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Apr 13, 2024
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we know it as fdic. the fdic is vital to making the whole american economy run. this is the agency tasked with maintaining stability and confidence in our country's financial system by ensuring our deposits and by examining and supervising the financial institutions for safety and soundness and consumer protection. and for us in this room that means chairman gruenberg is vital to making sure the american economy runs while for everybody. [applause] we are talking about the have-nots as well as the have's. so i'm excited to hear what he has to tell us. please join me in welcoming to the stage the fdic chairman martin. >> good morning, everybody. and thank you, bethany, for that kind introduction. thank you for getting up early to participate in the session and let me begin by thanking the national community reinvestment coalition and you're very outstanding president for inviting me to take part in the economy conference. let me say for over 30 years as you well know, the national community reinvestment coalition has been a tireless advocate for economic opportuni
we know it as fdic. the fdic is vital to making the whole american economy run. this is the agency tasked with maintaining stability and confidence in our country's financial system by ensuring our deposits and by examining and supervising the financial institutions for safety and soundness and consumer protection. and for us in this room that means chairman gruenberg is vital to making sure the american economy runs while for everybody. [applause] we are talking about the have-nots as well as...
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Apr 4, 2024
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the fdic uses a variety of strategies to pursue these objectives. we conduct research, provide a common fact-based understanding of the challenges through art nationwide community affairs program staff, we perform outreach to bankers and provide resources and support so they consider how their institutions can expand participation in the banking system and serve their communities and produce financial education resources and communicate the benefits of having insured accounts to consumers. finally, we work with community-based organizations that share our vision of the banking system that is responsive to the needs of families and communities. before i conclude, i specifically want to observe some of the ways in which the newly adopted community reinvestment act rule would provide banks with the opportunity to receive credit for their efforts to expand economic inclusion. the role would specifically recognize access to products that are affordable and responsive to their needs. it would help to clarify and expand recognition of the righty -- variety
the fdic uses a variety of strategies to pursue these objectives. we conduct research, provide a common fact-based understanding of the challenges through art nationwide community affairs program staff, we perform outreach to bankers and provide resources and support so they consider how their institutions can expand participation in the banking system and serve their communities and produce financial education resources and communicate the benefits of having insured accounts to consumers....
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Apr 30, 2024
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that is why i want to ask you about the fdic. have you read the article in the wall street journal entitled "strip clubs, lewd photos and a boozy hotel, the toxic atmosphere and bank regulator fdic". >> i did read it a few months ago. >> did you read the article fdic lawyer state on paid leave for weeks after child arrest? 's >> i don't remember that one. >> did you read the article entitled in the wall street journal, fdic chair known for temper and ignored bad behavior and workplace? >> i read so much and i remember the whole broad story but not particular stories. >> did you read the article in which a former female employee of the fdic allegedly recalled her male colleagues saying, women needed to use sex to get ahead at the fdic? >> i don't recall that one. no. >> did you read the article in which a female risk management examiner during a lunch with a male examiner said she had become friendly with that examiner. and he complained to her about his marriage allegedly telling her he wasn't hitting enough sex, and she allegedl
that is why i want to ask you about the fdic. have you read the article in the wall street journal entitled "strip clubs, lewd photos and a boozy hotel, the toxic atmosphere and bank regulator fdic". >> i did read it a few months ago. >> did you read the article fdic lawyer state on paid leave for weeks after child arrest? 's >> i don't remember that one. >> did you read the article entitled in the wall street journal, fdic chair known for temper and ignored...
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Apr 30, 2024
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that is why i want to ask you about the fdic. have you read the article in the wall street journal entitled, quote, strip clubs, lewd photos, and hotels, the toxic environment at the fdic. >> i think i did read that a couple of months ago. >> did you read the article entitled fdic lawyer state on paid leave for weeks after child porn arrest? >> i don't recall that one. >> do you remember the article, fdic chair, known for temper, ignored bad behavior in the workplace?". >> honestly, i don't. i remember the broad story, but not particular stories. >> did you read the article in which a former female employee allegedly called her male colleagues, saying that women needed to use sex to get ahead at the fdic? >> okay. >> did you read the article in which a female risk-management examiner during lunch with a male examiner said she had become friendly with that examiner and he complained to her about his marriage, allegedly, telling her, he wasn't getting enough sex, and she allegedly said, obviously, -- or he allegedly said, obviously
that is why i want to ask you about the fdic. have you read the article in the wall street journal entitled, quote, strip clubs, lewd photos, and hotels, the toxic environment at the fdic. >> i think i did read that a couple of months ago. >> did you read the article entitled fdic lawyer state on paid leave for weeks after child porn arrest? >> i don't recall that one. >> do you remember the article, fdic chair, known for temper, ignored bad behavior in the...
