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- min_58min_58
  ·2021-06-23
  TO THE MOOOOON
  JPMorgan Leads Banks Set to Return $142 Billion to Shareholders
  The biggest U.S. banks, led byJPMorgan Chase & Co.andBank of America Corp., are expected to pay out
  JPMorgan Leads Banks Set to Return $142 Billion to Shareholders
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- min_58min_58
  ·2021-06-23
  To the moon amirtie???
  JPMorgan Leads Banks Set to Return $142 Billion to Shareholders
  The biggest U.S. banks, led byJPMorgan Chase & Co.andBank of America Corp., are expected to pay out
  JPMorgan Leads Banks Set to Return $142 Billion to Shareholders
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- min_58min_58
  ·2021-06-18
  test
  Column: The FDA's hasty approval of a new Alzheimer's drug is looking worse than ever
  The FDA's decision on Aduhelm sets up a healthcare spending crisis. Following a year in which the F
  Column: The FDA's hasty approval of a new Alzheimer's drug is looking worse than ever
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dividends, the central bank is poised to liftremainingCovid-19 restrictions for lenders that perform well on this year’s exams when results are announced Thursday.</p>\n<p>All six of the biggest U.S. banks -- a group that also includes Citigroup Inc., Wells Fargo &amp; Co., Morgan Stanley and Goldman Sachs Group Inc. -- are expected to pass, paving the way for them to double total shareholder payouts in the next four quarters, according to data compiled by Bloomberg based on estimates provided by analysts at Barclays Plc.</p>\n<p><img src=\"https://static.tigerbbs.com/d297887da2002c8ff1a478aeaa499bae\" tg-width=\"580\" tg-height=\"306\">Created in the wake of the last financial crisis, the stress tests were designed to assess whether banks have enough capital to withstand economic turmoil. Though they’re normally administered annually, the Fed required additional exams during the pandemic.</p>\n<p>Now, with most banks sitting on mountains of excess cash, the exercise is primarily an indicator of how much of that money can be doled out to investors.</p>\n<p>“It truly is just a math exercise now,” said Jason Goldberg, an analyst at Barclays. “Given the fact that these banks did really well in the December Covid stress test and generally have more capital today than they did then, they should screen well.”</p>\n<p>Here’s what investors are watching for when the Fed announces stress-test results:</p>\n<p><b>New Schedule</b></p>\n<p>The day of the results used to be a frantic affair and banks that survived the exams would quickly announce their plans for distributing capital to investors. But now those plans don’t need the Fed’s sign-off because each bank knows its exact capital minimum. A lender can do whatever it likes with its excess cash.</p>\n<p>After the results are revealed, the Fed will specify the soonest that banks can announce their latest buyback and dividend intentions. It probably won’t be until next week when firms reveal their plans, though, and banks can choose to do so at a later date as well.</p>\n<p><b>New Rules</b></p>\n<p>The Fed tested 23 banks in total this time around, a list that includes domestic firms and U.S. subsidiaries of foreign lenders. Banks that pass the annual exam remain subject to a constant requirement that they stay above their capital target for the rest of the year. If a lender falls below at any point, the Fed can initiate enforcement actions before waiting for the next stress test.</p>\n<p>The stress capital buffer was technically implemented last year; however, because banks were subject to the pandemic-era limitations on shareholder returns, 2021 will be the first year the new system is in full effect.</p>\n<p><b>Bigger Payouts</b></p>\n<p>Some banks have already started sketching out how much cash they plan to return to shareholders as part of the 2021 Comprehensive Capital Analysis and Review -- or CCAR -- cycle, which includes the next four quarters.</p>\n<p>Bank of America has said it hopes to raise its dividend and announced plans to repurchase as much as $25 billion of its common stock while JPMorgan’s board has approved $30 billion in stock buybacks over an “indefinite time frame.”</p>\n<p><img src=\"https://static.tigerbbs.com/c84893921ec353134451bb3aaa2d0817\" tg-width=\"593\" tg-height=\"352\">“Reality is, the banking industry was tested by the pandemic,” Susan Roth Katzke, an analyst at Credit Suisse Group AG, said in a note to clients. “Near term, we expect macro recovery to remain an overwhelming positive, benefiting most, if not all banks.”</p>\n<p>In all, the six biggest U.S. banks are expected to triple their buybacks alone in the coming months to $107 billion.</p>\n<p><b>No Mulligan</b></p>\n<p>Previously, banks that were near their regulatory capital minimums -- or breaching them -- may have had to tweak their original payout requests to allay regulators’ concerns. The process is simplified this year and designed to nix this do-over option, known as the mulligan. Bank boards are now allowed to approve the payout plans once the Fed’s calculations are apparent.