Credit Suisse reportedly pulls C-suite, banker bonuses
CFO Dive
FEBRUARY 10, 2023
The Swiss bank is aiming to incentivize executives with long-term awards as it attempts to return to profitability. It reported its second consecutive annual net loss.
FDIC: US Banks See Chargebacks Soar, Profits Tank Due To Pandemic
PYMNTS
JUNE 17, 2020
bank profits took a hit of 69.6 percent in profits in the first quarter of the year compared to the same time last year, according to Reuters. The profits only hit $18.5 billion as the coronavirus pandemic continued to cause lenders to write off delinquent debt and horde billions to prevent more losses later on.
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Revolut And The Open Banking Path To Profitability
PYMNTS
DECEMBER 9, 2020
We’re being a bit tongue in cheek, but the fact remains that digital-only banking is getting a wider embrace – especially in Europe, as the pandemic surges yet again. Open banking, of course, allows financial data to be shared and synthesized across everyday financial life, making banking by app far less of a novelty than it once was.
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RBI issues revised norms for classification, valuation of investment by banks
CFO News
SEPTEMBER 12, 2023
As per the revised norms, banks will have to classify their entire investment portfolio under three categories -- Held to Maturity (HTM), Available for Sale (AFS) and Fair Value through Profit and Loss (FVTPL).
Study: US, EU Banks Could Take $880B COVID-Related Loan Loss Hit
PYMNTS
JULY 28, 2020
bank profits are at double the risk for loan losses than their European counterparts, according to the Financial Times on Tuesday (July 28). According to consultants with Accenture , European banks are already preparing to follow American ones in massive second-quarter loan loss reporting related to the pandemic.
FinTech Revolut’s Losses Triple As Customer Base Grows
PYMNTS
AUGUST 11, 2020
With its losses mounting, the London-based digital bank may need to tap into its corporate reserves to keep up with its expansion plans. The company posted a total loss of $139.6 Revolut attributed the losses to its expansion into new markets and the introduction of new products. million (£106.5
Credit Card Losses Outpace Home, Auto Loans At US Banks
PYMNTS
MAY 1, 2019
Credit card losses at the biggest banks are outpacing auto and home loans, with the biggest margin seen in the last 10 years, according to Bloomberg. Credit bureau Experian said some of the blame comes from banks giving cards to risky borrowers, and that there is a spike in late payments from elderly consumers. For us, the U.S.
Discovering The Tax Implications of Nonprofits Owning For-Profit Businesses
The Charity CFO
DECEMBER 27, 2023
Does your nonprofit have ownership of a for-profit entity? Whether your organization owns a for-profit company outright or has limited ownership, a for-profit subsidiary can have serious tax implications for your nonprofit. Nonprofits with excess holdings may face an excise tax on the value of shares over the limit.
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Deutsche Bank Posts $924M Loss As Restructuring Continues
PYMNTS
OCTOBER 30, 2019
Germany’s Deutsche Bank reported a net loss below market expectations amid a restructuring plan that includes about 18,000 layoffs, The Wall Street Journal (WSJ) reported Wednesday (Oct. The lender reported a net loss of $924 million (832 million euros) for the third quarter of 2019. percent drop in the closing share price.
IMF Report: Banking Profits Might Not Exceed Cost Of Equity In 2025
PYMNTS
MAY 22, 2020
A large share of the banking sectors of nine advanced economies, by assets, may not be able to bring in profits higher than their cost of equity in 2025, according to a simulation exercise cited in the “Global Financial Stability Report” by the International Monetary Fund (IMF).
How Business Owners Can Create Good Banking Relationships
CFO Simplified
AUGUST 14, 2022
Businesses depend on banks for more than just loaning money. Owners rely on banks to deposit cash, transfer funds, and process checks sent out to suppliers. Banks provide services that are essential to business owners, which is why it is important for business owners to maintain a good relationship with their bank.
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China Drafts Updates To Commercial Bank Regulations
PYMNTS
OCTOBER 16, 2020
As it aims to bolster methods of market exit and risk disposal for institutions that loan money, the central bank of China introduced a draft of updates to legislation applicable to commercial banks, Reuters reported. In May 2019, the government took over Baoshang Bank in the first seizure of its kind in almost 20 years.
