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Banking

U.S. bank ETFs suffer sharp outflows ahead of results

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsOct 11 (Reuters) - Exchange-traded funds tracking U.S. banks saw significant outflows since the start of October and ahead of earnings as investors took money off the table fearing elevated interest rates and stricter regulations in the aftermath of the regional bank crisis.In the first 10 days of this month, the $1.46 billion Invesco KBW Bank ETF (KBWB.O) saw net outflows of $336.18 million, while the $2.49 billion SPDR S&P Regional Banking...
Banking

Morning Bid: Fed pivot begins to crystallize

Oct 11 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.A slump in U.S. bond yields, after another Federal Reserve official signaled that the central bank's interest rate-hiking cycle is over, will put Asian markets on a positive footing on Wednesday, despite renewed stress in China's property sector.Investors in the region also have key Japanese business activity indicators and South Korean current account figures on their plate on Wednesday, and there will no doubt be headlines coming from the IMF and World...
Banking

US bank profits set to rise on higher rates while Wall Street lags

NEW YORK, Oct 10 (Reuters) - Profits at the biggest U.S. consumer lenders are likely to rise in the third quarter, in contrast with investment banks still facing a dealmaking slump, analysts said.JPMorgan Chase (JPM.N), which kicks off earnings for big U.S. lenders Friday, will set the tone for large banks. It is predicted to post a roughly 25% jump in earnings per share (EPS) versus a year earlier, LSEG estimates showed.Goldman Sachs (GS.N) and Citigroup (C.N) are expected to report the biggest EPS declines of 35% and 26% respectively,...
Banking

IMF says ‘weak tail’ of banks could struggle in an economic downturn

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsWASHINGTON, Oct 10 (Reuters) - Around 5% of banks globally are vulnerable to stress if central bank interest rates remain higher for longer, despite the easing of turmoil in the sector in recent months, the International Monetary Fund (IMF) said on Tuesday.A further 30% of banks - including some of the world's largest - would be vulnerable if the global economy enters a period of low growth...
Banking

Several US big banks allow staff in Israel to work from home

Oct 9 (Reuters) - Several U.S. banks have told their staff in Israel to work from home for the near future as the country goes on war footing and mobilises reserve troops following a deadly attack by Palestinian Islamist group Hamas two days ago.JPMorgan Chase (JPM.N), the largest U.S. bank with more than 200 employees in Israel, and Citigroup (C.N) have approved such a work plan, sources at the Wall Street lenders told Reuters on Monday.Investment banking giant Goldman Sachs (GS.N) has also directed employees at its Tel Aviv offices...
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