Jason Goldberg News
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The Federal Reserve, which cut its target for the federal funds rate to a zero-to-0.25 percent range on Dec. 16, 2008, said last month that rates would remain “exceptionally low” at least through late 2014. While the unprecedented period of near-zero rates is meant to aid an ailing economy, it poses challenges for banks, insurers, pension funds, and savers.
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Bank of America Corp. and Citigroup Inc. are among lenders that may find it more difficult to boost profits and capital after the Federal Reserve pledged to keep its benchmark interest rate low until at least late 2014.
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JPMorgan Chase & Co. fell the most in almost a month in New York trading after the bank reported a 23 percent drop in profit on lower investment-banking fees and revenue from trading stocks and bonds.
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Citigroup Inc., the third-biggest U.S. bank by assets, dropped 8.2 percent in New York trading after the bank reported an unexpected fall in fourth-quarter earnings on a slump in trading revenue.
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JPMorgan Chase & Co., likely to keep the title of most profitable U.S. bank when it reports earnings tomorrow, has a West Coast rival closing in: Wells Fargo & Co.
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A U.S. accounting board’s proposal that would require banks to report the fair value of loans on their books will lead to reduced lending, a former chairman of the Federal Deposit Insurance Corp. said.
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Bank of America Corp. may have to build its capital cushion by $50 billion and renege again on Chief Executive Officer Brian T. Moynihan’s pledge to raise the firm’s dividend as mortgage losses drain funds.
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Unusual share price movements in the two days before takeovers announced by U.K. companies last year fell 9.4 percent, in a sign that insider trading may be decreasing.
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Bank of America Corp. and its U.S. rivals may struggle to replace the $8 billion in revenue lost because of federal debit-card rules after abandoning plans to extract more fees from customers.
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Bank stocks are underperforming the Standard & Poor’s 500 Index, even after Federal Reserve stress tests showed some financial institutions have regained enough strength to boost dividends and buy back their shares.
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