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Apr 7, 2024
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how do you see as regulators returned to this notion, given the fdic's new policy statement, how do you see interplay between regulators and community groups? we have a concern that given the history of failure to enforce, what we do not want his banks and regulators saying what the community needs are. there needs to be a way to ascertain what those needs are. rojit: yes, it is not an easy one because on the one hand, you want regulators held accountable for their actions. we have concerns when the order to approve does not condition the merger on the agreement, but it footnotes it, but it is hard to enforce it. what are the sanctions, they do not live up to it. jesse, i know you will tell us, but everyone should tell us what is the right process to make sure that regulators are not dreaming up some sort of thing about what the needs are and what is the language they can ascertain. my hope is that there is a way to be clear when it comes to business lines. not just mortgage, small business, but also really some demographic type cuts. i see this a lot, they really stop serving smaller f
how do you see as regulators returned to this notion, given the fdic's new policy statement, how do you see interplay between regulators and community groups? we have a concern that given the history of failure to enforce, what we do not want his banks and regulators saying what the community needs are. there needs to be a way to ascertain what those needs are. rojit: yes, it is not an easy one because on the one hand, you want regulators held accountable for their actions. we have concerns...
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Apr 16, 2024
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. >>> former fdic chair sheila bair is joining us with more. it's as great to see you. >> nice to see you. thank you for having me. >> i understand you think the big banks are largely in good shape, nothing to worry about here, but even with the economy pretty strong still, you are worried about the regional banks. what do you think is that shoe that's going to drop there? >> well, i think -- i'm worried about a handful of them. i think some of them are still a really -- have a lot of concentrated commercial real estate exposure, and i think the larger picture, really, is the potential instability of their uninsured deposits, even for the healthy ones, if we have another bank failure. as i said before, i think congress should reinstate the fdic transaction's guarantee authority so it can stabilize those deposits. congress isn't doing much of anything these days, so, wait in line. so, i think this is still a problem, and funger fingers cro there's another failure. >> the ten-year yield, some forecasting it to go to 4.8%. does that concern about
. >>> former fdic chair sheila bair is joining us with more. it's as great to see you. >> nice to see you. thank you for having me. >> i understand you think the big banks are largely in good shape, nothing to worry about here, but even with the economy pretty strong still, you are worried about the regional banks. what do you think is that shoe that's going to drop there? >> well, i think -- i'm worried about a handful of them. i think some of them are still a really...
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the fdic. you remember, silicon valley bank, signature bank, first republic, we're seeing increase in spending by $30 billion to facilitate the resolution of those bank failures. the fdic says they will get it back but through premiums on other fdic insured banks. spending on food and nutritional supplemental benefits, that also tracked a change. we're seeing a decline by 24% or $23 billion. that is the end of those emergency snap benefits. finally, charles, we have increase of 43% spending on net interest on public debt. that's all because interest rates are just simply higher. charles, back to you. charles: we're getting close to the magical trillion dollars a year just to pay interest on our debt. lydia, thank you very much. very special guest coming now, laffer founder, art laffer. month ago cbo projected $1.1 million deficit for the entire year. we're 1.1 trillion in the first quarter. that seems like madness. what are your thoughts on this. >> you're right, unfortunately this is maddersne
the fdic. you remember, silicon valley bank, signature bank, first republic, we're seeing increase in spending by $30 billion to facilitate the resolution of those bank failures. the fdic says they will get it back but through premiums on other fdic insured banks. spending on food and nutritional supplemental benefits, that also tracked a change. we're seeing a decline by 24% or $23 billion. that is the end of those emergency snap benefits. finally, charles, we have increase of 43% spending on...
