JPMorgan Promotes banking Executives Under Petno, Gori
JPMorgan Chase & Co.’s Doug Petno and Filippo Gori promoted a handful of executives in its expanded global banking unit, the latest in a series of management moves across the biggest US bank’s Wall Street operations. Key Points
mintMutual Fund Screener: banking funds lose 2% in 2024 so far. What should investors do?
LIC MF banking & Financial Services Fund has lost the most at around 5.31% year-to-date (YTD) so far. Meanwhile, Tata banking & Financial Services Fund has lost around 5.28%. Key Points
Economic TimesTime to look at them without the bias of private or PSU: These 9 bank stocks can give over 18% returns
There are phases in the market when banking and IT stocks tend to move in opposite directions. But this time, it is the banking space which itself is witnessing contra moves . The private banking space is under pressure and PSU banks are doing well. Now this is again a risker trade but for traders, it is time to keep a watch on private banks as they might see a bounce back when FPI’s turn net buyers. Also this would mean that bank nifty which has underperformed may make a strong comeback. Before taking any sell decision in the private banking space, one should remember that the banks in question have created wealth in the long term and even the best of the wealth creators go through a phase of consolidation and what might appear to be a phase of under performance. Key Points
Economic TimesCCI gives nod to merger of Fincare Small Finance Bank, AU Small Finance Bank
New Delhi [India], January 24 (ANI): The Competition Commission of India (CCI) has granted its approval for the merger of Fincare Small Finance Bank Limited (Fincare) and AU Small Finance Bank Limited (AU). According to CCI, this significant move is poised to reshape the landscape of the small finance banking sector. Show Full Article The […] Key Points
ThePrintWells Fargo to cut less than 50 investment banker jobs - source
Wells Fargo (WFC.N) has let go of less than 50 bankers from its corporate and investment banking unit as part of year-end pruning, a source familiar with the matter said on Tuesday. Key Points
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US Senate Republicans urge bank regulators to scrap capital hike efforts
A group of 39 Senate Republicans in a letter on Monday called on major U.S. banking regulators to withdraw a contentious proposal to significantly raise bank capital requirements, warning it could hinder lending and harm the economy. Key Points
ReutersHSBC to build large personal banking business in India - country CEO
HSBC (HSBA.L) aims to further expand personal banking in India to serve the country's fast-growing pool of high-earning professionals, after the launch there in July of its private bank, its India CEO said on Thursday. Key Points
ReutersSBI net banking will be down on this day; here are alternatives
State Bank of India customers will not be able to access internet banking services due to scheduled activity. However, it has not mentioned anything about the YONO app, if its service will be available. Key Points
Economic TimesExclusive: JPMorgan shuffles bosses as Rivas to retire as head of North American investment banking -memo
JPMorgan Chase (JPM.N) reorganized the leadership in its investment bank, promoting a new head in North America to succeed Fernando Rivas, who plans to retire, according to a memo seen by Reuters. Key Points
ReutersYou can talk to this bank's officials 24X7 365 days over video call to resolve problems
AU Small Finance Bank (SFB) claims to be India's first bank to offer 24/7 video banking facility for 365 days. On top of that this feature is being offered for free for all types of customers of AU SFB. Read here to know what transactions can and cannot be done using this feature. Key Points
Economic Times
View: A look at banking presence and PM Modi's financial inclusion efforts
The RBI has highlighted that important forces boosting socio-economic growth are the financial activity of the banking industry. Rural development also means transformation of the rural population. It is a strategic move, in line with the governments aim to double farmers' income. Key Points
Economic TimesGo for banks strong in corporate banking: Mahantesh Sabarad
