On 31 January, New York Community Bancorp’s (NYCB’s) share price plunged by a record 38 percent after the company announced it will make sharp cuts to its stock dividend and hoard cash.
Tag: banks
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TOP TREND 2024, BANKS GO BUST
Topping last year’s record of $541 billion, in 2027 $602 billion in loans against commercial real estate are scheduled to mature, according to The Wall Street Journal.
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WALL STREET’S TOP BANKERS ARE BAILING OUT OF BANK STOCKS
James Gorman, Morgan Stanley’s CEO for the past 12 years, has sold $48 million worth of his hoard of Morgan stock so far this year, bringing the total he has cashed in to $78 million. Ted Pick, who will take over for Gorman in January, has sold $30 million worth of his shares, according to the Financial Times.
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BANK OF ENGLAND RAISES RATES AGAIN AS INFLATION REMAINS HIGH
The Bank of England (BoE) raised its base interest rate for the 14th time in as many meetings, setting it at 5.25 percent, its highest in 15 years.
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EUROPE’S BANKS INCREASE CASH RESERVES AGAINST FAILING LOANS
In the first six months of this year, London-based Barclays bank set aside £896 million, or about $1.2 billion, to cover loans likely to turn sour, the bank disclosed on 27 July. The amount is more than double that in the first half of 2022.
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TWO MORE U.S. BANKS BITE THE DUST
The troubled PacWest Bancorp, which wobbled in the wake of the mid-March failure of Signature and Silicon Valley banks, has been sold to Banc of California, a smaller competitor, in a stock swap.
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CHASE SHUTS DOWN BANK ACCOUNTS OF MERCOLA AND KEY EMPLOYEES
July 13, 2023, JP Morgan Chase Bank informed me they are closing all of my business accounts, along with the personal accounts of my CEO, my CFO and their respective spouses and children
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JPMORGAN BECOMES A GOLD BUG
With a recession still likely, gold’s price will break through $2,000 later this year and set new records in 2024 as the U.S. Federal Reserve begins cutting interest rates in next year’s second quarter, analysts at megabank JPMorgan Chase predicted.
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BANK OF CANADA RAISES INTEREST RATES TO 22-YEAR HIGH
Once again, the Bank of Canada (BoC) raised its key interest rate by a quarter point, moving it from 4.75 to 5.0 percent in the wake of second-quarter consumer spending that was stronger than predicted.
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TOP TREND 2023: OFFICE BUILDING BUST, HSBC LATEST TO FLEE LONDON’S CANARY WHARF
HSBC, Europe’s largest bank, announced on 26 June it will leave its self-named Canary Wharf headquarters and move its 8,000 staff members to smaller digs in “The City,” the London district equivalent to New York’s Wall Street.