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Apr 12, 2024
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80 -- 81 billion, overall looks like a pretty decent report each big bank is throwing money into the fdic fund that got eaten by sell-off bank last year, citigroup itself putting this more than 200 billion dollars, into the fdic fund, 251 million dollars excuse me 251 million, will overall pretty decent report going with citigroup, as you can being see stock reacting, looking like a are better story up little more than 2 1/4 percent. that could be on the forecast for my initial first flush on numbers first quarter total cost credit 2.36 billion first quarter net credit loss 2.3 billion a wash on that, overall pretty decent quarter, chris watching as well. maria: stock up 2 1/4% chris your thoughts. >> citigroup strong 17% up for the year dow only up 8 i think that frazier had a long runway when you talk about regulate people off market responds positive jamie dimon double beat citigroup struggling more so many ways has more systemic problems layoff a headed right direction market responds positivity bibanking will benefit from interest rates higher longer, to banks at least through fourth
80 -- 81 billion, overall looks like a pretty decent report each big bank is throwing money into the fdic fund that got eaten by sell-off bank last year, citigroup itself putting this more than 200 billion dollars, into the fdic fund, 251 million dollars excuse me 251 million, will overall pretty decent report going with citigroup, as you can being see stock reacting, looking like a are better story up little more than 2 1/4 percent. that could be on the forecast for my initial first flush on...
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Apr 16, 2024
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i would say other expenses -- we had the fdic's charge go through last quarter. that is the big driver pushing expenses above expectations. take that out, expenses were below and did not rise as much as analysts thought they would. sonali: on one hand provision from loan losses were higher than expected. he did hear them say net income would bottom in the second quarter and rise once again. on one note, that is better than you sell at most of the other banks in terms of lending profits they could ring in. what do we know about credit quality at bank of america and is that what is driving some of the concern? >> the credit cracks are a big concern but i will say executives on the call today repeated time and again these credit costs and the charge-offs they have been seeing, they expect them to level and improve in future quarters. i will say the guidance was improved from the last time management spoke in january. not only did they exceed expectations for this quarter but that means for second quarter even though they said that would be the lowest point of 2024,
i would say other expenses -- we had the fdic's charge go through last quarter. that is the big driver pushing expenses above expectations. take that out, expenses were below and did not rise as much as analysts thought they would. sonali: on one hand provision from loan losses were higher than expected. he did hear them say net income would bottom in the second quarter and rise once again. on one note, that is better than you sell at most of the other banks in terms of lending profits they...
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Apr 12, 2024
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the fbi see assessment, a lot of banks are feeling -- the fdic assessment, a lot of banks are feeling the pain. stephen: they will do so will ahead of that to take advantage of the better market opportunity when it comes along. as you said, some of the guidance was a special assessment, lingering effects from the fourth quarter. we can overlook that. banks are not immune to the inflation story. if inflation is higher than expected you would expect costs for banks and businesses all over. it certainly bears watching. i would have liked to see revenue guidance move up a bit with a higher interest rate environment. we did not get that. on the flipside, what was better-than-expected was provisions. notably so. that tells me they feel like they reserve enough coming into the corner and they do not inspect many delinquencies going forward. that is an offsetting benefit for banks. sonali: how do you think about some dynamics here when you think about the idea of spending from consumers? on one hand you have jamie dimon and his deputy saying, ok, consumers are holding up, wages have been incr
the fbi see assessment, a lot of banks are feeling -- the fdic assessment, a lot of banks are feeling the pain. stephen: they will do so will ahead of that to take advantage of the better market opportunity when it comes along. as you said, some of the guidance was a special assessment, lingering effects from the fourth quarter. we can overlook that. banks are not immune to the inflation story. if inflation is higher than expected you would expect costs for banks and businesses all over. it...
