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Finance Banks


  • *Many sanctions on Iran likely to stay for months. *UK not recommending insurance trade with Iran yet. LONDON/ FRANKFURT, July 16- International banks and most insurers are likely to steer clear of dealing with Iran for some time, fearing they could face more fines from U.S. regulators despite this week's nuclear deal between world powers and Tehran.

  • *Williams: meeting helps balance frequent banker, CEO meetings. *Fed Up coalition has also met with Yellen, George, Rosengren. SAN FRANCISCO, July 16- San Francisco Fed President John Williams has promised more transparency after a rare meeting with a coalition of community and labor groups which also urged the U.S. central banker to keep interest rates low.

  • Greek banks to get brief reprieve before overhaul Thursday, 16 Jul 2015 | 12:34 PM ET

    *Revamp to be decided by Europe, not Athens. As part of a deal to secure new funding, Athens had to surrender much autonomy over its economy and this will include handing over more power to European institutions to decide the fate of its sick banks. Those preparations, other people familiar with the matter said this week, are now under way, following a last-minute deal...

  • July 16- Bank of Montreal agreed to pay $16 million to end a U.S. lawsuit claiming that a lender it bought caused two bankrupt Florida funds to lose money in imprisoned swindler Thomas Petters' $3.65 billion Ponzi scheme. Bank of Montreal denied liability in agreeing to settle. The lawsuit by the trustee Barry Mukamal stemmed from Petters' relationship with...

  • KIEV, July 16- Ukraine's parliament has passed all the laws needed to receive a second tranche of financial aid from the International Monetary Fun worth $1.7 billion, a deputy Finance Minister, Artem Shevalev, said on Thursday. "Thanks to the MPs for being responsible- all currently outstanding IMF and World Bank laws approved," he said in a Facebook post.

  • July 16- The troubled $3.5 billion Baha Mar resort project in the Bahamas is preparing to wind down operations and cut more than 2,000 jobs if the developer fails to strike a deal quickly with its main lender, China's Export Import Bank, according to U.S. bankruptcy court filings. But after missing that deadline, a cash crunch forced Izmirlian's Baha Mar Ltd to file...

  • MOSCOW, July 16- Russia's second-largest bank VTB on Thursday offered investors to buy back Eurobonds worth around $2 billion, saying the move was attractive given current yields on the bonds. The bank said in a regulatory filing on the Luxembourg stock exchange that it was offering to buy back bonds denominated in U.S. dollars maturing in April 2017, February...

  • Goldman ruined my morning: Analyst Thursday, 16 Jul 2015 | 10:44 AM ET
    Goldman ruined my morning: Analyst

    Citigroup is good but JPMorgan is better, says Ralph Silva, Silva Research Network banking analyst, sharing his picks in the financial sector as big banks report earnings this week.

  • Goldman Q2 profit gets hit by legal costs Thursday, 16 Jul 2015 | 10:16 AM ET
    Goldman Q2 profit gets hit by legal costs

    CNBC's Mary Thompson reports on what drove profits lower for the big bank.

  • NEW YORK, July 16- U.S. Yellen is due to testify to the Senate Banking Committee on Thursday. "People are realizing what she said, that every meeting is on the table going forward, and thinking maybe we shouldn't be long the front-end," said Charles Comiskey, head of Treasuries trading at Bank of Nova Scotia in New York.

  • ECB agrees extra emergency funding for Greek banks Thursday, 16 Jul 2015 | 8:55 AM ET

    FRANKFURT, July 16- Greek banks will be allowed to draw down more emergency funding, the European Central Bank decided on Thursday, increasing it by 900 million euros for one week. At a news conference, ECB President Mario Draghi said the conditions had been restored for more Emergency Liquidity Assistance after a bailout plan was agreed between Athens and the...

  • Citi reports better-than-expected results Thursday, 16 Jul 2015 | 8:25 AM ET
    Citi reports better-than-expected results

    Jeffery Harte, Sandler O'Neill, parses the numbers on Citi's second quarter earnings beat.

  • Goldman Sachs' Q2 beats Street estimates Thursday, 16 Jul 2015 | 7:55 AM ET
    Goldman Sachs' Q2 beats Street estimates

    They are continuing to show momentum on revenue, says Marty Mosby, Vining Sparks director of bank and equity strategies, breaking down the big bank's quarterly numbers.

  • Goldman Sachs earnings hit by litigation costs Thursday, 16 Jul 2015 | 9:22 AM ET

    Goldman Sachs on Thursday posted quarterly earnings that fell sharply from the previous year, hit by a large litigation charge.

  • Citi posts highest profit in 8 years as costs plunge Thursday, 16 Jul 2015 | 8:14 AM ET
    Pedestrians walk in front of a Citibank branch in New York.

    Citi delivered quarterly earnings that topped analysts' expectations on Thursday, as restructuring and cost cuts paid off and legal costs plunged.

  • The government surprised banks earlier this month by announcing a new 8 percent surcharge on profits from January, sending shares in new banks like Aldemore, Virgin Money and Shawbrook tumbling. A levy on the balance sheets of large banks like HSBC would, however, be slashed and the basic corporate tax rate for all lenders cut as well. She said it was important to...

  • DUBAI, July 16- Bond issues by Saudi Arabia's government are expected to be worth tens of billions of dollars by the end of 2015 as the state ramps up debt sales to plug a hole in finances created by low prices for oil exports. Central bank governor Fahad al-Mubarak announced last week that Riyadh had sold its first sovereign bonds since 2007, a 15 billion riyal...

  • Equities are best bank investment: Strategist Thursday, 16 Jul 2015 | 2:30 AM ET
    Equities are best bank investment: Strategist

    Andrew Sheets, chief cross-asset strategist at Morgan Stanley, says equities are the best way to take advantage of bank profit margins.

  • ECB to weigh funding boost for Greece Thursday, 16 Jul 2015 | 2:10 AM ET

    FRANKFURT, July 16- Greece's approval of a bailout deal overnight could persuade the European Central Bank to ease its funding squeeze on Athens as soon as Thursday, the first step in reopening banks and returning some normality to its stricken economy. Making a symbolic gesture, the bank could increase Emergency Liquidity Assistance when its Governing...

  • Behind Bank of America's strong earnings report Thursday, 16 Jul 2015 | 12:46 AM ET
    Behind Bank of America's strong earnings report

    Chris Wheeler, U.S. Bank Analyst at Atlantic Equities, describes how the lender has more visibility on cost reduction.

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