News 

In 2020, home sales to rise but refinancing to dip, mortgage bankers say

“The total volume of mortgage loan originations in 2019 is predicted to be about $2.06 trillion by the end of 2020” writes Michele Lerner for washingtonpost.com. Fratantoni said he believes continued low mortgage rates and millennial buyer demand will lead to the slight increase in purchase activity next year.If the answer is “no,” homeowners can sign up for monthly updates that tell them if the answer is different because mortgage rates have changed.The calculator requires a few simple inputs about the homeowners’ current loan and estimates the net cost or…

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News 

As recession takes hold, HK banks worry about risk of easier mortgage rules

“Historically, mortgage delinquency is rare in Hong Kong, with a rate of about 0.02%” writes Midwest Communications Inc for 95kqds.com. All of the bankers, industry sources and mortgage brokers declined to be named as they were not allowed to speak to the media.HONG KONG (Reuters) – Even as Hong Kong has reduced down-payment requirements to help young professionals and families to buy homes, banks are beefing up mortgage application standards to ensure that a recession does not saddle them with bad loans, bankers and mortgage brokers said. We consider Hong…

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Exclusive: Wells Fargo lays off more than 200 business bankers in U.S. – sources

“Federal data analyzed by Reuters shows Wells Fargo is following other large U.S. banks in scaling back exposure to farmers” writes Midwest Communications Inc for 95kqds.com. Representatives for Wells Fargo confirmed the cuts but did not elaborate on how many agricultural bankers were laid off.Wells Fargo has also been traditionally regarded as one of the most active lenders to the U.S. oil and gas sector.Wells Fargo plans to create a smaller group of agricultural bankers in one of its new centralized hubs who will work with customers, the person said.Wells…

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News Regulators 

Recession-Blind Federal Reserve Cuts Interest Rates to 1.75%

“By cutting interest rates, central bankers have all but conceded that monetary policy was never going to be normalized in the first place” reports ccn.com. By lowering interest rates again, the Federal Reserve is exposing itself to new complications if (and when) the next major downturn hits.The dot-plot charts FOMC members’ best guesswork on the future path of interest rates.The Federal Reserve’s recalibration of monetary policy continued Wednesday, as officials voted to lower the benchmark interest rate by 25 basis points. Source: ccn.com

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Want to know how to spot someone who was unaffected by the last recession? Look for the people who argue now that another economic disaster would be worth it if it means President Trump loses his 2020 reelection bid.

“I wonder, though, whether it won’t help Trump’s reelection in 2020 if those who oppose him are cheering on economic destruction” reports washingtonexaminer.com. Look for the people who argue now that another economic disaster would be worth it if it means President Trump loses his 2020 reelection bid.Dudley argues that the central bank taking a stand against Trump “could benefit the Fed and the economy in three ways.” “First,” he writes, “it would discourage further escalation of the trade war, by increasing the costs to the Trump administration.But I suspect…

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News Regulators 

Central bankers face political shocks, and hope to avoid the worst

“JACKSON HOLE, Wyo. (Reuters) – Global central bank chiefs know their job is to keep the economy out of the ditch” writes Midwest Communications Inc for 95kqds.com. As those political shocks slow growth, Lowe said in a panel discussion, “there is a strongly-held view that the central bank should just fix the problem …The reality is much more complicated,” and not something monetary policy can likely repair.Amidst all the tumult, and with interest rates across the globe already lower than they’ve been historically, monetary policy may be no match.”You need…

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News 

Deutsche Bank will start promoting junior bankers earlier as the Wall Street war for talent intensifies

“Deutsche Bank will start promoting its junior bankers a little bit earlier in a bid to keep talented young staff” writes Alex Morrell for businessinsider.com. The memo is signed by Mark Fedorcik, co-head of the corporate and investment bank in the US, and James McMurdo, head of the corporate and investment bank in the Asia Pacific. In 2015, Deutsche Bank announced to staff that it was moving promotions for analysts up to 2.5 years from three years.The change, which is effective immediately, “applies to specific populations in Corporate Finance,” so…

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Markets News 

StanChart hiring Chinese-speaking bankers to connect its network

“LONDON (Reuters) – Standard Chartered is targeting more trade-focused business from Chinese companies by hiring around 15 bankers worldwide, a source familiar with the plans told Reuters” writes Midwest Communications Inc for 95kqds.com. They will work in StanChart’s Global Subsidiaries team to bank Chinese companies with business in those markets.”We’ve talked a lot about trade tensions recently and they continue to be a concern. The new China bankers, which will also include hires in Pakistan and Britain, will help grow the bank’s business with Chinese companies that are expanding globally,…

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Markets News 

Credit Agricole appoints new top investment bankers

“A Credit Agricole logo is seen outside a bank office in Vertou near Nantes Thomson Reuters PARIS (Reuters) – French bank Credit Agricole SA replaced three senior bankers at its investment and markets arms, shortly before reporting its fourth quarter earnings” reports businessinsider.com. Credit Agricole appointed Didier Gaffinel as new head of global coverage and investment banking, Laurent Chenain as new head of global international trade and transaction banking and Pierre Gay as its new head of global capital markets.The bank did not say who these three bankers replaced, nor…

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Markets News 

Bankers suggest Russian firms delist as sanctions uncertainty bites

“MOSCOW (Reuters) – Uncertainty caused by the expansion of U.S. sanctions on Russia last year has pushed companies’ share prices lower, prompting investment bankers to suggest their clients should delist from local and international exchanges” reports businessinsider.com. Yevtushenkov also confirmed to Reuters that bankers had pitched a delisting to his company but declined to comment further.A source close to Sistema confirmed that bankers approached the company last year about a delisting, adding that the company was working to reduce its debt.One of the banking sources said that apart from Sistema,…

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