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Analysis: U.S. Bank Stocks Are Fine, if You Are Rich in Patience | Investing News

October 10, 2020

(Reuters) – The U.S. bank sector has been pummeled this year but investors hunting for bargains there may need deep reserves of patience as banks are particularly sensitive to low interest rates, the uneven economic recovery and the muddy stimulus outlook.

The S&P 500 Bank subsector , which kicks off its third-quarter earnings season on Oct. 13, was last down 33.7% for the year-to-date compared with a 5.8% gain for the S&P 500 index.

Banks have been such a drag on the broader S&P financial index that its 19% year-to-date decline is second only to energy’s 49.9% drop among the S&P 11 major sectors.

To be sure, if lawmakers in Washington manage to reach an agreement, a new fiscal stimulus package could help banks if it boosts U.S. loan growth, interest rates and economic activity.

And the bank index is up 12% from its intraday trough on Sept. 2 to

U.S. bank stocks are fine, if you are rich in patience

October 9, 2020

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By Sinéad Carew

(Reuters) – The U.S. bank sector has been pummeled this year but investors hunting for bargains there may need deep reserves of patience as banks are particularly sensitive to low interest rates, the uneven economic recovery and the muddy stimulus outlook.

The S&P 500 Bank subsector , which kicks off its third-quarter earnings season on Oct. 13, was last down 33.7% for the year-to-date compared with a 5.8% gain for the S&P 500 index.

Banks have been such a drag on the broader S&P financial index that its 19% year-to-date decline is second only to energy’s 49.9% drop among the S&P 11 major sectors.

To be sure, if lawmakers in Washington manage to reach an agreement, a new fiscal stimulus package could help banks if it boosts U.S. loan growth, interest rates and economic activity.

And the bank index is up 12% from its intraday trough on

Citi faces $400 million fine following executive shake up

October 8, 2020

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On Wednesday, US regulators announced $400 million in fines against Citigroup for “related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls.”
It’s the latest in what has been a volatile few weeks for the global bank, which announced a change in leadership in September.
Business Insider has previously reported on issues regulators had with Citi’s inability to fix risk, compliance, and tech systems.
Visit Business Insider’s homepage for more stories.

It’s been a complicated month for Citigroup.

The third-biggest US bank by assets shocked Wall Street in September when it announced Michael Corbat, Citi’s chief executive, would be retiring in February.

Jane Fraser, the bank’s president and CEO of its consumer banking division, was named Corbat’s successor, making her the first woman to serve as the chief executive of a major US bank.

However, it wasn’t the selection of Fraser, who had been seen

Investors Are Doing Fine as Their Own Money Managers

October 6, 2020

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(Bloomberg Opinion) — Now that the bear market is officially over, with the U.S. stock market having reclaimed its pre-coronavirus peak in August, it’s a good time to ask how well investors navigated the market’s breakneck plunge and recovery, the fastest round-trip on record. The answer may inform another question that is increasingly on the minds of individual investors: whether to hand their savings to a money manager or invest it themselves.

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Investors have never had more places to put their savings. Money management was once reserved for the well-heeled, but now everyone from Wall Street banks to discount brokers to fund companies to independent robo-advisers will happily look after anyone’s money, no matter how modest the sum. Alternatively, do-it-yourself-minded investors can purchase low-cost exchange-traded funds that track broad stock and bond markets on Robinhood and other free trading apps, which is cheaper than paying a money manager.

JPMorgan To Pay $920 Mln Fine For Manipulating Precious Metals, Treasury Market

September 30, 2020

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(RTTNews) – JPMorgan Chase & Co (JPM) agreed to pay a total of $920 million in penalty to settle U.S. investigations into the company’s alleged manipulation of metal and treasuries markets.

The settlement resolves investigations from the U.S. Justice Department, the Commodity Futures Trading Commission and the Securities and Exchange Commission.

The U.S. regulatory authorities investigated the firm for unfairly manipulating or “spoofing” the precious metals market.

The charges against JPMorgan and its subsidiaries were for “manipulative and deceptive conduct and spoofing that spanned at least eight years and involved hundreds of thousands of spoof orders in precious metals and U.S. Treasury futures contracts.”

“The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,” said Daniel Pinto, co-President of JPMorgan Chase and CEO of the Corporate & Investment Bank.

J.P. Morgan Securities admitted the findings in the SEC’s order, and agreed

JPMorgan Chase to Pay Record Fine For “Spoofing” Charges

September 29, 2020

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JPMorgan Chase (NYSE: JPM) has set many records in its day, but its latest is not one it will be proud of.

America’s largest bank will pay more than $920 million to the Commodity Futures Trading Commission (CFTC) after the agency found the bank guilty of “spoofing” in which JPMorgan Chase engaged in “manipulative” trading practices related to precious metals and U.S. Treasury future contracts.

The fine is the largest the CFTC has ever imposed for any spoofing case and was expected after media outlets earlier this week reportedÂ that JPMorgan could be facing such a punishment.

Image source: JPMorgan Chase.

“Spoofing is illegalâpure and simple,” CFTC Chairman Heath P. Tarbert said in a statement. “This record-setting enforcement action demonstrates the CFTC’s commitment to being tough on those who intentionally break our rules, no matter who they are.”

Spoofing is when traders place options orders with no plans to ever

BMW to Pay $18 Million U.S. Fine to Resolve Inflated Sales Probe | Investing News

September 26, 2020

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By David Shepardson and Mohammad Zargham

WASHINGTON (Reuters) – BMW AG

and two U.S. subsidiaries agreed Thursday to pay an $18 million U.S. fine to resolve accusations that they disclosed misleading information about the German luxury automaker’s retail sales volume in the United States while raising approximately $18 billion from investors in corporate bond offerings.

The U.S. Securities and Exchange Commission said from 2015 to 2019, BMW inflated reported U.S. retail sales, which helped BMW close the gap between actual retail sales volume and internal targets and “publicly maintain a leading retail sales position relative to other premium automotive companies.”

It added BMW of North America “maintained a reserve of unreported retail vehicle sales — referred to internally as the ‘bank’ — that it used to meet internal monthly sales targets without regard to when the underlying sales occurred.”

The SEC probe started in late 2019, BMW said.

“There is

Where does NFL send 49ers’ Shanahan, Raiders’ Gruden fine money?

September 26, 2020

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The NFL fined five head coaches and their teams a total of $1.75 million this week over their failure to wear coronavirus-protective face masks during Week 2 games.

Both the 49ers’ Kyle Shanahan and the Raiders’ Jon Gruden were among the group caught with bare faces on the sidelines of their games.

The league announced coaches will be fined $100,000 each and their teams will be fined $250,000 each.

An NFL spokesperson said that money will indeed come out of the coaches’ pockets (even if their teams may try to cover the cost). But where the money from the coaches and the teams will end up is not clear yet.

The spokesperson reached by this news organization said the league is still finalizing where the money collected from these massive face-mask fines will go.

The league’s website says about $4 million in player fines go yearly to help former players