</p>\n<p>Bank executives have criticized the process for being onerous and some are pleased the mulligan is gone.</p>\n<p>“Something I’ve argued for years, let’s not play this game of the mulligan,” Morgan Stanley Chief Executive Officer James Gorman said at an event last week. “This is treating you like you’re grownups. You know what you’re doing. You’re running a prudent business, get on with it, run it the way you should.”</p>\n<p><b>Risk Management</b></p>\n<p>Credit Suisse and Deutsche Bank AG are among the foreign lenders reporting results. Fed Vice Chairman for Supervision Randal Quarles became a target for criticism in recent weeks for his earlier campaign to free Credit Suisse, Deutsche Bank and other foreign lenders from the agency’s most intensive big-bank supervision. He’d argued that such banks have diminishing footprints in the U.S. and don’t need the same level of oversight.</p>\n<p>But after they were released from the highest level of Fed supervision, Credit Suisse was mired in the Archegos Capital Management scandal and Deutsche Bank is said to bebracing itselffor a significant Fed enforcement action tied to years of risk-management failings.</p>\n<p>“Credit Suisse is one we are watching,” said Alison Williams, an analyst at Bloomberg Intelligence. “The fact that there was some noise around U.S. regulators being unhappy” with Deutsche Bank could potentially raise some risk for the German lender, Williams said.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Leads Banks Set to Return $142 Billion to Shareholders</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Leads Banks Set to Return $142 Billion to Shareholders\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 22:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-23/jpmorgan-leads-banks-set-to-return-142-billion-to-shareholders?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The biggest U.S. banks, led byJPMorgan Chase & Co.andBank of America Corp., are expected to pay out $142 billion in capital to shareholders after clearing this year’s stress tests.\nOne year after the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-23/jpmorgan-leads-banks-set-to-return-142-billion-to-shareholders?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-23/jpmorgan-leads-banks-set-to-return-142-billion-to-shareholders?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104273824","content_text":"The biggest U.S. banks, led byJPMorgan Chase & Co.andBank of America Corp., are expected to pay out $142 billion in capital to shareholders after clearing this year’s stress tests.\nOne year after the Federal Reserve capped stock buybacks and dividends, the central bank is poised to liftremainingCovid-19 restrictions for lenders that perform well on this year’s exams when results are announced Thursday.\nAll six of the biggest U.S. banks -- a group that also includes Citigroup Inc., Wells Fargo & Co., Morgan Stanley and Goldman Sachs Group Inc. -- are expected to pass, paving the way for them to double total shareholder payouts in the next four quarters, according to data compiled by Bloomberg based on estimates provided by analysts at Barclays Plc.\nCreated in the wake of the last financial crisis, the stress tests were designed to assess whether banks have enough capital to withstand economic turmoil. Though they’re normally administered annually, the Fed required additional exams during the pandemic.\nNow, with most banks sitting on mountains of excess cash, the exercise is primarily an indicator of how much of that money can be doled out to investors.\n“It truly is just a math exercise now,” said Jason Goldberg, an analyst at Barclays. “Given the fact that these banks did really well in the December Covid stress test and generally have more capital today than they did then, they should screen well.”\nHere’s what investors are watching for when the Fed announces stress-test results:\nNew Schedule\nThe day of the results used to be a frantic affair and banks that survived the exams would quickly announce their plans for distributing capital to investors. But now those plans don’t need the Fed’s sign-off because each bank knows its exact capital minimum. A lender can do whatever it likes with its excess cash.\nAfter the results are revealed, the Fed will specify the soonest that banks can announce their latest buyback and dividend intentions. It probably won’t be until next week when firms reveal their plans, though, and banks can choose to do so at a later date as well.\nNew Rules\nThe Fed tested 23 banks in total this time around, a list that includes domestic firms and U.S. subsidiaries of foreign lenders. Banks that pass the annual exam remain subject to a constant requirement that they stay above their capital target for the rest of the year. If a lender falls below at any point, the Fed can initiate enforcement actions before waiting for the next stress test.