Mahantesh Sabarad, suggests that the outlook for the banking sector could favour those banks that are better positioned in terms of their corporate banking vertical, as corporate banking is expected to show faster growth, even in terms of overall NIMs. Most banks have reported steadier or improved asset quality numbers. In terms of the private banking names, Sabarad suggests that banks like Kotak Bank and HDFC Bank are better positioned in personal banking and loans, whereas ICICI Bank and SBI are better in terms of corporate banking. Key Points
Economic TimesBanks and NBFCs combined profit likely at Rs 1,40,000-1,50,000 crore this quarter: Sandip Sabharwal
The banking sector in India is showing impressive growth, with banks and NBFCs predicted to collectively achieve a profit of Rs 1,40,000-1,50,000 crore this quarter. This marks a significant shift from five years ago, when the industry was in a state of loss. The net NPAs appear to be under control, with banks enjoying healthy balance sheets and increased deposit growth. However, commission-based businesses such as those run by Paytm are coming under more scrutiny. Key Points
Economic TimesJapan's Sumitomo Mitsui launches US digital bank
Sumitomo Mitsui Financial Group (8316.T) has launched a digital banking service in the United States, as Japan's number two lender aims to tap growth in the U.S. consumer banking market, a bank executive said on Wednesday. Key Points
ReutersBank of America to expand in four US states, closing gap with JPMorgan
Bank of America Corp is adding consumer branches in four new U.S. states, it said on Tuesday, bringing its national footprint closer to rival JPMorgan Chase & Co . Key Points
Reuters
How beneficial are premium banking services for HNIs?
Banks offer premium banking programmes to high net worth individuals (HNIs) who maintain a minimum total relationship value (TRV). These programmes offer exclusive privileges including premium debit and credit cards, zero to low forex mark-up on international transactions, lower interest rates on loans, and access to wealth management and lifestyle services. However, the TRV requirement is prohibitively high and customers may end up paying substantial fees towards wealth management, which could negate the value of the perks. Additionally, banks' relationship managers are incentivised to cross-sell products, which could result in mis-selling to customers. Key Points
mintRBI draining liquidity signals its intent to quash inflation
RBI said Tuesday it will drain 750 billion rupees ($9.1 billion) from the banking system via a reverse repo auction. Key Points
FinancialexpressTop Barclays software banker to join Centerview - sources
Barclays Plc's global co-head of software investment banking Steven Markovich resigned to join Centerview Partners, people familiar with the matter said on Monday, the latest blow to the British bank's efforts to retain U.S. dealmaking talent. Key Points
ReutersHow to register/activate SBI netbanking without going to bank branch? Here is complete guide
The activation process for SBI internet banking is very simple and straightforward and can be done online. You can easily register and start using SBI net banking facility without visiting the branch. Once registered, the SBI net banking facility can be accessed through mobiles, PCs or other compatible electronic devices. Key Points
Economic TimesU.S. banking regulator warns 'open banking' could impact deposit outflows
The evolution of "open banking" in the U.S. could impact how regulators supervise banks, as seamless account portability between financial institutions could lead to increased deposit outflows, a top banking regulator said on Wednesday. Key Points
Reuters
US stocks close higher as fears of banking crisis ease
International Business News: Wall Street stocks climbed Thursday as markets calmed after recent banking sector turmoil. The Dow Jones Industrial Average rose 0.4 percent to 32,859 Key Points
Times Of IndiaAsian shares ride high in Q1 but steel for US inflation data
MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1% on Friday, heading for its first March gain in four years with a rise of 2.9%, as fears of a global banking crisis receded. Key Points
FinancialexpressStocks gain, US treasury yields rise as banking fear eases
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3% by early morning Hong Kong time. U.S. stock futures, the S&P 500 e-minis, were up 0.21%. Key Points