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Apr 12, 2024
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those estimates from the fdic have increased since then. some commentary from dimon in the release, he says many economic indicators continue to be favorable. looking ahead we remain alert to a number of significant uncertain forces versus the global landscape, terrible wars and violence continues to cause suffering and geopolitical tensions are growing. he also goes on to say there are a number of persistent inflationary pressures which most likely continue and he says that we have never truly experienced the full effect of quantitative tightening on this scale. he says you don't -- they don't know how these factors will play out, but we must prepare the firm for a wide range of potential environments. so echoes what he wrote in his investor letter from earlier this week. so, still digging through this release, but you can see shares are down about 3.8% right now. guys? >> that's a big drop in the shares, given the big beat on both the top and the bottom line. maybe his commentary, again, you mentioned, it is similar to what we heard in hi
those estimates from the fdic have increased since then. some commentary from dimon in the release, he says many economic indicators continue to be favorable. looking ahead we remain alert to a number of significant uncertain forces versus the global landscape, terrible wars and violence continues to cause suffering and geopolitical tensions are growing. he also goes on to say there are a number of persistent inflationary pressures which most likely continue and he says that we have never truly...
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Apr 6, 2024
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of them was the banking act, that of 1933, which created the federal deposit insurance corporation, fdic and and then another act that was passed as a result of this was the to the securities exchange act of 1934, which which regulated the trade of securities on the stock market. any american who has over retirement account that includes stocks has been affected by the legacy of those laws passed in the aftermath of this investigation. so on december 7th, 1941, there was a surprise japanese attack on the us military base in pearl harbor, hawaii, and there was thousands of people who died and many ships and planes that were destroyed. in the aftermath of the attack, americans wanted to know why america was so unprepared for this attack. so after the war ended, congress decided to investigate. it created a joint committee, which means members of both the house and the senate and that committee looked into what happened before pearl harbor and why. why we were so unprepared and why the consequences of that attack were so devastating. so i wanted to point out this item right here, this machi
of them was the banking act, that of 1933, which created the federal deposit insurance corporation, fdic and and then another act that was passed as a result of this was the to the securities exchange act of 1934, which which regulated the trade of securities on the stock market. any american who has over retirement account that includes stocks has been affected by the legacy of those laws passed in the aftermath of this investigation. so on december 7th, 1941, there was a surprise japanese...
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Apr 10, 2024
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it appears the federal reserve has primarily referred to the fdic concerning the proposal. could you shed light on the federal reserve's rule concerning long-term debt proposal and have you provided input regarding the proposals in her plague with the endgame? >> i think we are one of the proposers of the rule. just like the other agencies are. right now, we are looking at the comments. that comment. has closed. we are very much in reading those comments. >> fair to say, thank you. i'm concerned that long-term debt proposals, lack of tailoring contradicts the requirements of the economic growth, regulatory relief, and consumer protection act. instead of principles, this proposal creates category financial institutions identically for the purposes of long-term. additionally, the proposal burdens category 2, 3,. the parent holding company and bank load, which actually could be reversed tailoring, considering are only required issued at the parent company level. what is the underlying rationale behind this requirement when such a mandate is not imposed on banks and do you beli
it appears the federal reserve has primarily referred to the fdic concerning the proposal. could you shed light on the federal reserve's rule concerning long-term debt proposal and have you provided input regarding the proposals in her plague with the endgame? >> i think we are one of the proposers of the rule. just like the other agencies are. right now, we are looking at the comments. that comment. has closed. we are very much in reading those comments. >> fair to say, thank you....
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Apr 15, 2024
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if you think back to last year with the silicon valley bank failure, stepping in with the fdic to keep things together. for the broader economy, it is consumer led on the services side of thing. that is what is keeping things together. we are likely to see the service sector activity slow a little bit. maybe we got an early indicator of that with retail sales data. with spending at bars and restaurants only up 4% month on month. that was a tame increase. if spending slows, business spending can pick up the baton. we did have an earnings recession in 2022 and 2023. maybe business spending needs to pick up the baton now. >> insurance costs are pushing inflation higher. that is true for businesses as well. i just talked to a global ceo of a big insurer that said that the issue in the middle east could actually fuel more inflation. shipping costs and supply chains will be impacted even more. how much are you eyeballing inflation and where that goes in terms of investments and what to anticipate? >> that is a very good observation. when we look at history, you can see there is the initial i
if you think back to last year with the silicon valley bank failure, stepping in with the fdic to keep things together. for the broader economy, it is consumer led on the services side of thing. that is what is keeping things together. we are likely to see the service sector activity slow a little bit. maybe we got an early indicator of that with retail sales data. with spending at bars and restaurants only up 4% month on month. that was a tame increase. if spending slows, business spending can...