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JPMorgan Chase, Wendy’s and more
CFO News Room
JANUARY 13, 2023
bank by assets rose more than 2% after the firm posted fourth-quarter profit and revenue that topped expectations. The New York-based bank said profit jumped 6% from the year earlier period to $11.01 Interest income at the bank surged 48% on higher rates and loan growth. Wells Fargo – The bank stock dipped 0.1%
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Mastering Agency Finances: Why Glancing at Your Bank Statement Is NOT Good Enough
Adam Kae
NOVEMBER 17, 2023
Here at Adam Kae & Associates we aim to shed light on the common practice of solely relying on the bank balance and emphasizes the importance of a more comprehensive and holistic approach to financial management. There is an illusion of adequacy that comes with merely glancing at your bank statement, but it's not good enough.
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The Best Time to Make a Profit is ALWAYS
Michigan CFO
JULY 13, 2021
And in Q1 of 2017, investors were pleased the company reduced its quarterly loss to $708M from the Q4 2016 loss of $991M. From CNNtech: “To many readers, the loss is nothing short of staggering. Losses down, even though they keep investing heavily around the world.” The time to be profitable is ALWAYS.
Metro Bank Chairman Steps Down After Q3 Losses
PYMNTS
OCTOBER 23, 2019
Metro Bank Co-founder and Chairman Vernon Hill stepped down as chairman on Wednesday (Oct. 23) after the bank reported a net loss of £4.9 Earlier this year, Metro Bank revealed an accounting error that kicked off a rocky year, and led some of its top clients to leave the bank. million ($6.3
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IMF: Banks Could Encounter Market, Credit Losses As COVID-19 Surfaces ‘Cracks’ In The Financial System
PYMNTS
APRIL 14, 2020
The International Monetary Fund (IMF) cautioned that COVID-19 has made “cracks” in the worldwide financial system known and “will likely” have financial institutions encounter market and credit losses that will put their reserves to the test. The IMF also pointed out emerging stress in the U.S.
Norwegian Cruise Line, Allstate, Roblox and more
CFO News Room
JANUARY 19, 2023
related investing news Charles Schwab — The bank stock lost more than 6% after Bank of America double-downgraded shares to an underperform rating, saying that clients will continue moving cash into alternatives such as money market funds. Philip Morris — The Marlboro parent gained 2.4% Alcoa — Shares of the aluminum company fell 4.6%
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Breach of Trust: Decoding the Banking Crisis
Musings on Markets
MAY 5, 2023
In March 2023, the fall of Silicon Valley Bank shocked investors not only because it was unforeseen, but also because of the speed with which it unfolded. That failure has had a domino effect, with Signature Bank falling soon after, followed by Credit Suisse in April 2023 and by First Republic last week.
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HSBC CFO: Bank to restructure after Q3 profit drop
Future CFO
OCTOBER 28, 2019
HSBC’s CFO Ewen Stevenson said the bank plans to restructure its loss-making businesses after announcing an 18% year-on-year drop in pre-tax profit in Q3 on Monday. The Hong Kong-listed bank reported pre-tax profit of US$4.8 billion average of the banks’ analyst estimates. billion, compared with the US$5.3
Banking On A Rough Earnings Season For Banks
PYMNTS
APRIL 13, 2020
(and international) consumer and the businesses that serve them will be center stage as earnings season gets underway, starting, as always, with a slew of big banks. The last time we had earnings season, stretching from mid-January into the end of February, banks pointed to the continued strength of the U.S. and the U.K.,
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Revolut Likely To Apply For US Bank Charter
PYMNTS
OCTOBER 12, 2020
European digital bank Revolut , the continent's largest such institution with 13 million users, is close to applying for a U.S. digital banking license, according to a report by CNBC. Revolut's bank charter will be with California, but it will allow the bank to operate anywhere in the U.S., Revolut is valued at $5.5
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A business owner’s guide to understanding and working with the profit and loss statement [Part 2/4]
Creative CFP
OCTOBER 12, 2020
The profit and loss statement (or P&L in accounting jargon) is arguably the central management statement for most SMEs, recording the majority of operational activities over any period of time, usually monthly. From the profit and loss statement a revenue-to-salaries ratio can be determined.
