$JPM JPMorgan is preparing to tell all its employees to return to the office 5 days a week
according to Bloomberg
Morgan Stanley is leaving the Net-Zero Banking Alliance, the lender said on Thursday.
👉 Morgan Stanley (NYSE: MS) has become the latest financial giant to abandon the Net-Zero Banking Alliance, a UN-backed coalition aimed at aligning banks’ financing activities with global net-zero emissions targets. The move follows recent exits by Citigroup (NYSE: C) and Bank of America (NYSE: BAC), and earlier departures by Goldman Sachs Group (NYSE: GS) and Wells Fargo (NYSE: WFC), marking a significant retreat from collective climate commitments by some of the world’s largest banks. 👉 These high-profile defections, driven by intensifying political and market pressures, cast doubt on the ability of voluntary financial coalitions to sustain ambitious climate action in a polarized environment. 👉 Launched in 2021, the NZBA aimed to transform the financial sector’s role in combating climate change. As part of the broader Glasgow Financial Alliance for Net Zero, it united over 140 banks across 44 countries, with members committing to reduce greenhouse gas emissions linked to their financing activities and to achieve net-zero emissions by 2050. 👉 NZBA members pledged to set interim 2030 emissions targets for high-impact sectors, including energy, transportation, and heavy industry, aligning their portfolios with the 1.5°C warming limit set by the Paris Agreement.. Source: Bloomberg, thedeepdive.ca
BREAKING: US credit card defaults jumped to $46 billion in the first 9 months of 2024, the highest since 2010.
Credit card defaults are now up over 50% year-over-year. Defaults of seriously delinquent credit card loan balances have more than doubled over the last 2 years. Bottom-income consumers were hit the hardest due to years of elevated inflation and interest rates. Additionally, the savings rate of the bottom third is now 0%, according to Moody’s. Source: FT, The Kobeissi Letter
US BANKS UNDER PRESSURE
With Powell stating that there won’t be significant rate cuts next year and the yield curve un- inverting along with BTFP going away banks were hammered yesterday as most of them have BILLIONS worth of unrealized LOSSES in BONDS. Source: The Coastal Journal
‼️ BREAKING: This doesn't sound like a great mark of confidence...
The Bank of England will hide the identities of any pension funds, insurers or hedge funds bailed out under a new financial stability tool to prevent crisis contagion... Source: Radar @RadarHits - Bloomberg
BREAKING 🚨: U.S. banks are now grappling with a whopping $515 billion in unrealized losses.
To put it into perspective, that's over 8x higher than during the 2008 financial crisis. Source: BofA, Jacob King
🥉 Swiss bank UBS smashes third-quarter expectations with $1.4 billion in profit (vs. $667.5 million expected)
👉 Group revenue was $12.33 billion, above analyst expectations near $11.78 billion. Q3 highlights included: - Operating profit before tax of $1.93 billion, up from a loss of 184 million in the same quarter last year. - Return on tangible equity hit 7.3%, compared with 5.9% over the second quarter. - CET 1 capital ratio, a measure of bank solvency, was 14.3%, down from 14.9% in the second quarter. The lender said it expects to complete its planned $1 billion share buyback program in the fourth quarter and intends to continue repurchases in 2025. 💪 UBS Sees Uninterrupted Client Momentum: Switzerland's largest bank reports strong transactional activity in its core business and expects to achieve its objective of $100 billion in net new assets by the end of the year. Source: CNBC
Shorts estimated to be $1.3 Billion underwater on silver. Which five banks are at risk??
"Silver prices have experienced a significant increase, rising over 6% to exceed $33.6 per ounce. This unexpected surge has put five U.S. banks at risk of substantial financial losses due to their large short positions in the metal. This amounts to approximately 707.9 million ounces, nearly equaling a year’s global silver production". Source: Yahoo Finance, @kshaughnessy2 on X
