News

Banking

US Bank Profits Slip 1.2% in Q3

Reuters | Equities.com |

U.S. bank profits fell 1.2% in the third quarter of 2021 to $69.5 billion as firms were slower to shrink their credit loss provisions and grappled with low interest rates, the Federal Deposit Insurance Corporation reported Tuesday.

Bank profits are still up nearly 36% from the same time a year ago when banks were still rushing to set aside funds to guard against pandemic-driven loan losses.


Some Chinese Banks Stop Offering New Credit to Property Developers Amid Evergrande Scare

Reuters | Equities.com |

As fears of contagion from any default by China Evergrande Group mounted this month, some Chinese banks, insurers, and shadow banks stopped offering new credit to property developers, and ran urgent checks on their exposure to the troubled sector.

Carrying $305 billion in liabilities, China's second biggest property developer inched closer to a potential default on Friday by missing the deadline on an interest payment.


Warren Buffett-Backed Nubank To Seek $55 Billion IPO Valuation

Reuters | Equities.com |

Brazil's Nubank is seeking a valuation in its planned U.S. initial public offering that would push the eight-year-old fintech past the $55.4 billion value of the country's top traditional lender, two sources familiar with the matter said.

In a recent funding round led by Warren Buffett's Berkshire Hathaway Inc, Nubank was valued at $30 billion. With 40 million clients in Latin America, Nubank is the latest of several fast-growing financial services companies - often serving customers overlooked by banks - grabbing investors' attention.


Pelosi Says Trump's Bank Account in China Raises Serious National Security Concerns

Reuters | Equities.com |

WASHINGTON (Reuters) - U.S. President Donald Trump’s bank account in China raises serious national security concerns, U.S. House of Representatives Speaker Nancy Pelosi said on Wednesday following a New York Times report revealing the previously undisclosed account.

Pelosi cited the Chinese government’s ties to its financial industry and said Trump’s banking there risked his exposure and opened him up to vulnerabilities.


Where the World’s Banks Make the Most Money

Visual Capitalist | Equities.com |

What are the drivers behind revenue and profits in the financial services sector, and where do the biggest opportunities exist in the future?


Who Will Benefit from Obama's Promise of Less Reliance on Foreign Oil?

Brittney Barrett | Equities.com |

Surging oil prices resultant from unrest in the Middle East have been leading many economists to predict an economic double dip as oil makes up a growing percentage of consumer spending. Today, in


Sponsored Financial Content

Market Movers