News Stocks 

US pension funds are suing 6 of world’s largest banks for allegedly colluding on a $1 trillion market

“Stock lending is related to short selling and involves lending a stock to an investor or firm through a broker or dealer” writes Daniel Wiessner for businessinsider.com. The funds accused the banks of establishing EquiLend in 2001 to safeguard their interests in the stock lending market.The pension funds said collusion by the banks harms investors and retirees by forcing them to pay high fees to engage in stock lending.Three U.S. pension funds sued six of the world’s largest banks on Thursday, including Goldman Sachs Group Inc and JP Morgan Chase…

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Bank of America just revealed its new travel rewards credit card — here’s how it compares to the Chase Sapphire Reserve and others

“Here’s a look at how Bank of America’s new card compares with the Sapphire Reserve and other competitors in the premium credit card rewards space” writes Business Insider for businessinsider.com. Bank of America is stepping up its game in the travel rewards credit card competition, revealing its new Premium Rewards card, which will launch in September, the Wall Street Journal reported this week.The bank, the second-largest in the US by assets, has largely avoided the fierce battle for young, affluent credit card holders that has raged the past year since JPMorgan Chase unveiled its…

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Bank of England’s Caution Is Justified. What Happens When It Isn’t?

“How should the central bank consider the reasons the numbers look the way they do?” writes Albert R for bloomberg.com. Yet there’s little appetite at the central bank to do that.His allies say that anyone grading Carney should watch BOE actions and their results — not engage in central bank Kremlinology.Britain’s labor market is powering ahead, and inflation exceeds the Bank of England’s target. Source: bloomberg.com Share This:

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News Regulators 

Some Fed members say bank can be ‘patient’ on interest rates due to low inflation

“The Fed appears less settled on the timing of its next increase in interest rates” writes Jeffry Bartash for marketwatch.com. The bank had signaled it would raise its benchmark fed funds rate one more time this year, but a surprising slowdown in inflation has forced officials to reconsider their next step. “Some”Fed officials said the bank could ‘afford to be patient” before raising interest rates again.WASHINGTON (MarketWatch) — Senior Federal Reserve officials engaged in deep debate in July about the path of U.S. inflation after a spate of surprisingly low…

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Wells Fargo names Elizabeth Duke as independent board chairwoman

“WFC, +0.02% on Tuesday said its board named Elizabeth Duke as independent chairwoman to succeed Stephen Sanger who is retiring at the end of 2017 along with two other board members” writes Markets Reporter for marketwatch.com. The bank also plans to name up to three new directors ahead of the 2018 annual meeting.Duke’s appointment comes as the bank continues its effort to restore its crediblity in the wake of an account fraud scandal last year. Source: marketwatch.com Share This:

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RBS plans to cut 880 IT jobs by 2020, UK labor union says

“The Royal Bank of Scotland plans to cut 880 jobs from its IT department in London by 2020, according to a U.K. labor union” writes Ryan Browne for cnbc.com. Britain’s Unite union claimed on Tuesday that the bank had informed staff of a further 40 percent cut of permanent IT staff, as well as a 65 percent reduction of contractors. In March, the bank announced plans to close 158 branches – a potential loss of up to 362 jobs – due to a shift in customers preference for online banking.”The…

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Markets News Stocks 

Bank stocks jump after economic data easily beat expectations

“Bank stocks outperformed the broader market on Tuesday as Treasury yields rose on strong U.S. economic data” writes Brendan Mcdermid for cnbc.com. “The economic data is very supportive for the market,” said Art Hogan, chief market strategist at Wunderlich Securities.The SPDR S&P Bank exchange-traded fund (KBE) advanced 0.3 percent after data showed retail sales jumping 0.6 percent in July, more than the expected increase of 0.4 percent.The benchmark 10-year yield rose to 2.25 percent after the data deluge, helping lift bank stocks. “This is a very good cross-current for a…

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Deutsche Bank just named a new CEO for the US

“Patrick replaces Bill Woodley, a Deutsche Bank veteran who joined in 1998, who is leaving the bank” writes Matt Turner for businessinsider.com.au. Deutsche Bank finished the first half ranked eighth globally for investment banking fees, according to Thomson Reuters, with a 3.1% market share.The US business has been a key focus for Deutsche Bank, with Cryan taking personal responsibility for the US business in March this year.It has since gone on a hiring spree in investment banking in particular, adding more than 15 managing directors in corporate finance. Source: businessinsider.com.au Share…

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A hot fintech start up has amassed nearly $5 billion from people willing to hand over their bank logins

“To get a dedicated financial advisors, users are charged a fixed fee and need at least $US200,000 in investable assets” writes Rachael Levy for businessinsider.com.au. Shah declined to say how many of the company’s estimated 1.5 million free users convert to paying for financial advice from the free platform.All of our users will come into the dashboard and link their financial accounts.Is there an effective fee structure?’” “We’re about $US4.9 billion in assets under management in managing these US households’ money. Source: businessinsider.com.au Share This:

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