\nThe stress capital buffer was technically implemented last year; however, because banks were subject to the pandemic-era limitations on shareholder returns, 2021 will be the first year the new system is in full effect.\nBigger Payouts\nSome banks have already started sketching out how much cash they plan to return to shareholders as part of the 2021 Comprehensive Capital Analysis and Review -- or CCAR -- cycle, which includes the next four quarters.\nBank of America has said it hopes to raise its dividend and announced plans to repurchase as much as $25 billion of its common stock while JPMorgan’s board has approved $30 billion in stock buybacks over an “indefinite time frame.”\n“Reality is, the banking industry was tested by the pandemic,” Susan Roth Katzke, an analyst at Credit Suisse Group AG, said in a note to clients. “Near term, we expect macro recovery to remain an overwhelming positive, benefiting most, if not all banks.”\nIn all, the six biggest U.S. banks are expected to triple their buybacks alone in the coming months to $107 billion.\nNo Mulligan\nPreviously, banks that were near their regulatory capital minimums -- or breaching them -- may have had to tweak their original payout requests to allay regulators’ concerns. The process is simplified this year and designed to nix this do-over option, known as the mulligan. Bank boards are now allowed to approve the payout plans once the Fed’s calculations are apparent.\nBank executives have criticized the process for being onerous and some are pleased the mulligan is gone.\n“Something I’ve argued for years, let’s not play this game of the mulligan,” Morgan Stanley Chief Executive Officer James Gorman said at an event last week. “This is treating you like you’re grownups. You know what you’re doing. You’re running a prudent business, get on with it, run it the way you should.”\nRisk Management\nCredit Suisse and Deutsche Bank AG are among the foreign lenders reporting results. Fed Vice Chairman for Supervision Randal Quarles became a target for criticism in recent weeks for his earlier campaign to free Credit Suisse, Deutsche Bank and other foreign lenders from the agency’s most intensive big-bank supervision. He’d argued that such banks have diminishing footprints in the U.S. and don’t need the same level of oversight.\nBut after they were released from the highest level of Fed supervision, Credit Suisse was mired in the Archegos Capital Management scandal and Deutsche Bank is said to bebracing itselffor a significant Fed enforcement action tied to years of risk-management failings.\n“Credit Suisse is one we are watching,” said Alison Williams, an analyst at Bloomberg Intelligence. “The fact that there was some noise around U.S. regulators being unhappy” with Deutsche Bank could potentially raise some risk for the German lender, Williams said.","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121668546,"gmtCreate":1624462241285,"gmtModify":1634005745423,"author":{"id":"3581688877308896","authorId":"3581688877308896","name":"min_58","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581688877308896","authorIdStr":"3581688877308896"},"themes":[],"htmlText":"To the moon amirtie???","listText":"To the moon amirtie???","text":"To the moon amirtie???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121668546","repostId":"1104273824","repostType":4,"repost":{"id":"1104273824","kind":"news","pubTimestamp":1624459299,"share":"https://ttm.financial/m/news/1104273824?lang=&edition=full","pubTime":"2021-06-23 22:41","market":"us","language":"en","title":"JPMorgan Leads Banks Set to Return $142 Billion to Shareholders","url":"https://stock-news.laohu8.com/highlight/detail?id=1104273824","media":"Bloomberg","summary":"The biggest U.S. banks, led byJPMorgan Chase & Co.andBank of America Corp., are expected to pay out ","content":"<p>The biggest U.S. banks, led byJPMorgan Chase &amp; Co.andBank of America Corp., are expected to pay out $142 billion in capital to shareholders after clearing this year’s stress tests.</p>\n<p>One year after the Federal Reserve capped stock buybacks and dividends, the central bank is poised to liftremainingCovid-19 restrictions for lenders that perform well on this year’s exams when results are announced Thursday.</p>\n<p>All six of the biggest U.S. banks -- a group that also includes Citigroup Inc., Wells Fargo &amp; Co., Morgan Stanley and Goldman Sachs Group Inc. -- are expected to pass, paving the way for them to double total shareholder payouts in the next four quarters, according to data compiled by Bloomberg based on estimates provided by analysts at Barclays Plc.</p>\n<p><img src=\"https://static.tigerbbs.com/d297887da2002c8ff1a478aeaa499bae\" tg-width=\"580\" tg-height=\"306\">Created in the wake of the last financial crisis, the stress tests were designed to assess whether banks have enough capital to withstand economic turmoil. Though they’re normally administered annually, the Fed required additional exams during the pandemic.