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Apr 9, 2024
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and some of your governors, the fdic, others. so how are we coming on it and how do we recognize? >> and so we're working our way through the comments. we are coming to the point where it will be appropriate for us to evaluate what changes are appropriate and that they will be broad in material. and that is where that is. where she not made any decisions yet, that we just got the comments. >> and the subcommittee, i've seen them push the envelope in terms of rules and regulations that will go well beyond the congressional mandate, even encroaching on the jurisdiction of the financial regulators. what is the fed's response to another agency encroaching on its jurisdiction? >> we do not comment on other agencies regulation. however, if they were to take your hypothetical at face value and they were to come in to our jurisdiction -- >> it is more than a hypothetical. >> and we would react. >> good, i hope you do. i yield back. >> the gentle lady from new york, ms i velasquez is recognized for five minutes. >> thank you, mr. chairman. right here. thank you for being here, chairman pow
and some of your governors, the fdic, others. so how are we coming on it and how do we recognize? >> and so we're working our way through the comments. we are coming to the point where it will be appropriate for us to evaluate what changes are appropriate and that they will be broad in material. and that is where that is. where she not made any decisions yet, that we just got the comments. >> and the subcommittee, i've seen them push the envelope in terms of rules and regulations...
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Apr 9, 2024
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honestly there is among governors, fdic, others. how are we coming on this and how do we-- >> we are working our way through the comments. we are coming to the point where it would be appropriate for us to evaluate and i think those changes would be broad and ethereal. we haven't made any decisions yet. >> in my role as chairman of the subcommittee, i have seen those that have pushed the envelope in terms of rules and regulations that go beyond the mandate, encroaching on the jurisdiction of other financial regulators. what is the fed's response to another agency encroaching on its jurisdiction? >> we do not comment on other agencies' regulations, however, if they were to actually take this hypothetical at face value ,-- >> it is more than a hypothetical. >> and we would react. good, i hope you do. i yelled back. >>> the lady from new york recognized for 5 minutes. >> thank you, mr. chairman, right here. thank you for being here, chairman powell. co property insurance rates are becoming prohibitively expensive, or inaccessible for h
honestly there is among governors, fdic, others. how are we coming on this and how do we-- >> we are working our way through the comments. we are coming to the point where it would be appropriate for us to evaluate and i think those changes would be broad and ethereal. we haven't made any decisions yet. >> in my role as chairman of the subcommittee, i have seen those that have pushed the envelope in terms of rules and regulations that go beyond the mandate, encroaching on the...
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Apr 29, 2024
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. >> hey, carl the fdic seized republic first and sold it to fulton financial, those shares jumping this morning. republic had about $6 billion in assets making it the sixth largest bank failure since the crisis, however less than 3% of the size of similarly named first republic when that bank went under almost exactly a year ago. the contours of pluckic's demise, the bank had its own managerial issues. as of a year ago rising interest rates boosted the unrealized losses on the balance sheet and profitability on the decline, however a more recent snapshot is impossible to come by because republic never filed year-end financials for 2022 and 2023, causing it to be delisted. it was unable to solidify outside capital injections that were helpful in boosting other beleaguered banks like pacwest and new york community bank corp the fdic estimates that the cost to the deposit insurance fund related to the failure of republic first will be $667 million. that's a responsibility largely borne by the banking system itself the regional banks shrugging off the news as well with the kre basically fla
. >> hey, carl the fdic seized republic first and sold it to fulton financial, those shares jumping this morning. republic had about $6 billion in assets making it the sixth largest bank failure since the crisis, however less than 3% of the size of similarly named first republic when that bank went under almost exactly a year ago. the contours of pluckic's demise, the bank had its own managerial issues. as of a year ago rising interest rates boosted the unrealized losses on the balance...
