Bank

A 'shakeout' among mortgage lenders is coming, according to CEO of bank that left the business

A ‘shakeout’ among mortgage lenders is coming, according to CEO of bank that left the business

A sign hangs from a branch of Banco Santander in London, U.K., on Wednesday, Feb. 3, 2010. Simon Dawson | Bloomberg via Getty Images Banks and other mortgage providers have been battered by plunging demand for loans this year, a consequence of the Federal Reserve’s interest rate hikes. Some firms will be forced to exit …

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Bank of England tipped for biggest interest rate hike in 27 years as inflation soars

Bank of England tipped for biggest interest rate hike in 27 years as inflation soars

LONDON, February 03: Governor of the Bank of England Andrew Bailey leaves after a press conference at Bank of England on February 3, 2022 in London, England. The Bank is expected to hike interest rates for a fifth consecutive meeting on Thursday, but faces a tough balancing act between supporting growth and curbing inflation. Dan …

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Zelle scammers use stolen personal information to trick bank customers

Zelle scammers use stolen personal information to trick bank customers

SAN FRANCISCO — In a widespread scam, bank imposters are tricking people into sending them money with Zelle, the popular quick payment app. The scam has been going on across the country for more than a year. Now more are coming forward – among the latest is a San Francisco man who says the imposters …

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China’s central bank seeks to mobilise $148bn bailout for real estate projects

China’s central bank seeks to mobilise $148bn bailout for real estate projects

Beijing is seeking to mobilise up to Rmb1tn ($148bn) of loans for millions of stalled property developments, in its most ambitious attempt to revive the debt-stricken sector and head off a backlash by homebuyers. In a bid to end a property downturn that played a big role in bringing year-on-year growth down to just 0.4 …

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Wells Fargo profit falls as the bank sets aside funds for bad loans, company's shares drop

Wells Fargo profit falls as the bank sets aside funds for bad loans, company’s shares drop

Charles Scharf Qilai Shen | Bloomberg | Getty Images Wells Fargo said Friday that second-quarter profit declined 48% from a year earlier as the bank set aside funds for bad loans and was stung by declines in its equity holdings. Here’s what the company reported compared with what Wall Street was expecting, based on a …

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S&P 500, Dow close lower after bank earnings, inflation data

S&P 500, Dow close lower after bank earnings, inflation data

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2022. REUTERS/Brendan McDermid Register now for FREE unlimited access to Reuters.com Register JPMorgan, Morgan Stanley report profit miss PPI surges more than expected in June Conagra Brands falls on downbeat forecast Dow down 0.46%, S&P off …

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Bank of America fined $225 million over unemployment benefits program

Bank of America fined $225 million over unemployment benefits program

A woman is reflected in a puddle as she passes a Bank of America branch in New York’s Times Square. Brendan McDermid | Reuters Federal regulators fined Bank of America $225 million for “botching the disbursement of state unemployment benefits at the height of the pandemic,” the subject of a CNBC investigation last year.  The …

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Severe recession needed to cool inflation, Bank of America analysts say

Severe recession needed to cool inflation, Bank of America analysts say

Mark Grant, chief market strategist at Colliers Securities, argues that he believes the Consumer Price Index and Producer Price Index data will be higher than the previous month.  The hottest inflation in four decades will force the Federal Reserve to take such extreme actions to tame prices that policymakers advertently drag the U.S. economy into …

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