According to the Federal Deposit Insurance Corporation (FDIC), as of September 30, 2018 there was a total of $13.6 trillion in deposits at all 5,397 Federally insured banking and savings institutions in the U.S. but just nine mega banks represented 40 percent of all domestic deposits. Those nine are the insured banking units of the […]
Whistleblower Implicates Deutsche Bank in $150 Billion Money Laundering Scandal…
Just when Deutsche Bank probably thought the worst of its legal troubles (over the Libor scandal, sales of shoddy mortgage-backed securities, FX and precious metal rigging which collective resulted in tens of billions in legal fines) were behind it, the struggling German lender is being drawn deeper into the biggest money laundering scandal in European […]
Danske Bank Probe Expands As JPM, Deutsche Bank, BofA Face Scrutiny…
Bank of America to Stop Lending to Military-Style Weapons…
A Bank of America executive announced Tuesday that the bank will stop lending money to companies that manufacture “military-style” rifles that are available for civilians to purchase. Anne Finucane, Bank of America’s vice chair, told Bloomberg TV that the bank doesn’t want to “underwrite or finance military-style firearms” and has told a number of gun […]
Biggest Three Banks Gobble Up $2.4 Trillion in New Deposits Since Crisis …
Americans are parking more money with the biggest banks than ever before, cementing the firms’ dominance of the financial industry less than a decade after the crisis. The three largest U.S. banks have added more than $2.4 trillion in domestic deposits over the past 10 years—a 180% increase—according to a Wall Street Journal analysis of […]
Fed’s Crackdown on Wells Fargo Will Curb 2018 Profit by $400 Million…
The Federal Reserve’s decision to cap Wells Fargo growth until it sufficiently improves corporate oversight in the wake of a fake accounts scandal will curb the lender’s profit by as much as $400 million this year, CEO Tim Sloan said. The directive, announced after the close of New York trading on Friday, requires the San […]
Bank Downgrades Chipotle, Complaining It Pays Workers Too Much. Chipotle Says That’s Bunk…
Bank of America Merrill Lynch downgraded Chipotle and warned investors that the stock will “underperform,” complaining that the restaurant chain is paying its workers too much, and that cutting labor costs further will be difficult for the chain. “We are downgrading Chipotle to Underperform from Neutral as we believe, assuming no significant tax reform, that […]
Mega-Banks Blow 100% of Earnings on Share-Buybacks & Dividends, Crimp Lending, Constrain Economy…
When tighter regulations were imposed on the banks after the Financial Crisis, the largest among them, the very ones that threatened to bring down the financial system, began squealing. Those voices are now being heard by Congress, which is considering deregulating the banks again. In particular, they claim that current capital requirements force banks…
Auto Dealership Stocks Plunge on Bank of America Warning of ‘Looming Tsunami’…
BofA/Merrill analyst John Murphy downgraded Lithia Motors to Underperform from Neutral and cut its price target to $92 from $106. The analyst lowered US sales and North American production forecasts saying year-to-date sales tracking down 2%, following a likely peak in 2016, and there is a “looming tsunami” of off-lease volumes that will hit the […]
Delta Airlines and Bank of America Pull Sponsorship of Trump Assassination Play…
Facing the growing possibility of customer backlash Delta Airlines and Bank of America have ended their corporate sponsorship of a New York play portraying of Julius Caesar as a Donald Trump, who gets knifed to death on stage in the performance. U.S. media, journalists and left-wing activists are furious at their decision to end funding. […]
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