintech’s loans will return.
M&T selling lone new issue as slowdown dampens bond sales
Weekly volume — even with the M&T deal — is poised to be one of the largest misses this year, second only to the week of March 13 when Silicon Valley Bank’s failure spooked the banking sector.
Office loans are the snag in a strong quarter for New York Community
The Hicksville, New York, company beat analysts’ expectations on net interest income, but a pair of souring office loans contributed to a 68% increase in nonperforming loans from the prior quarter.