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   Wells Fargo’s unknowns, to cost-cut or not, Kraken’s bank charter: Top stories of the week  2020/09/18 21:17:01 American Banker
Wells Fargo provides few updates on growth; why some banks are aggressively cutting costs and others aren’t; crypto exchange Kraken receives Wyoming bank charter; and more from this week’s most-read stories.
   TD Bank pays higher savings rates than most of its competitors, with no minimum opening deposits  2020/09/18 16:21:00 Business Insider
Summary List Placement TD Bank (Member FDIC) has two savings accounts: Beyond Savings and Simple Savings. The better account for you depends on how much money you plan to keep there. Note that while TD Bank pays higher rates than most brick-and-mortar banks, you can find better rates with online banks . TD Beyond Savings rates Standard savings rates At the very minimum, you'll earn the following standard savings rates with a TD Beyond Savings Account : Balance Standard APY $0.01 - $19,999.99 0.01% $20,000 - $249,999.99 0.05% $250,000 + 0.10% Relationship savings rates TD Bank makes it pretty easy to qualify for a "relationship rate," or a higher rate as a reward for having another TD Bank product. You'll earn the following relationship rates when you link your TD Beyond Savings Account to a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan: Balance Relationship APY $0.01 - $19,999.99 0.05% $20,000 - $49,999.99 0.15% $50,000 - $99,999.99 0.20% $100,000 - $249,999.99 0.25% $250,000 + 0.35% TD Beyond Savings Account You need a relatively high balance to earn a high interest rate with TD Bank, but its rates are better than what most brick-and-mortar banks pay.
   Truist launched a venture capital arm as part of its promised investment in new technologies  2020/09/18 14:06:00 Business Insider
Summary List Placement Truist Ventures integrates both SunTrust's and BB&T's venture programs, and it will be led by a former private equity investor and venture capitalist, per a press release. Prior to merging as Truist, BB&T and SunTrust had invested in startups developing products for cloud-based core banking, consumer-facing payments, data management, and digital banking . Cloud-based core provider nCino, which is now public, is listed as a former portfolio company. This is a baby step in the bank's post-merger integration. In February 2019, soon after BB&T and SunTrust announced their merger, they committed to a $100 million "technology and innovation" budget and planned a technology hub in Charlotte, North Carolina. But the innovation center and associated venture arm are just two small components of the bank's $66 billion deal . Given the merger's many moving parts, its focus on technological innovation risks getting lost as the dust settles. In-house accelerators and direct investments in fintechs have quickly become the norm among big banks.
   The best credit cards for earning rewards on dining, whether you're eating out or ordering in  2020/09/17 18:07:00 Business Insider
Summary List Placement The best credit cards for earning rewards on dining: 4x points at restaurants worldwide: American Express® Gold Card DoorDash perks and 3x points on dining: Chase Sapphire Reserve® 2x points on all dining: Chase Sapphire Preferred® Card 4% cash back on all dining: Capital One® Savor® Cash Rewards Credit Card 3% cash back on dining: Chase Freedom Flex℠ and Chase Freedom Unlimited® 5x points on dining: Citi Prestige® Credit Card 3x points on eating out and ordering in: Wells Fargo Propel American Express® card Eating out can add up, but the good news is that it's easier than ever to earn bonus credit card rewards on your spending. Dining rewards shouldn't be the only factor you consider when picking a card; other factors like the welcome bonus, annual fee, and redemption flexibility should also be on your priority list. But when two cards offer similar features, a better earnings potential on dining (or other bonus categories), can tip the scales. With that in mind, here are the credit cards for maximizing your rewards on dining, whether you're enjoying a nice meal out or ordering in through a service like GrubHub or Seamless.
   Secretary Elaine Chao Still Being Paid From Wells Fargo  2020/09/17 13:47:39 ValueWalk
Secretary Elaine Chao’s Financial Disclosures Show She’s Still Being Paid From Her Time At Scandal-Plagued Wells Fargo Q2 2020 hedge fund letters, conferences and more Elaine Chao’s Continued Financial Arrangement With Wells Fargo WASHINGTON, D.C. – The latest Public Financial Disclosure report from Trump Transportation Secretary Elaine Chao shows a continuing financial arrangement with her former employer, scandal-plagued Wells Fargo, allowing her to […] The post Secretary Elaine Chao Still Being Paid From Wells Fargo appeared first on ValueWalk .