German Bank Raided Over $117M Wirecard Loan
PYMNTS
SEPTEMBER 29, 2020
A team of police and investigators raided the headquarters of KfW , a German state-owned development bank, over a 100 million euro ($117 million) loan it made to Wirecard , the Financial Times (FT) reported. KfW Ipex Bank , a subsidiary, provided Wirecard with the unsecured loan two years ago and extended it last year, according to FT.
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Online Lender SoFi Sees $12M Loss In Q3
PYMNTS
NOVEMBER 12, 2018
Online lender Social Finance (SoFi) continues to struggle, recording an adjusted loss of around $12 million during the third quarter before interest, taxes, depreciation and amortization. The FinTech company has now recorded losses for the second consecutive quarter. In August, it posted a second quarter loss of about $200 million.
Ant Financial Posts Rare Quarterly Loss
PYMNTS
NOVEMBER 5, 2018
Ant Financial , the Chinese FinTech giant and an affiliate of Alibaba Group , posted an earnings pre-tax loss of 2.4 The Wall Street Journal ( WSJ ), citing Ant, reported that the company had a pre-tax profit of 5.3 Alibaba blamed the loss on increased investments to capture growth. billion yuan for the same quarter a year ago.
Banks Will Have To Report Loan Losses Faster
PYMNTS
JUNE 17, 2016
Get ready for some sinking bank profits. The Wall Street Journal reported on Thursday (June 16) that accounting rules are taking effect that would ensure that banks would have to report loans going south much earlier than had been done before, which may push reserves higher, eating into profits.
HSBC Sees Profits Fall As Bad Debts Top $6B
PYMNTS
AUGUST 3, 2020
HSBC, Europe’s biggest bank, has seen its profits plunge in the first six months of 2020, squeezed by low interest rates and the COVD-19 pandemic, The Telegraph reported. The bank’s bad debts are expected to rise to $6.2 Pre-tax profits fell to $4.3 billion loss, the newspaper reported. Pre-tax profits fell to $4.3
HSBC Announces U.S., U.K. Restructuring Amid Q3 Losses
PYMNTS
OCTOBER 28, 2019
Losses at some HSBC businesses are causing the bank — Europe’s largest — to restructure, CNBC reported Monday (Oct. HSBC posted an 18 percent loss in pre-tax profits for the third quarter of 2019, compared to the same period last year, reports said. businesses. The quarter posted $4.8 billion for the quarter.
Bank Deposits, Fees Up As Companies, Consumers Hoard Cash
PYMNTS
AUGUST 30, 2020
With profits and margins at all-time lows, the U.S. banking system is in flux as customer deposits surge and make the safety net for failures fall below a legal limit, The Wall Street Journal (WSJ) reports. Those numbers were huge increases from the past several years, which never saw credit loss provisions going above $20 billion.
HSBC To Eliminate As Many As 300 UK Commercial Banking Jobs
PYMNTS
OCTOBER 22, 2020
HSBC will be restructuring its commercial banking business in Britain which will result in 300 job cuts, according to Reuters. The cuts come as part of Europe's largest bank's larger restructuring effort from earlier this year, with HSBC looking to cut costs worldwide as the ability to boost revenues becomes more difficult.
Under Armour, Robinhood, Peloton, Lincoln National and more
CFO News Room
NOVEMBER 3, 2022
after the company reported a smaller-than-expected quarterly loss as well as revenue that topped analyst forecasts. Deutsche Bank thinks investors should follow Icahn’s suit as the firm sees a 45% upside in the stock. UBS highlighted Tal’s strong topline beat and improved profitability outlook. per share loss.
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World Wrestling Entertainment, Bed Bath & Beyond, Tesla, Costco
CFO News Room
JANUARY 8, 2023
Bed Bath & Beyond — The retailer dropped 12.4%, building on the sharp losses seen Thursday, after management said the company is low on cash and considering bankruptcy. Silvergate Capital – The crypto-focused bank added to its Thursday losses following a downgrade from JPMorgan to neutral from overweight.