</p>\n<p>Now, with most banks sitting on mountains of excess cash, the exercise is primarily an indicator of how much of that money can be doled out to investors.</p>\n<p>“It truly is just a math exercise now,” said Jason Goldberg, an analyst at Barclays. “Given the fact that these banks did really well in the December Covid stress test and generally have more capital today than they did then, they should screen well.”</p>\n<p>Here’s what investors are watching for when the Fed announces stress-test results:</p>\n<p><b>New Schedule</b></p>\n<p>The day of the results used to be a frantic affair and banks that survived the exams would quickly announce their plans for distributing capital to investors. But now those plans don’t need the Fed’s sign-off because each bank knows its exact capital minimum. A lender can do whatever it likes with its excess cash.</p>\n<p>After the results are revealed, the Fed will specify the soonest that banks can announce their latest buyback and dividend intentions. It probably won’t be until next week when firms reveal their plans, though, and banks can choose to do so at a later date as well.</p>\n<p><b>New Rules</b></p>\n<p>The Fed tested 23 banks in total this time around, a list that includes domestic firms and U.S. subsidiaries of foreign lenders. Banks that pass the annual exam remain subject to a constant requirement that they stay above their capital target for the rest of the year. If a lender falls below at any point, the Fed can initiate enforcement actions before waiting for the next stress test.</p>\n<p>The stress capital buffer was technically implemented last year; however, because banks were subject to the pandemic-era limitations on shareholder returns, 2021 will be the first year the new system is in full effect.</p>\n<p><b>Bigger Payouts</b></p>\n<p>Some banks have already started sketching out how much cash they plan to return to shareholders as part of the 2021 Comprehensive Capital Analysis and Review -- or CCAR -- cycle, which includes the next four quarters.</p>\n<p>Bank of America has said it hopes to raise its dividend and announced plans to repurchase as much as $25 billion of its common stock while JPMorgan’s board has approved $30 billion in stock buybacks over an “indefinite time frame.”</p>\n<p><img src=\"https://static.tigerbbs.com/c84893921ec353134451bb3aaa2d0817\" tg-width=\"593\" tg-height=\"352\">“Reality is, the banking industry was tested by the pandemic,” Susan Roth Katzke, an analyst at Credit Suisse Group AG, said in a note to clients. “Near term, we expect macro recovery to remain an overwhelming positive, benefiting most, if not all banks.”</p>\n<p>In all, the six biggest U.S. banks are expected to triple their buybacks alone in the coming months to $107 billion.</p>\n<p><b>No Mulligan</b></p>\n<p>Previously, banks that were near their regulatory capital minimums -- or breaching them -- may have had to tweak their original payout requests to allay regulators’ concerns. The process is simplified this year and designed to nix this do-over option, known as the mulligan. Bank boards are now allowed to approve the payout plans once the Fed’s calculations are apparent.</p>\n<p>Bank executives have criticized the process for being onerous and some are pleased the mulligan is gone.</p>\n<p>“Something I’ve argued for years, let’s not play this game of the mulligan,” Morgan Stanley Chief Executive Officer James Gorman said at an event last week. “This is treating you like you’re grownups. You know what you’re doing. You’re running a prudent business, get on with it, run it the way you should.”</p>\n<p><b>Risk Management</b></p>\n<p>Credit Suisse and Deutsche Bank AG are among the foreign lenders reporting results. Fed Vice Chairman for Supervision Randal Quarles became a target for criticism in recent weeks for his earlier campaign to free Credit Suisse, Deutsche Bank and other foreign lenders from the agency’s most intensive big-bank supervision. He’d argued that such banks have diminishing footprints in the U.S. and don’t need the same level of oversight.</p>\n<p>But after they were released from the highest level of Fed supervision, Credit Suisse was mired in the Archegos Capital Management scandal and Deutsche Bank is said to bebracing itselffor a significant Fed enforcement action tied to years of risk-management failings.</p>\n<p>“Credit Suisse is one we are watching,” said Alison Williams, an analyst at Bloomberg Intelligence. “The fact that there was some noise around U.S. regulators being unhappy” with Deutsche Bank could potentially raise some risk for the German lender, Williams said.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Leads Banks Set to Return $142 Billion to Shareholders</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Leads Banks Set to Return $142 Billion to Shareholders\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 22:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-23/jpmorgan-leads-banks-set-to-return-142-billion-to-shareholders?