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Apr 12, 2024
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morgan, this does include by the way adding more money to fcic $725 million increase to the fdic's special assessment that they had to put down. quarter average loans up 16%. revenue on the manage basis, 42.55 and giving you investment bank corporate investment bank revenue 13.6 billion commercial banking 4 billion and also looking into other things, assets under management for the first quarter 3.6 trillion that was a jump of 19% but again it looks like the interest income strength, i was looking at that because net interest income as you know is a big theme this quarter and the estimate was 20 3.2 1 billion which is a jump of 12% and they came and basically in line with that. anyway i'm getting a wrap so i'm going to send it back to theirs j.p. morgan and the stock is under pressure and i'm digging into find out what's going on with that. maria: i'm wondering about capital market business. i love the fact that you identify a um 3.6 trillion in a um indicative of how so many financials are trying to have the asset management business really lead and that's what we see although that you ma
morgan, this does include by the way adding more money to fcic $725 million increase to the fdic's special assessment that they had to put down. quarter average loans up 16%. revenue on the manage basis, 42.55 and giving you investment bank corporate investment bank revenue 13.6 billion commercial banking 4 billion and also looking into other things, assets under management for the first quarter 3.6 trillion that was a jump of 19% but again it looks like the interest income strength, i was...
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Apr 16, 2024
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and all the other banks that we watched reports so far this season are putting money back into the fdic's 700 million coming from bank of america there, i know that you want to know this, global wealth and investment management 5.59 billion that was a jump of 5%, global banking revenue, banking revenue fell by 4% with the consumer banking revenue also followed by 5% but investment management is a street trade so were waiting on morgan stanley that's coming up in the next hour but the active trading equity trading, the one thing and the bright spot of the stock is down almost 2%. maria: it sounds like there was lightness on the landing part of the business but investment banking we had a very busy investment banking. in the first quarter whether the bond business or equities as well and deals as well. the stock is down almost 2%. thank you. we'll be right back. (♪) (♪) before you consider drastic weight loss measures with dangerous side effects, try golo. (kevin) my doctor prescribed a weight loss drug, but as soon as i stopped taking it, i gained all that weight back. (joann) i lost 2
and all the other banks that we watched reports so far this season are putting money back into the fdic's 700 million coming from bank of america there, i know that you want to know this, global wealth and investment management 5.59 billion that was a jump of 5%, global banking revenue, banking revenue fell by 4% with the consumer banking revenue also followed by 5% but investment management is a street trade so were waiting on morgan stanley that's coming up in the next hour but the active...
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Apr 12, 2024
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expenses were a little bit higher because of the fdic. net, net the stock is ripped into the print and now you're not going to get a consequent epps upgrade. i think that's why the stock is taking a breather here today. >> what about wells fargo? you seem more impressed with the number, although i don't think they upgraded net interest income based on fed path either? >> they didn't. but their fee number was quite the blowout. so, you know, you're looking closely to see if there were any sort of one-time idiosyncrasies in terms of what caused that blowout to consensus, but what was happening there, they earned more in trading, more in investment banking, and they just had overall strength in that line. i think that's really, really important for the long only narrative. the long-term shareholder narrative to the stock, right, because, you know, clearly wells fargo is a fixer upper so to speak, as they deal with the regulatory issues, and i think that beat in the fee revenue item essentially told the street look, they were not just cutting
expenses were a little bit higher because of the fdic. net, net the stock is ripped into the print and now you're not going to get a consequent epps upgrade. i think that's why the stock is taking a breather here today. >> what about wells fargo? you seem more impressed with the number, although i don't think they upgraded net interest income based on fed path either? >> they didn't. but their fee number was quite the blowout. so, you know, you're looking closely to see if there...
