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Bank of America sees cryptocurrencies as one of many significant and increasing' competitors
The financial services industry is "highly competitive" and subject to stark disruptions, including from cryptocurrencies, Bank of America said in its annual filing with the Securities and Exchange Commission Thursday. The bank referred to cryptocurrencies as "other market participants who engage in business or offer products in areas we deem speculative or risky." It was the first time the bank had acknowledged crypto as a risk factor. Shares are up more than 29% over the past 12 months, nearly double the return for the S&P 500 . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
PRESS DIGEST- New York Times business news - Feb 23
The following are the top stories on the New York Times business pages. - After a barrage of customer complaints this week, the First National Bank of Omaha said on Thursday that it would withdraw its National Rifle Association-branded Visa credit card.
NRA-branded Visa card dropped by First National Bank of Omaha
First national Bank of Omaha says it received complaints amid an intensifying national debate on gun control
JPMorgan plans new Manhattan headquarters in boost to Midtown
JPMorgan Chase & Co.(JPM) plans to build a new headquarters at its existing Manhattan site in the first major project under a rezoning law passed last year that aims to revitalize the Midtown area, the bank and officials said on Wednesday.
UPDATE 1-JPMorgan plans new Manhattan headquarters in boost to Midtown
NEW YORK, Feb 21 (Reuters) - JPMorgan Chase & Co.
plans to build a new headquarters at its existing Manhattan
site in the first major project under a rezoning law passed last
year that aims to revitalize the Midtown area, the bank and
officials said on Wednesday.
Three held as $1.8 billion fraud ripples through Indian banks
India's federal police detained two employees of Punjab National Bank , the state-run lender that says it has been the victim of a $1.77 billion fraud, in the first arrests in a fast-widening probe into the country's biggest-ever bank scam.
U.S. first-quarter GDP forecasts cut after weak retail sales
Wall Street firms cut their forecasts for U.S. economic growth in the first quarter of 2018 after a disappointing decline in retail sales in January. Morgan Stanley chopped its estimate for gross domestic product to 2.9% from 3.3%. Barclays and IHS trimmed their GDP estimates to 2.3% from 2.5%. And Bank of America Merrill Lynch lowered its target to 2% from 2.3%. Sales at U.S. retailers fell 0.2% in January, the biggest drop in almost a year.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Citigroup to invest in London, hire staff despite Brexit - FT
Wall Street bank Citigroup Inc (C) will set up an innovation centre in London in one of the first investments by a big U.S. bank since Brexit, the Financial Times reported on Sunday. Citi will initially hire 60 technologists for the centre, James Cowles, chief executive Officer for Europe, the Middle East and Africa, told the FT. The company could not be immediately reached for comment.
Citigroup to invest in London, hire staff despite Brexit: FT
(Reuters) - Wall Street bank Citigroup Inc will set up an innovation center in London in one of the first investments by a big U.S. bank since Brexit, the Financial Times reported on Sunday.
BRIEF-Laureate Education Says Co Entered First Amendment To Second Amended And Restated Credit Agreement With Citibank ...
Laureate Education Inc(LAUR): * Laureate Education Inc(LAUR) - ON FEB 1, CO ENTERED FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT WITH CITIBANK N.A. * Laureate Education Inc (LAUR) - AMENDMENT AMENDS CERTAIN SECOND AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF APRIL 26, 2017.
