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Financial stocks were higher in Tuesday afternoon trading, with the NYSE Financial Index edging up 0.1% and the Financial Select Sector SPDR Fund (XLF) gaining 0.4%.
The Philadelphia Housing Index was adding 0.4%, while the Real Estate Select Sector SPDR Fund (XLRE) was shedding 0.4%.
Bitcoin (BTC/USD) gained 4.7% to $60,844, and the yield for 10-year US Treasuries was rising 3 basis points to 3.65%.
In economic news, US retail sales gained 0.1% in August, compared with the 0.2% decline anticipated in a survey compiled by Bloomberg and the previous month's 1.1% increase.
In regulatory news, the US Department of Justice has revived an investigation into how lenders unwound over $150 billion in bets placed by Archegos, Bloomberg reported. Credit Suisse, Nomura and UBS reached a managed liquidation agreement to sell off parts of their exposure to Archegos. Goldman Sachs , Morgan Stanley and Deutsche Bank considered such an arrangement before deciding against it, the report said.
In corporate news, JPMorgan Chase is in advanced talks with Apple to take over the tech giant's credit card program from Goldman Sachs , The Wall Street Journal reported. JPMorgan shares added 0.3%, Goldman and Apple were each easing about 0.1%.
New York Community Bancorp shares popped 3.6% after Raymond James upgraded the stock to market perform from underperform, citing a "more favorable interest rate environment."
Territorial Bancorp shareholders should vote against the planned merger with Hope Bancorp and "voice their support" for the $12-per- share cash offer by Blue Hill Advisors and other investors, the rival buyers said Tuesday. Territorial shares rose 1.5% and Hope was was up 1.1%.
Sept 17 (Reuters) - Goldman Sachs GS.N has named insider Josh Schiffrin as the chief strategy officer and head of financial risk for the global banking and markets - public unit, according to a memo seen by Reuters on Tuesday.
(Reporting by Niket Nishant in Bengaluru and Saeed Azhar in New York; Editing by Krishna Chandra Eluri)
(( Niket.Nishant@thomsonreuters.com ;))
Keywords: GOLDMAN-MOVES/ (URGENT)
The Regional Banking Crisis of 2023
Early 2023 brought shades of 2008 back for investors as fear gripped the regional banking industry and stocks within the industry plummeted. The SPDR Regional Bank ETF (KRE) swooned ~30% during a two-week span in March last year. Several regional banks, such as NY Community Bancorp (NYCB), were caught flat-footed as their management teams failed to be flexible and assumed a bargain basement interest rate would persist. However, as inflation spiked to 40-year highs it became clear that Jerome Powell and the Federal Reserve would be forced to raise interest rates rapidly. Failure to plan and lack of foresight would result in the largest banking crisis since 2008, leading to the demise of Silicon Valley Bank, First Republic Bank, and countless other banks.
Will The Regional Bank Rebound Continue in 2025?
Though regional banks are still well off their highs, the KRE ETF is up a robust 36% over the past year.
Below are three reasons regional bank stocks will be higher in 2025, including:
1. Less Regional Banks Means Less Competition
2023 saw the most U.S. bank failures since 2008, with more than 140 banks going under. With far fewer banks, competition is bound to be less cutthroat moving forward, and the saying “less is more” applies. Furthermore, the banks that survived are better managed and proved they were able to weather the storm.
2. Regional Banking Valuations are Cheap
After the dramatic pullback in regional banking stocks, valuations are again cheap for several banking stocks. For instance, two of the largest KRE components, Citizens Financial Group (CFG) and Regions Financial (RF), sport their lowest price-to-sales ratios since the middle of the COVID-19 pandemic in 2020.
3. Rate Cuts are Bullish for Banks
On Wednesday, Jerome Powell and the Federal Reserve will cut interest rates by at least 25 bps. Lower rates are seen as a positive for banks because they lower their borrowing costs from the Federal Reserve and other financial entities, allowing banks to offer more attractive rates to customers.
Bottom Line
Though regional banks rebounded nicely in 2024, the future looks bright. Less regional banks mean less competition. Further, valuations are the cheapest they have been in years and rate cuts are sure to be a bullish catalyst for the sector.
Zacks Investment Research
By David Lewis, Nupur Anand and Duncan Miriri
NAIROBI/NEW YORK, Sept 17 (Reuters) - JPMorgan Chase JPM.N CEO Jamie Dimon plans to travel to Africa in mid-October in a push by the biggest U.S. lender to expand on the continent, four sources familiar with the matter told Reuters, his first trip there in seven years.
Dimon is expected to visit Kenya, Nigeria, South Africa and Ivory Coast during the trip next month, two of the sources said. JPMorgan already has offices in South Africa and Nigeria where it offers asset and wealth management and well as commercial and investment banking services.
Overseas markets have been a key focus area to generate growth for JPMorgan — which has assets of over $4.1 trillion and operations in more than 100 countries.
In 2018, Dimon said the lender would look at entering Ghana and Kenya. Local regulators in those two countries had blocked JPMorgan's growth plans, according to media reports.
Kenyan President William Ruto said in February 2023 after a meeting with a senior JPMorgan executive that the bank had committed to opening a new office in Nairobi.
It was not immediately clear how close JPMorgan is to opening in these countries.
Major global banks are seeking to gain a bigger share of sovereign debt and corporate transactions in Africa, analysts said, while also aiming to serve more international companies that have operations on the continent, said Eric Musau, head of research at Nairobi-based Standard Investment Bank.
International lenders are seeking to grow their revenues by offering wealth management services that provide access to investments like offshore equity, debt and mutual funds, Musau added.
Banking giants are also offering private banking services, seeking to differentiate themselves from local and regional lenders that are prevalent in retail markets.
While most consumers on the continent have access to financial services through local and regional commercial banks, private banking "is where the next evolution will be," said Francis Mwangi, CEO of Kestrel Capital, a Nairobi brokerage.
JPMorgan is among the top five international private banks by assets under supervision and growth in overseas markets is a key priority, it said in May.
In the last five years, about 700 bankers have been involved in expanding into 27 new locations worldwide, generating $2 billion in revenue for its commercial and investment bank, JPMorgan's President Daniel Pinto told investors in May.
JPMorgan has an advisory board of international executives and former policy makers that have links to Africa, including Nigerian billionaire Aliko Dangote and former British Prime Minister Tony Blair who founded the Africa Governance Initiative.
Major global lenders have adopted differing strategies for individual sub-Saharan markets, targeting the fastest-growing areas while seeking to distinguish themselves from local and regional competitors.
Standard Chartered STAN.L has focused on markets like Kenya. Assets under management in the East African nation grew by a quarter last year to 185.5 billion Kenyan shillings ($1.4 billion), it said.
The lender sold its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone last year.
($1 = 128.5000 Kenyan shillings)
(Reporting by David Lewis and Duncan Miriri in Nairobi and Nupur Anand in New York, additional reporting by Karin Strohecker in London; Editing by Lananh Nguyen and Lisa Shumaker)
(( Nupur.Anand@thomsonreuters.com ; +1 646 240 2975; ))
Keywords: JP MORGAN-AFRICA/ (EXCLUSIVE, PIX)
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