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Apr 10, 2024
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park that money there so they can sleep at night, in most cases insured by the federal government, fdic, without any of the risk. it isn't 20, 30, 40%, but it's something. >> well, the risk there, neil, is inflation. neil: right. >> if we do inflation at what was reported today, over 3%, right? if. neil: right. >> so if you're earning 4.5% on a cd right now, you're not going to outrun inflation if. and that's inflation for the basket of goods that we buy every day. but what about the inflation of health care costs? so as our clients age, as longevity increases, health care costs become one of the most important elements of their budget. and so we help our clients think about their health and their well-being so that they can outrun some of those inflationary kohs. at the same time, health care and perhaps assisted living, nursing home care, home health care continues to increase in price. and that's got to be built into the plan. neil: so you know you're talking to an older anchor when you talk assisted living, health care. i get it, i get it. all right, i get it. [laughter] penny, very
park that money there so they can sleep at night, in most cases insured by the federal government, fdic, without any of the risk. it isn't 20, 30, 40%, but it's something. >> well, the risk there, neil, is inflation. neil: right. >> if we do inflation at what was reported today, over 3%, right? if. neil: right. >> so if you're earning 4.5% on a cd right now, you're not going to outrun inflation if. and that's inflation for the basket of goods that we buy every day. but what...
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Apr 16, 2024
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jonathan: the $700 million fdic's special assessment expense, not the first time we've seen this in bank earnings. is this complete? how far along are we in the process? sonali: it is still coming. the efficiency ratio they came in above where wall street was guiding for. it is at 67%. where they are already trying to keep a handle on costs all over the board, all of these banks have suffered from the weight of that fdic assessment. even jp morgan guided expenses higher in part of that assessment. the story isn't over. regulatory costs may remain somewhat high, but we are getting passed at least that first year now since the bank failures. lisa: i am old enough to remember when it was cost-cutting trying to reduce the expenses was the focus of these banks. bank of america, first quarter compensation expenses. what you make of that? sonali: direction of travel is higher. we've been talking about it with goldman where if you are making more money you have to pay people more. that is the problem, isn't it? so, on balance, that efficiency ratio higher, that flurry of ideas with compensation
jonathan: the $700 million fdic's special assessment expense, not the first time we've seen this in bank earnings. is this complete? how far along are we in the process? sonali: it is still coming. the efficiency ratio they came in above where wall street was guiding for. it is at 67%. where they are already trying to keep a handle on costs all over the board, all of these banks have suffered from the weight of that fdic assessment. even jp morgan guided expenses higher in part of that...
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Apr 16, 2024
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bank of america reporting 83 cents a share excluding the special assessment from the fdic. the cost that comes in addition to the levy last quarter. the banking system owes that to cover the bank system failures last year. we are not comparing to analyst estimates. it is a one-time item. we are just telling you the number so you have it. >> okay. leslie, thank you. fill us in when you have the comparable. >>> house speaker mike johnson will split foreign aid bills. we have punch bowl's jake sherman with us. great to have you here with us. is the speaker's fate really hanging in the balance here? >> absolutely. there's been a group of republicans for a long time that suggested if johnson puts any ukraine aid on the floor, his job would be in danger. that is still a live option. the question he is a few things. number one, do they want to replace the speaker again? do they want to replace the speaker in the middle of the election season when the speaker is raising money for the party. raised $20 million for house republicans last quarter. that is a very important job. probabl
bank of america reporting 83 cents a share excluding the special assessment from the fdic. the cost that comes in addition to the levy last quarter. the banking system owes that to cover the bank system failures last year. we are not comparing to analyst estimates. it is a one-time item. we are just telling you the number so you have it. >> okay. leslie, thank you. fill us in when you have the comparable. >>> house speaker mike johnson will split foreign aid bills. we have punch...
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Apr 29, 2024
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the bank was closed on friday by state regulators and sold by the auction run by the fdic. talk about 24 hours moves. paper losses on bonds that lost value as interest rates rose and high uninsured deposits to flee. all republic first branches are set to reopen under fulton ownership at scheduled hours today. regulators were prepared to shutdown last year to shore up the bank >> so confusing. it shows you if there is a first republic, don't name your stupid bank republic first. >> you are confused about the name >> a year ago, that was a big deal this is a $3 billion -- this was the only reason we are reporting on it is people were confused of first republic or republic bank. given the shift in the fed and everything else and everybody talking about it >> not this is being suggested yet, but the next move would be a hike and that would be a different scenario for these banks. >> just because this was tiny and not first republic doesn't mean there is nothing to worry about. >> cracks along the way. >>> shares of dutch medical devices giant philips are soaring after the compa
the bank was closed on friday by state regulators and sold by the auction run by the fdic. talk about 24 hours moves. paper losses on bonds that lost value as interest rates rose and high uninsured deposits to flee. all republic first branches are set to reopen under fulton ownership at scheduled hours today. regulators were prepared to shutdown last year to shore up the bank >> so confusing. it shows you if there is a first republic, don't name your stupid bank republic first. >>...