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The biggest U.S. banks, led byJPMorgan Chase & Co.andBank of America Corp., are expected to pay out $142 billion in capital to shareholders after clearing this year’s stress tests.\nOne year after the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-23/jpmorgan-leads-banks-set-to-return-142-billion-to-shareholders?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-23/jpmorgan-leads-banks-set-to-return-142-billion-to-shareholders?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104273824","content_text":"The biggest U.S. banks, led byJPMorgan Chase & Co.andBank of America Corp., are expected to pay out $142 billion in capital to shareholders after clearing this year’s stress tests.\nOne year after the Federal Reserve capped stock buybacks and dividends, the central bank is poised to liftremainingCovid-19 restrictions for lenders that perform well on this year’s exams when results are announced Thursday.\nAll six of the biggest U.S. banks -- a group that also includes Citigroup Inc., Wells Fargo & Co., Morgan Stanley and Goldman Sachs Group Inc. -- are expected to pass, paving the way for them to double total shareholder payouts in the next four quarters, according to data compiled by Bloomberg based on estimates provided by analysts at Barclays Plc.\nCreated in the wake of the last financial crisis, the stress tests were designed to assess whether banks have enough capital to withstand economic turmoil. Though they’re normally administered annually, the Fed required additional exams during the pandemic.\nNow, with most banks sitting on mountains of excess cash, the exercise is primarily an indicator of how much of that money can be doled out to investors.\n“It truly is just a math exercise now,” said Jason Goldberg, an analyst at Barclays. “Given the fact that these banks did really well in the December Covid stress test and generally have more capital today than they did then, they should screen well.”\nHere’s what investors are watching for when the Fed announces stress-test results:\nNew Schedule\nThe day of the results used to be a frantic affair and banks that survived the exams would quickly announce their plans for distributing capital to investors. But now those plans don’t need the Fed’s sign-off because each bank knows its exact capital minimum. A lender can do whatever it likes with its excess cash.\nAfter the results are revealed, the Fed will specify the soonest that banks can announce their latest buyback and dividend intentions. It probably won’t be until next week when firms reveal their plans, though, and banks can choose to do so at a later date as well.\nNew Rules\nThe Fed tested 23 banks in total this time around, a list that includes domestic firms and U.S. subsidiaries of foreign lenders. Banks that pass the annual exam remain subject to a constant requirement that they stay above their capital target for the rest of the year. If a lender falls below at any point, the Fed can initiate enforcement actions before waiting for the next stress test.\nThe stress capital buffer was technically implemented last year; however, because banks were subject to the pandemic-era limitations on shareholder returns, 2021 will be the first year the new system is in full effect.\nBigger Payouts\nSome banks have already started sketching out how much cash they plan to return to shareholders as part of the 2021 Comprehensive Capital Analysis and Review -- or CCAR -- cycle, which includes the next four quarters.\nBank of America has said it hopes to raise its dividend and announced plans to repurchase as much as $25 billion of its common stock while JPMorgan’s board has approved $30 billion in stock buybacks over an “indefinite time frame.”\n“Reality is, the banking industry was tested by the pandemic,” Susan Roth Katzke, an analyst at Credit Suisse Group AG, said in a note to clients. “Near term, we expect macro recovery to remain an overwhelming positive, benefiting most, if not all banks.”\nIn all, the six biggest U.S. banks are expected to triple their buybacks alone in the coming months to $107 billion.\nNo Mulligan\nPreviously, banks that were near their regulatory capital minimums -- or breaching them -- may have had to tweak their original payout requests to allay regulators’ concerns. The process is simplified this year and designed to nix this do-over option, known as the mulligan. Bank boards are now allowed to approve the payout plans once the Fed’s calculations are apparent.\nBank executives have criticized the process for being onerous and some are pleased the mulligan is gone.\n“Something I’ve argued for years, let’s not play this game of the mulligan,” Morgan Stanley Chief Executive Officer James Gorman said at an event last week. “This is treating you like you’re grownups. You know what you’re doing. You’re running a prudent business, get on with it, run it the way you should.”