   Dow climbs 358 points as Trump stimulus orders offset China tensions  2020/08/10 20:08:45 Business Insider
US stocks climbed on Monday as investors digested President Donald Trump's weekend stimulus orders against China tensions and new coronavirus cases. On Saturday, President Trump signed four executive actions to extend coronavirus aid after Congress failed to come to an agreement last week. US-China tensions escalated when China imposed fresh sanctions on several members of Congress including senators Marco Rubio and Ted Cruz over Hong Kong. US coronavirus cases hit 5 million over the weekend, according to data from Johns Hopkins University. Oil rose as Saudi Aramco said demand will continue to improve. Read more on Business Insider. US stocks rose on Monday as investors weighed President Trump's virus stimulus orders against escalating China tensions and increasing coronavirus cases. Investors are digesting the potential effect of four executive orders signed by President Donald Trump on Saturday to extend fiscal assistance amid the coronavirus pandemic recession. The orders include a temporary payroll tax holiday , stop some evictions, and defer student-loan payments.
   Bankruptcy risks pose the greatest threat to the stock market's rally to near-record levels, famed economist Mohamed El-Erian says  2020/08/10 19:51:23 Business Insider
A wave of corporate insolvencies has the best chance at dragging stocks from their lofty prices, Mohamed El-Erian, chief economic advisor at Allianz, said Monday. Investors have looked through US-China tensions, stretched valuations, stimulus delays, and surging COVID cases in recent weeks to push stocks higher. "You have a very strong technical supporting this marketplace," El-Erian told CNBC , but large-scale bankruptcies could derail the rally. Even the Federal Reserve's bond-buying and liquidity boosts can't keep a slew of defaults from prompting unemployment and capital market damage, he added. Visit the Business Insider homepage for more stories . Corporate bankruptcies — more than any other factor — stand to halt the stock market's steady run higher, Mohamed El-Erian, chief economic advisor at Allianz, said on Monday. Experts are beginning to wonder what, if anything, can topple the stock market's extraordinary run-up. Investors have seen through oil-market chaos, spiking virus infection rates, US-China tensions, and stimulus delays, and major indexes currently sit just below record highs.
   Goldman, Morgan Stanley, Deutsche Hit With The Fed's Highest Capital Requirements  2020/08/10 15:38:06 Zero Hedge
Goldman, Morgan Stanley, Deutsche Hit With The Fed's Highest Capital Requirements Tyler Durden Mon, 08/10/2020 - 11:38 Following its stress tests earlier this year, this morning the Fed announced individual large bank capital requirements which will become effective on October 1. Somewhat counterintuitively the Fed unveiled that banks without major net interest income - such as Goldman and Morgan Stanley (as well as the usual foreign suspects such as Deutsche Bank and Credit Suisse) - would face the stiffest capital demands even though it emerged in recent quarters that balance sheet and loan exposure is in fact the biggest risk the US banking system currently faces. As shown in the table below, the capital levels determined by the Fed’s most recent stress-test process, give Goldman Sachs the highest CET1 Capital Requirement target among domestic banks, with an overall capital minimum at 13.7% of risk-weighted assets, while Morgan Stanley is second with a target of 13.4%; JPMorgan Chase, the largest U.S. bank, will need to maintain 11.3% under the standards taking effect Oct. 1.
   No Payment, No Problem: Bizarre New World Of Consumer Debt  2020/08/09 17:30:00 Zero Hedge
No Payment, No Problem: Bizarre New World Of Consumer Debt Tyler Durden Sun, 08/09/2020 - 13:30 Authored by Wolf Richter via, All kinds of weird records are being broken. But it’s scheduled to expire, and then what? The New York Fed released a doozie of a household credit report. It summarized what individual lenders have been reporting about their own practices: If you can’t make the payments on your mortgage, auto loan, credit card debt, or student loan, just ask for a deferral or forbearance, and you won’t have to make the payments, and the loan won’t count as delinquent if it wasn’t delinquent before. And even if it was delinquent before, you can “cure” a delinquency by getting the loan deferred and modified. No payment, no problem. Nearly all student loans go into forbearance, delinquencies plunge. Student loan borrowers were automatically rolled into forbearance under the CARES Act, and even though many students had stopped making payments, delinquency rates plunged because the Department of Education had decided to report as “current” all those loans that are in forbearance, even if they were delinquent.
   6 rising stars of financial advice managing hundreds of millions break down how they won over wealthy clients in a fiercely competitive field  2020/08/07 15:29:00 Business Insider
Business Insider profiled six young financial advisers who have grown their practices early on in their careers at Wells Fargo, Morgan Stanley, and Merrill Lynch — among the largest US wealth managers. From building confidence to finding their niche, each advisor laid out what helped them build multi-million dollar client bases. "Remember that this is very much a career, and should never be thought of as a stepping stone," one adviser said he often reminds newcomers to the industry. "Clients can tell if your heart's in it." Visit BI Prime for more wealth management stories . Getting off the ground as a new financial adviser, especially when you're not working on a team, can be challenging. Building up a client base and gathering assets is a long-term process, and traditional wealth managers are trying to ease newcomers into the mix with new training and new transition policies between junior and senior advisers. Business Insider recently profiled six rising-star financial advisers who have grown their client bases early on in their careers at some of the largest wealth management firms.