FinancialexpressWhy Nifty, Sensex, Bank Nifty rose today; What is boosting investors’ confidence amid global banking contagion
On Wednesday, the NSE Nifty 50 surged 100 pts or 0.6%, hitting an intraday high of 17,207.25; BSE Sensex climbed 350 pts to a day’s high of 58,418.78 and Bank Nifty rose 0.5% to 40,085.60. Key Points
FinancialexpressGlobal stock markets rally on signs of stabilizing banking sector
In US markets, S&P 500 gains 1.29%, Dow Jones Industrial Average rises 0.97%, Nasdaq Composite surges 1.55% Key Points
mint
This is how global banking crisis can impact India in different ways
India is seen to be relatively sheltered from the shocks of the crisis. It is unlikely to impact India's banking system or its broader macroeconomic stability, unless more banks in the US or Europe fail and the crisis gets pronounced. Yet, analysts and some economists believe indirect impact of the banking crisis might ripple through India's economy and manifest in India's tech sector, markets and startups. Key Points
Economic TimesSensex, Nifty rise in volatile trade; IT stocks down
The S&P BSE Sensex was up 261.57 points to 57,890.52 at 9:33 am, while the NSE Nifty 50 was up 78 points to 17,066.40. Key Points
India Todaybanking crisis: Indian IT-BPM companies may feel the heat
The collapse of large banking institutions may not only lead to a reduction in existing business but also trigger reduced tech spending in the future along with delayed deal closures, they said. Companies such as Tata Consultancy Services (TCS), Infosys, Wipro and LTIMindtree, which have high exposure to US banking institutions, are likely to be impacted if the crisis worsens. Key Points
Economic TimesSensex tumbles 700 points, Nifty below 16,900 as global banking woes linger
From the Sensex pack, Infosys, TCS and IndusInd Bank were top losers, falling over 1.5%. Tata Steel, SBI, HDFC Bank, M&M and Maruti also opened with losses. On the flip side, only Titan and HUL opened with gains. Key Points
Economic TimesSensex, Nifty tumble as global banking turmoil spooks Dalal Street
The S&P BSE Sensex was down 511.52 points at 57,478.38 at 9:32 am, while the NSE Nifty 50 fell 155.50 points to 16,944.55. Broader markets also fell sharply in early trade. Key Points
India Today
Sensex declines 474 points, Nifty falls below 17,000 level as IT, banking stocks retreat
The U.S. banking crisis remained at the center stage keeping the participants on their toes Key Points
The HinduWhere is Bank Nifty headed after stocks cheer RBI’s unexpected repo rate pause? Check support, resistance
Bank Nifty outlook: banking indices rose after RBI's rate pause announcement with Bank Nifty rising 0.52% to 41,214.05, Nifty Financial Services climbing 0.42% to 18,449.10, Nifty PSU Bank skyrocketing 1.30% to 3,774.05 and Nifty Private Bank advancing 0.24% to 20,879.35. Key Points
FinancialexpressET Explainer: The magnetic charm of a bank licence
Modern banking depends on quick decision making, using a technology spine. A fintech firm, especially a unicorn, enjoys this technological advantage. With a robust capital parentage, such a firm can harness a moat-ensuring banking licence to carve a sizeable share of the loan pie. Key Points
Economic TimesBanks should be mindful of legal, cyber risks emanating from AI: RBI Deputy Governor
RBI Deputy Governor T Rabi Sankar emphasised the importance of the banking sector and its stakeholders being vigilant about legal and cyber risks, as well as addressing skill gaps arising from Artificial Intelligence (AI). Speaking at the 19th Annual banking Technology Conference organized by the Indian Banks' Association (IBA) in Mumbai, he urged banks to prioritize customer convenience and tailor their services accordingly. Key Points
Economic TimesBarclays hires Birchenough as chairman of healthcare investment banking
Barclays Plc (BARC.L) has hired Jim Birchenough from Wells Fargo & Co (WFC.N) as its chairman of global healthcare investment banking, a spokesperson for the British bank confirmed, after Reuters reported on the appointment on Friday. Key Points
Reuters
Why Nifty crashed 270 pts today? Sensex tanks 900 pts, Bank Nifty falls below 38950