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Apr 8, 2024
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fdic operation chokepoint from the state of new york and nra case currently pending before the supreme court or the fbi and treasury recent revelations from the subcommittee. each of these incidents show the government can and will weaponize the financial marketplace against americans for political benefit. several factors exacerbate this risk. has expansive authority on day-to-day operation and decisions. shrouded in secrecy to impart these benefits the top five banks control over 50% of the market for deposit accounts. this only elevates the need to ensure viewpoint neutrality in the provision of financial services. congress should take action for this is an issue we should all agree on and deserves her utmost attention. we cannot continue to law enforcement, regulars and banks too big to fail run roughshod over our first amendment freedoms. i welcome your questions. >> thank you. you are recognized for five minutes. >> good morning chairman jordan, ranking member thank you for the opportunity to testify at today's hearing. i'm vice president director for cato center for monetary and
fdic operation chokepoint from the state of new york and nra case currently pending before the supreme court or the fbi and treasury recent revelations from the subcommittee. each of these incidents show the government can and will weaponize the financial marketplace against americans for political benefit. several factors exacerbate this risk. has expansive authority on day-to-day operation and decisions. shrouded in secrecy to impart these benefits the top five banks control over 50% of the...
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additionally, goldman paid out $78 million for that additional levy by the fdic special assessment to cover the bank failures from last spring. that's on top of what they already paid. shares now up nearly 3% on this first quarter beat on the top line. >> 14.8% return on equity. so that's higher than almost any whole year, except for 2021 in a whil yh.e.>>ea all right, more on those numbers and the market reaction in a built. we'll be right back. >>> bitcoin prices tumbled over the weekend after iran's missile attack on israel. this morning crypto prices are firming up once again. bitcoin 66,250 or thereabouts. joining us, kavita gupta, delta blockchain fund founder. first, i'll just get your read on the price action recently. obviously it had had a huge run and then a little bit of a retreat going into the weekend. >> hi, thank you. i actually saw andrew's tweet also today like what is happening in the space. so i would just say it's been a very interesting weekend actually for me personally. saturday night has all been looking into the market. combination of taxes and the announceme
additionally, goldman paid out $78 million for that additional levy by the fdic special assessment to cover the bank failures from last spring. that's on top of what they already paid. shares now up nearly 3% on this first quarter beat on the top line. >> 14.8% return on equity. so that's higher than almost any whole year, except for 2021 in a whil yh.e.>>ea all right, more on those numbers and the market reaction in a built. we'll be right back. >>> bitcoin prices tumbled...
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Apr 9, 2024
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and of the classified documents, the fdic's. in your investigation, you conducted 173 interviews of 147 witnesses, correct? >> that is correct. >> president biden, himself, was one of those witnesses, correct? >> for at least five hours or more. >> correct. >> president biden engaged in this interview voluntarily. >> correct. >> the interview with president biden lasted more than five hours? that is correct? >> correct. >> in the interview, it occurred the day, which all should know after the horrific attack, hamas attacking israel, according to a letter from the white house counsel. is that correct? >> the interview spans two days. with the president having to be in and out to deal with an international crisis, and after the interview, he provided answers to additional questions, correct? >> congresswoman, i do not recall the president being in and out during our interview to handle the internet. >> let me go on. president biden allowed investigators to search his private houses. is that correct? >> he did consent to the search
and of the classified documents, the fdic's. in your investigation, you conducted 173 interviews of 147 witnesses, correct? >> that is correct. >> president biden, himself, was one of those witnesses, correct? >> for at least five hours or more. >> correct. >> president biden engaged in this interview voluntarily. >> correct. >> the interview with president biden lasted more than five hours? that is correct? >> correct. >> in the interview,...