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Deere, HP, Nordstrom and others
CFO News Room
NOVEMBER 24, 2022
Check out the companies making headlines before the bell: Deere (DE) – The heavy equipment maker reported better-than-expected profit and revenue for its latest quarter and issued an upbeat outlook. The computer maker also reported better-than-expected profit and revenue for its latest quarter. Its stock jumped 4.2%
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Walgreens, Intel, US Bancorp and more
CFO News Room
NOVEMBER 12, 2022
in the premarket after Deutsche Bank upgraded the stock to buy from hold. The provider of online language classes also reported a smaller-than-expected quarterly loss and increased its full-year revenue outlook. LegalZoom reported a quarterly loss that was smaller than analysts had anticipated and raised its full-year revenue forecast.
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Carvana, Meta, Palantir, Viatris, Walgreens and more
CFO News Room
NOVEMBER 7, 2022
The investment bank said the online real estate company’s business model is flawed. Berkshire Hathaway — Shares of Warren Buffett’s conglomerate rose more than 1% after the company posted a 20% increase in operating profits during the third quarter. Berkshire also spent $1.05 billion in share repurchases during the quarter.
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Bank Of England Ups Monzo’s Capital Requirements
PYMNTS
AUGUST 6, 2020
Monzo Bank Ltd, the London-based online bank, must now have a capital worth of 13.6 percent of its risk-weighted assets to guard against potential losses. The Financial Times (FT) reported the new requirements are among the first signs the Bank of England ( BoE ), the United Kingdom’s (U.K.) the newspaper reported.
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Retail Lobby: “We Lied About Organized Theft”
Barry Ritholtz
DECEMBER 11, 2023
billion in retail inventory losses in 2021 was not “attributable to organized retail crime.” retailers retracted its claim that “organized retail crime” accounted for nearly half of all inventory losses in 2021 after finding that incorrect data was used for its analysis.” No, “ nearly half ” of $94.5
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Citigroup, Manchester United, Nordstrom, Tesla and more
CFO News Room
NOVEMBER 23, 2022
banking regulators. Deere — Shares of the heavy equipment maker jumped 5.8%, on track for a record close, after the company reported better-than-expected profit and revenue for its fiscal fourth quarter. Credit Suisse – The bank dropped 6.7% billion in quarterly losses tied to customers pulling money.
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What is a Bailout?
Barry Ritholtz
MARCH 20, 2023
Silicon Valley Bank depositors made whole; Credit Suisse counter-parties saved; First Republic bondholders protected — are these bailouts or something else? Eat what you kill” is the classic Wall Street attitude toward risk and reward, profit and loss. Were these people “bailed out?”
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Disney, Meta Platforms, Lucid Motors, Roblox and more
CFO News Room
NOVEMBER 9, 2022
Disney — Shares of the media giant slid more than 11% after the company’s quarterly results missed Wall Street expectations on revenue and profit, as both its parks and media divisions underperformed estimates. after the company reported another quarterly loss as operational costs increased. AMC Entertainment — Shares dropped 9.8%
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US Banks Keep Expectations Low Amid Tepid Interest Rates
PYMNTS
SEPTEMBER 20, 2020
banks aren’t fooling themselves — they’re likely in for a long stretch of low interest rates putting a burden on their profits, the Financial Times (FT) reports. That means banks’ profit margins will suffer more as low interest rates dampen yields at a time when the cost of deposit funding is already extremely low.
Walgreens, Coinbase, Duolingo, Ralph Lauren
CFO News Room
NOVEMBER 11, 2022
Walgreens – Shares rose 6% after an upgrade to buy from hold Deutsche Bank, which said it liked Walgreens’ merger and acquisition plans. Duolingo – Shares of the foreign language learning platform lost 10% after the company reported revenue below expectations while also posting a smaller-than-expected quarterly loss.
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JPMorgan, Other Big Banks Front-Load $66B To Cover Bad Loans
PYMNTS
APRIL 30, 2020
JPMorgan Chase was the biggest saver of funds in an effort by banks around the world to get ahead of a spate of bad loans they believe is coming. The banks, combined, have set aside $66 billion for the prospect, which is likely due to the number of corporations that may have to default due to the virus’ economic destruction.
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