Nifty, Sensex, Bank Nifty crash today: On Monday, the NSE Nifty 50 touched an intraday low of 16828.35, falling 1.58% or 271.7 pts from the previous close of 17100.05. The BSE Sensex crashed over 900 pts or 1.56%, hitting an intraday low of 57,084.91. Bank Nifty tanked 650 pts or 1.65% to a low of 38941.9. Key Points
FinancialexpressGoldman Sachs hires Wells Fargo executive to lead transaction banking
Goldman Sachs (GS.N) has hired former Wells Fargo executive Paul Camp as its new head of transaction banking, according to a memo seen by Reuters. Key Points
ReutersCannabis stock gains fade in volatile trading on US Senate bill hopes
Shares of marijuana companies gave back early gains on Wednesday after jumping following a U.S. Senate committee voted to advance a bill that would give legal cannabis-related companies a boost by allowing them to access banking system services. Key Points
ReutersIndia’s earnings growth to be one of the strongest in Asia, upbeat on IT, banks: HSBC
India's economic growth, which is one of the strongest in Asia, is expected to continue next year, according to James Cheo, CIO for Southeast Asia, Global Private banking and Wealth at HSBC. This is due to a rebound in consumer demand, a healthier banking sector, and improved earnings outlook, particularly in the banking and IT sectors. Cheo also predicts that digitalisation will continue to bolster spending in the informal economy, and the weaker USD trend will keep the rupee stable, making Indian local currency (LC) government bonds more attractive. Key Points
Economic TimesUBS hires Barclays executives to beef up investment banking in U.S.
UBS Group said on Monday it had hired three executives from Barclays Plc in a big push to ramp up its U.S. investment banking presence. Key Points
Reuters
Markets make strong comeback with Sensex hitting 58k, Nifty crossing 17,100; RIL, banking stocks drive rally
A broad-based buying was seen across sectoral indices except for slight selling in IT, realty, and FMCG stocks. Heavyweight RIL and large-cap banking stocks were major drivers of market. Key Points
mintA rotational trade underway for good? 5 PSU banks with upside potential of up to 34%
Probably banking is a word which many may not like to hear given the fact that the fall has been led by the banking sector. But the fact is short term market moves are different from what is happening in the real business. In the case of PSU banks, there has been an improvement in performance in the last two quarters. Yes, there will be some cyclical pressure on margins but beside margins there is more to PSU banking space, which is credit off take that too from large private corporates. Given the higher probability of capex cycle is likely to revive, these banks are much better placed due to the size and skill set to lend to such sectors. Key Points
Economic TimesWall Street bank bosses warn lawmakers of economic toll from tough new rules
Wall Street bank bosses warned lawmakers on the Senate banking Committee on Wednesday that capital hikes and other new regulations being contemplated by U.S. bank regulators will hurt lending, capital markets and the broader economy. Key Points
ReutersJPMorgan Q1 financial results announced – Check earnings, revenue
The U.S. economy continues to be on generally healthy footing as consumers are still spending. Key Points
FinancialexpressSensex, Nifty open lower after US Fed raises interest rates; bank stocks fall
The S&P BSE Sensex was down 260.10 points to 57,954.49 at 9:45 am, while the NSE Nifty 50 fell 73.55 points to 17,078.35. Key Points
India Today
Yellen to tell Congress U.S. banking system 'remains sound'
Treasury Secretary Janet Yellen says the U.S. banking system remains sound Key Points
The HinduCannabis banking legislation moves forward in US Senate
A U.S. Senate committee on Wednesday voted to advance a marijuana banking bill, raising hopes for the cash-dependent cannabis sector to get access to regular banking services. Key Points
ReutersWeak loans of banks to fall to 3-3.5% of gross advances by March 2025: S&P
S&P Global Ratings predicts that India's banking sector will see a decrease in weak loans to 3-3.5% of gross advances by March 2025. This decline is based on structural progress and good economic prospects supporting the financial institutions' resilience. The report estimates India's GDP will increase 6-7.1% annually in fiscal years 2024-2026, making it the fastest-growing economy in Asia-Pacific and globally. Key Points
Economic Times