Finance

JPMorgan vs. Bank of America? Analysts say one of the stocks is set to soar 50%

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It’s not just regional bank shares that have been hit by the recent banking crisis — large-cap bank stocks have also tumbled. But some analysts think the slide is overdone, and retail investors flocked to buy the dip in the biggest, traditional American banks last week. Still, there may be more room to run. JPMorgan … Read more

Bank turmoil could bring ‘vicious’ end to bear market, Morgan Stanley says

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SlateStone Wealth chief market strategist Kenny Polcari joined ‘Varney & Co.’ to discuss the U.S. banking crisis, predicting its impact on the stock market. Turmoil within the banking sector is likely to bring a “vicious” start to the end of the bear market in U.S. stocks, according to Morgan Stanley. Michael Wilson, the chief U.S. … Read more

New York Community Bancorp looks to acquire failed Signature Bank

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New York Community Bancorp is pursuing a deal to acquire failed Signature Bank, according to people familiar with the matter.  The Federal Deposit Insurance Corp. could announce a deal for Signature as soon as this week, said the people, who asked to not be identified because the matter isn’t public. No final decision has been … Read more

America’s biggest companies say retail crime is an epidemic, but just how big of a problem is it?

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America’s biggest retailers say organized retail crime has grown into a multibillion-dollar problem, but the effectiveness of their strategies to solve it and the validity of the data overall have come into question.  Over the last several years, companies such as Home Depot, Lowe’s, Walmart, Best Buy, Walgreens and CVS have been sounding the alarm … Read more

First Republic shares slid almost 33% after deposit infusion, dragging down other regional banks

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People are seen inside the First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar Mike Segar | Reuters Shares of First Republic were under severe pressure Friday despite the beaten-down regional bank receiving aid from other financial institutions the day before. At the market close, … Read more

Biden backs tougher penalties for executives of failed banks in wake of collapses

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Treasury Secretary Janet Yellen said that, under the current agreement, Chinese Communist Party-linked (CCP) Silicon Valley Bank depositors could be ‘made whole’ by the U.S. banking system. President Biden spoke out in favor of tougher penalties for bank executives who drive institutions to failure through mismanagement. Biden released the statement Friday afternoon, reflecting on the … Read more

FedEx hikes 2023 earnings forecast as cost-cutting initiatives bear fruit

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In this photo FedEx logo is seen in Washington D.C., United States on February 16, 2023. Celal Gunes | Anadolu Agency | Getty Images FedEx on Thursday hiked its full-year earnings forecast as it said cost-cutting measures offset continued demand weakness at units including FedEx Express. FedEx now expects adjusted earnings per share for fiscal … Read more

GE’s chief took a $14.5 million pay cut last year after agreeing to a reduced stock award amid investor complaints

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General Electric Co. Chief Executive Officer Larry Culp saw his total compensation decline more than 60% in 2022 after agreeing last year to a reduced annual stock award. The CEO’s total compensation in 2022 was $8.2 million, down from $22.7 million in 2021, according to the company’s annual proxy filing. The 64% reduction was expected, and mostly … Read more