BRIEF-Laureate Education Says Co Entered First Amendment To Second Amended And Restated Credit Agreement With Citibank N.A
* LAUREATE EDUCATION INC - ON FEB 1, CO ENTERED FIRST
SECOND AMENDED AND RESTATED CREDIT AGREEMENT WITH CITIBANK N.A
BRIEF-First Bank Q4 Earnings Per Share $0.03
* REPORTS FOURTH QUARTER 2017 PRETAX EARNINGS UP 81.6%
SEC says it's appointed receiver for first time in an ICO case
The Securities and Exchange Commission on Tuesday halted what it said was an initial coin offering scam, and for the first time, appointed a receiver in connection with an ICO fraud. According to the SEC's complaint, Dallas-based AriseBank claims it raised $600 million of its $1 billion goal in just two months. The SEC alleges that AriseBank falsely stated that it purchased an FDIC-insured bank and didn't disclose the criminal background of its key executives, the SEC says. An emergency asset freeze was granted over AriseBank and co-founders Jared Rice Sr. and Stanley Ford. Last week, Texas ordered the company to halt any operation in the state. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Suncoke Energy To Finance Part Of Repayment Of Outstanding Notes Due 2019
Suncoke Energy Inc(SXC): * SUNCOKE ENERGY - TO FINANCE PART OF REPAYMENT OF OUTSTANDING NOTES DUE 2019,TO PAY RELATED FEES, CO INCURRED INCREMENTAL TERM LOAN IN AMOUNT $45 MILLION. * SUNCOKE ENERGY - TO EVIDENCE EXISTENCE, CERTAIN TERMS OF INCREMENTAL TERM LOAN, CO ENTERED FIRST AMENDMENT TO CREDIT AGREEMENT WITH BANK OF AMERICA.
Dow ends above 26,000 for first time as stocks rally broadly
U.S. stocks closed higher on Wednesday, with major indexes ending at records and the Dow closing above 26,000 for the first time as equities jumped in a broad advance. The Dow Jones Industrial Average rose 324 points, or 1.3%, to 26,117. The S&P 500 advanced 26 points, or 0.9%, to 2,803. The Nasdaq Composite Index closed up by 75 points, or 1%, to 7,298. All three closed at records. The day's gains were broad, with all 11 of the S&P 500's primary sectors ending higher, although technology shares were the biggest gainers of the day, up 1.5%. Positive sentiment was supported after the Beige Book from the Federal Reserve portrayed an economy that is steadily growing, although opinion on the latest tax reform was mixed. Among the day's most active movers, both Bank of America and Goldman Sachs fell after reporting their quarterly results. Bank of America lost 0.2% while Goldman lost 1.9%. On the upside, International Business Machines Corp. rose 2.8% after Barclays upgraded the stock to overweight from underweight.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Dow surges 300 points, closes above 26,000 for first time
The Dow closed above 26,000 for the first time in its history, as bank earnings, Boeing and IBM drove the blue-chip index higher Wednesday.
Citi to boost pay for women and minorities, closing gaps in the U.S., UK, and Germany
Banking giant's move to close pay gaps in the U.S., UK and Germany makes Citi the first major bank to respond to shareholder pressure on the issue
Dow closes above 25,000 for first time, as equity benchmarks rattle off fresh round of records
U.S. stocks recorded their third consecutive day of gains on Thursday, as the Dow Jones Industrial Average closed above the psychologically important 25,000 mark for the first time in history. Meanwhile, the S&P 500 and Nasdaq Composite hit records for the first three trading days of the year for the first time since 1964 and 1999, respectively. Sentiment remained upbeat on the back of supportive ADP payroll data, as well as a rise in commodity prices. In individual stocks, CVS Health Corp rose 2.6% after issuing its 2018 guidance. Financials were up across the board , with JPMorgan Chase & Co. rising 1.4%, Bank of America Corp. up 1.3% and Wells Fargo & Co. 1.3% higher. Among the days losers was Walgreens Boots Alliance Inc. , which fell 5.1% despite better-than-expected earnings.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
American Airlines joins Southwest in giving $1,000 bonuses to workers after tax overhaul
American Airlines Group said Tuesday it would give every employee a $1,000 bonus in the wake of the recent U.S. tax overhaul. "We believe it is the right thing to do for our team, which ultimately benefits our shareholders too," American CEO Doug Parker and President Robert Isom said in a joint statement. The company said the bonuses will come in the first quarter of 2018 and total about $130 million. Earlier Tuesday, Southwest Airlines also said it would give $1,000 bonuses to its employees, and last week, major companies such as Bank of America, Wells Fargo and Comcast Corp. announced similar plans.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Goldman warns of $5-billion earnings hit from U.S. tax law
(Reuters) - Goldman Sachs Group Inc said on Friday it would take a $5 billion earnings hit in the fourth quarter for the new U.S. tax law, becoming the first major U.S. bank to detail the law's one-time impact on corporate profits held overseas.
