Category: Banking

President Biden likes to single out Amazon (AMZN) for not paying federal taxes. That may have been on Jeff Bezos’ mind when he put out Wednesday’s statement that the e-commerce behemoth supports a higher corporate tax rate. Yet Amazon has paid taxes the past two years and may have less to lose from Biden’s tax… Continue reading What Biden's Tax Plan Means For Amazon, Google, Facebook, Apple, Microsoft

Eastern Bankshares in Boston has agreed to buy Century Bancorp in Medford, Mass. The $16 billion-asset Eastern said in a press release Wednesday that it will pay $642 million in cash for the $6.4 billion-asset Century. The deal, which is expected to close in the fourth quarter, priced Century at 175% of its tangible book… Continue reading Eastern Bankshares to buy Century Bancorp for $642 million

Wells Fargo plans to sell its asset-management business to two private equity firms, part of Chief Executive Charlie Scharf’s efforts to dump nonessential operations and help the bank emerge from years of scandals. GTCR and Reverence Capital Partners agreed to buy Wells Fargo Asset Management for $2.1 billion, according to a statement Tuesday. The unit… Continue reading Wells Fargo sheds its asset manager as Scharf reshapes bank

JPMorgan Chase is stepping up its search for acquisition targets as competition intensifies from financial technology firms and other new rivals. The effort is being driven by “perhaps a greater sense of urgency,” Chief Financial Officer Jennifer Piepszak said Thursday at a virtual investor conference. “There are businesses like asset management where scale matters even… Continue reading JPMorgan has ‘sense of urgency’ in search for acquisitions

DraftKings (DKNG) is teaming up with Dish Networks (DISH) to bring its sportsbook and daily fantasy experiences directly to Dish customers. DKNG and DISH stocks rose. X DraftKings will integrate its app with the Dish TV Hopper platform. The agreement also allows for DraftKings sportsbook and daily fantasy experiences with DISH Network’s Sling TV and… Continue reading DraftKings, Dish Networks Team Up In Latest Sports Betting Partnership

X Investor’s Business Daily founder William O’Neil is a legendary investor and one of the true great American success stories. His entrepreneurial spirit and strong work ethic led him to develop his own unique method of stock picking and launch his own companies, which have helped millions of investors improve their portfolio performance. His groundbreaking… Continue reading Who Is IBD Founder William O'Neil? Learn About The Legendary Investor And CAN SLIM Investing System Creator

WASHINGTON — The Federal Reserve is nearing a decision on whether to extend temporary capital relief given to banks last year to help them manage the economic fallout from the coronavirus pandemic, Fed Chair Jerome Powell told lawmakers Tuesday. The Fed and other agencies last spring allowed banks subject to the supplementary leverage ratio to… Continue reading Fed nears decision on continued easing of bank capital rule

WASHINGTON — The latest earnings snapshot for the banking industry suggests that while institutions are upbeat about the economy, they remain cautious about lending. A significant reduction in loan-loss expenses boosted net income last quarter as dire economic predictions about the pandemic did not come to pass, the Federal Deposit Insurance Corp. said in the… Continue reading Banks' economic outlook improving, but lending remains sluggish

Technology stocks took another beating early Tuesday, but the Nasdaq composite was sharply off lows in afternoon trading, paring a 3.9% intraday loss to about 1.5%. The Dow Jones Industrial Average held up well for the second straight session, helped by another strong showing from Walt Disney (DIS). Disney stock hit a new high in… Continue reading Dow Jones Shows Strength Amid Tech Sell-Off; Bitcoin Dives, But Shopify Stock Bounces Off Key Support Level