Author: Lily Harper

Stay informed with free updatesSimply sign up to the US banks myFT Digest — delivered directly to your inbox.No one has ever accused the Federal Reserve’s research division of working too quickly. Delayed findings can still be interesting, though. Take this recent paper, which reviews the US’s regional bank run in March 2023. For readers who were following Alphaville’s coverage at the time, some findings won’t be terribly surprising: It was mostly large depositors who pulled their funds, meaning companies and investors rather than individuals. And they yanked cash from banks with weak balance sheets. But this bit of information…

Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldCitigroup on Tuesday said it was quitting the world’s largest climate alliance for banks, the latest sign corporate America may retreat from climate goals during Donald Trump’s second term as US president.Citi is the third large US lender to exit the Net-Zero Banking Alliance this month, following Goldman Sachs and Wells Fargo. The UN-backed climate pledge, which Citi helped launch in 2021, was hailed as a major step towards reducing global warming by limiting investment in and lending to industries…

Stay informed with free updatesSimply sign up to the US economy myFT Digest — delivered directly to your inbox.Defaults on US credit card loans have hit the highest level since the wake of the 2008 financial crisis, in a sign that lower-income consumers’ financial health is waning after years of high inflation. Credit card lenders wrote-off $46bn in seriously delinquent loan balances in the first nine months of 2024, up 50 per cent from the same period in the year prior and the highest level in 14 years, according to industry data collated by BankRegData. Write-offs, which occur when lenders…

Stay informed with free updatesSimply sign up to the US financial regulation myFT Digest — delivered directly to your inbox.Vanguard has bowed to regulatory pressure and agreed to new oversight of its investments in some US lenders, a decision that could have sweeping implications for money managers and banks. The deal, which the US Federal Deposit Insurance Corp disclosed on Friday, will allow Vanguard’s funds to continue to be huge shareholders in a wide swath of the country’s banks while also increasing the watchdog’s supervisory power over the $10tn money manager. Vanguard, BlackRock and State Street have amassed large stakes…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Richard “Dick” Parsons, an influential US corporate executive who chaired Citigroup through the fallout from the 2008 financial crisis, has died.Parsons died on Thursday according to an announcement from investment bank Lazard, where he had been a board member. The New York Times reported the cause of death was bone cancer, citing Ronald Lauder, the Estée Lauder heir. Parsons was 76.Parsons took over as chair of Citi in February 2009 as the bank was reeling from the 2008 financial crisis. He joined…

Stay informed with free updatesSimply sign up to the Financial & markets regulation myFT Digest — delivered directly to your inbox.The Federal Reserve is weighing “significant changes” to its annual stress tests for large US banks that would reduce volatility of tests’ results and make the process more transparent.The Fed did not provide a detailed account of the changes but said they could amend models that calculate hypothetical losses for banks, averaging results over two years to lessen the risk of large year-on-year swings, and allow the public to comment on hypothetical scenarios each year before they are finalised. The Fed…

The road to riches used to be paved with juicy IPOs. But that does not seem to be the case anymore. Today on the show, Katie Martin is joined by Craig Coben, a former global head of equity capital markets at Bank of America, and now a contributing writer for FT Alphaville. They discuss regulation and demand, and the growing role of private equity in corporate ownership. Also, they go short France and long melodic house music. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.View our accessibility…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Luigi Mangione has been charged with first-degree murder in New York for what prosecutors alleged was the “frightening, well-planned and targeted” killing of UnitedHealthcare chief executive Brian Thompson.Manhattan district attorney Alvin Bragg said that the 26-year-old Ivy League graduate, who was last week arrested by local police in Altoona, Pennsylvania, had been formally indicted on one count of murder on the first degree “in furtherance of terrorism”, and two counts of murder on the second degree, one of which was charged as…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Allianz has paused talks with Amundi and its majority shareholder Crédit Agricole over plans to combine its €560bn investment management arm with its larger French rival, according to people familiar with the situation. The two sides had been in on-and-off discussions for more than a year, and were in exclusive talks to form a European giant with almost €2.8tn of assets under management as recently as Saturday morning. Some of the people said the talks could resume at a later date.The hiatus illustrates…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A man suspected of killing a top UnitedHealth executive in Midtown Manhattan earlier this week is thought to have left the city, as investigators’ rush to find him continues into its third day. The manhunt comes after Brian Thompson, who led UnitedHealth’s vast insurance unit, was fatally shot outside a hotel in one of Manhattan’s busiest districts by a masked culprit who fled on an e-bike.The killing of the executive at dawn on his way to an investor event has set off…