UPDATE 4-Goldman warns of $5-bln earnings hit from U.S. tax law
Dec 29 (Reuters) - Goldman Sachs Group Inc said on
Friday it would take a $5 billion earnings hit in the fourth
quarter for the new U.S. tax law, becoming the first major U.S.
bank to detail the law's one-time impact on corporate profits
BRIEF-First Citizens Bank, HomeBancorp Announce Merger Agreement
* FIRST CITIZENS BANK AND HOMEBANCORP, INC. ANNOUNCE MERGER
BRIEF-Heartland Financial USA Announces Plan To Acquire First Bank Lubbock Bancshares In Texas
Heartland Financial USA Inc(HTLF): * HEARTLAND FINANCIAL USA(HTLF), INC. ANNOUNCES PLAN TO ACQUIRE FIRST BANK LUBBOCK BANCSHARES, INC. IN TEXAS. * Heartland Financial USA Inc(HTLF) - FBLB COMMON SHAREHOLDERS WILL RECEIVE 3.0934 SHARES OF HEARTLAND COMMON STOCK FOR EACH SHARE OF FBLB COMMON STOCK. * Heartland Financial USA Inc (HTLF) - STOCK AND CASH TRANSACTION IS VALUED AT APPROXIMATELY $185.6 MILLION.
BRIEF-First Financial And Mainsource Announce Shareholder Approval Of Merger
First Financial Bancorp(FFBC): * FIRST FINANCIAL AND MAINSOURCE ANNOUNCE SHAREHOLDER APPROVAL OF MERGER. * MAINSOURCE FINANCIAL GROUP INC(MSFG) - UPON CLOSING OF MERGER, BANKING SUBSIDIARIES OF EACH WILL ALSO MERGE, WITH FIRST FINANCIAL BANK AS SURVIVING ENTITY Source text for Eikon: Further company coverage:
Wells Fargo to stop selling personal insurance
Wells Fargo & Co. said late Tuesday it will stop providing personal-insurance products by early next year, in keeping with its goal to simplify and streamline its product lineup. The bank, which has offered auto, homeowners, renters and umbrella personal insurance products since 2003, said it will wind down operations "in a measured and responsible way" for existing customers and it expects to complete the exit in the first quarter. The personal insurance business is the last remaining insurance brokerage agency in Wells Fargo's portfolio, and its financial contribution was not material to the company, the bank said in a statement. The decision does not impact Wells Fargo's Wealth and Investment Management's life insurance practice, it said. Shares of Wells Fargo fell 0.2% in late trading Tuesday after ending the regular session up 3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
S&P 500, Dow and Nasdaq close at records
U.S. stocks closed sharply higher with all three main indexes ending at all-time highs. Investors focused on upbeat economic data and welcomed incoming Federal Reserve Chairman Jerome Powell's comments that he wouldn't make drastic changes to central bank policy. News that the Republican tax bill moved forward in the Senate also boosted confidence. Earlier, investors shrugged off jitters sparked by North Korea testing a missile for the first time since September. The S&P 500 closed 25.62 points, or 1%, higher at 2,627.04. The Dow Jones Industrial Average jumped 255.93 points, or 1.1%, to 23,836.71. The tech-heavy Nasdaq Composite index advanced 33.84 points, or 0.5%, to 6,912.36. Among the best performers on Wall Street were financials. Shares of Bank of America Corp jumped nearly 4%, while J.P.Morgan Chase & Co rallied 3.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Bridgeline Digital Signed Amendment To Loan & Security Modification Agreement
Bridgeline Digital Inc(BLIN): * SAYS CO SIGNED AMENDMENT TO LOAN & SECURITY MODIFICATION AGREEMENT MODIFYING LOAN & SECURITY AGREEMENT WITH HERITAGE BANK OF COMMERCE. * SAYS INCLUDED IN AMENDMENT IS PERFORMANCE TO PLAN METRICS FOR LAST QUARTER OF FISCAL 2017 & FIRST 2 QTRS OF FISCAL 2018 - SEC FILING. * SAYS CO & BANK AGREE UPON MINIMUM QTRLY ADJUSTED EBITDA AMOUNTS FOR EACH FISCAL YEAR WITH...
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