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Chinese Tech Startups Hit by Silicon Valley Bank Failure
Tech startups in China have been feeling the effects of the Silicon Valley Bank (SVB) shutdown in mid-March, according to CNBC. Chinese companies backed by dollar-denominated funds—with one source revealing it had tens of millions of dollars at SVB—are sensing the fallout following the U.S.’s second-largest bank failure...
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US Banks Raise Rates on Deposits, Feeling Pressure
Banks have begun to raise their own rates on deposits from record-low levels, a welcome news for consumers and businesses, but a costly turn of events for the industry. As the Federal Reserve increases benchmark interest rates, depositors are finding higher yield Treasury bills and money market funds after years of limited earnings...
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Investors Wary of Persistent Crypto Outflows
Crypto investment products experienced their fourth week of outflows in early March, and investors are concerned, according to CoinShares, the European cryptocurrency investment firm. CoinShares’ Digital Asset Fund Flows Report indicated that outflows totaled $17 million...
What Embedded and Decentralized Finance Mean for Traditional Banks
Banks are no longer the only transaction game in town. Technological progress and competition from fintech firms have changed the landscape for customers, requiring banks to adapt to an increase in non-traditional players. Embedded finance, decentralized finance (DeFi), and central bank digital currency (CBDC) are trends that will drive the future of transactions, according to Payments Journal...
No ChatGPT for JPMorgan Employees
JPMorgan Chase has prohibited employees from using ChatGPT, the computer program that simulates written or spoken conversation with human beings, CBS News reported in late February. The restriction abides by the bank’s restriction of third-party software usage...
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First Citizens’ Equipment Finance Business Gets New Name
According to an announcement late February, First Citizens Bank & Trust Company is changing the name of its vendor equipment financing business to further elucidate its core mission. The division, which came along with First Citizens’ 2022 merger with CIT Group Inc., has been known as CIT Business Capital...
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Soft Landing for US Economy is Looking Possible, Goldman Sachs Says
Business leaders are more optimistic than they were last year that a recession can be avoided, Goldman Sachs Chairman and Chief Executive Officer David Solomon told investors at a Credit Suisse conference in mid-February. Though inflation and US-China relations are causing strain, the chance for recession has lessened, Solomon said...
U.S. Investment Banks Collect $27 Billion in Fees in 2022
The world’s top five investment banks, all American, earned more than $27 billion in fees in 2022, according to data acquired by financial website Finbold. JP Morgan led the group with $6.92 billion. Goldman Sachs earned $6.5 billion; Bank of America Securities, $5.52 billion; Morgan Stanley, $4.61 billion; and Citibank, $3.96 billion...
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Goldman Sachs CEO Says Bank Is Performing Well, Despite Investor Doubts
Though investors may be skeptical following reports of disappointing profits, Goldman Sachs Chief Executive Officer David Solomon told Reuters the bank is faring well. "Good companies should invest and innovate and try new things. And by the way, when you do, you're not going to always get it right," Solomon said at the World Economic Forum's (WEF) annual gathering in Davos, Switzerland in January...
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JPMorgan, Standard Chartered Approved for Fully-owned Chinese Ventures
JPMorgan Chase gained full control of its Chinese mutual fund in January, buying out local partners Shanghai International Trust with rival Manulife Financial. A final price was not disclosed. The China Securities Regulatory Commission (CSRC) approved the bank’s 49% stake in China International Fund Management (CIFM), the watchdog said in a statement...
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Hertz Appoints Scott M. Haralson as Chief Financial Officer
Hertz Global Holdings, a prominent global rental car company, has announced the appointment of Scott M. Haralson as Chief Financial Officer. "His deep expertise in financial management and leveraging the capital markets to drive business transformation will be invaluable to Hertz as we rotate our fleet, deliver operational excellence, build greater cost discipline and undertake other key initiatives to improve our financial performance", stated Hertz CEO Gil West...
Navan Appoints Amy Butte as Chief Financial Officer
Navan, the comprehensive super app simplifying travel and expense management, announced the appointment of Amy Butte as Chief Financial Officer effective June, 2024. Butte, who joined Navan's Board of Directors in April 2024, has resigned from her role as Audit Committee Chair to assume this executive position...