\nRisk Management\nCredit Suisse and Deutsche Bank AG are among the foreign lenders reporting results. Fed Vice Chairman for Supervision Randal Quarles became a target for criticism in recent weeks for his earlier campaign to free Credit Suisse, Deutsche Bank and other foreign lenders from the agency’s most intensive big-bank supervision. He’d argued that such banks have diminishing footprints in the U.S. and don’t need the same level of oversight.\nBut after they were released from the highest level of Fed supervision, Credit Suisse was mired in the Archegos Capital Management scandal and Deutsche Bank is said to bebracing itselffor a significant Fed enforcement action tied to years of risk-management failings.\n“Credit Suisse is one we are watching,” said Alison Williams, an analyst at Bloomberg Intelligence. “The fact that there was some noise around U.S. regulators being unhappy” with Deutsche Bank could potentially raise some risk for the German lender, Williams said.","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168359359,"gmtCreate":1623952935971,"gmtModify":1634025293016,"author":{"id":"3581688877308896","authorId":"3581688877308896","name":"min_58","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581688877308896","authorIdStr":"3581688877308896"},"themes":[],"htmlText":"test","listText":"test","text":"test","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168359359","repostId":"2144690742","repostType":4,"repost":{"id":"2144690742","kind":"news","pubTimestamp":1623942044,"share":"https://ttm.financial/m/news/2144690742?lang=&edition=full","pubTime":"2021-06-17 23:00","market":"us","language":"en","title":"Column: The FDA's hasty approval of a new Alzheimer's drug is looking worse than ever","url":"https://stock-news.laohu8.com/highlight/detail?id=2144690742","media":"LA Times","summary":"The FDA's decision on Aduhelm sets up a healthcare spending crisis. \nFollowing a year in which the F","content":"<p><img src=\"https://static.tigerbbs.com/5a6526be3c93006ee9d37664f7f4650b\" tg-width=\"840\" tg-height=\"560\" referrerpolicy=\"no-referrer\">The FDA's decision on Aduhelm sets up a healthcare spending crisis.&nbsp;</p>\n<p>Following a year in which the Food and Drug Administration meekly allowed President Trump to denigrate its integrity and undermine its judgment, it wasn't clear that the agency could fall even lower in public and professional esteem.</p>\n<p>It's clear now. The FDA's widely criticized decision on June 7 to approve the new Alzheimer's drug Aduhelm despite a nearly complete absence of evidence that it works is looking worse and worse with every day that passes.</p>\n<p>The latest data point underscoring the disastrous consequences of the FDA approval is related to the sky-high average price of $56,000 a year for the drug set by its U.S. manufacturer, Biogen.</p>\n<blockquote>\n The limited evidence for the efficacy of Aduhelm raises the question of whether its large impact on health spending is justified.\n</blockquote>\n<p>Altarum consultants</p>\n<p>According to a report by the nonprofit healthcare consulting organization Altarum, if the drug is prescribed for only 1 million patients a year — the low end of Biogen's marketing expectations — by the mid-2020s it will account for more than 1% of all national health spending. In 2025, for instance, when total spending is expected to reach abut $5.3 trillion, $57 billion of that will be spent on Aduhelm.</p>\n<p>The drug will increase all prescription drug spending by 8% and non-retail drug spending — that is, for drugs that have to be administered in hospitals or doctors' offices — by 25%. If the patient caseload doubles, so will those figures. And the FDA's approval would allow Aduhelm to be prescribed for any of the nation's Alzheimer's patients, who currently number more than 6 million.</p>\n<p>That will impose higher costs on 56 million Americans enrolled in Medicare Part B even if they don't suffer from Alzheimer's, the Kaiser Family Foundation observes. That's because Medicare is required by law to cover all prescription medicines approved by the FDA. Part B premiums rise with Medicare's expenses, so the higher spending on Adulhelm will hit all premium payers in the pocketbook.</p>\n<p>If 1 million Part B members take Aduhelm, the program's 80% share of the drug's cost would come to nearly $45 billion, or well more than the $37 billion Medicare paid for all Part B drugs in 2019.</p>\n<p>Many Medicare patients taking the drug will be hard-pressed to afford it, KFF notes. Their 20%, uncapped share of Part B drug and services costs would mean an average bill of $11,200 per year for the drug. That's almost 40% of the $29,650 median income of Medicare Part B members.</p>\n<p>It gets worse. Altarum's estimates don't encompass the ancillary costs that will be associated with taking Aduhelm. Because the clinical trials revealed that about 30% of patients receiving a high dose of the drug experienced brain swelling, patients will have to undergo regular MRI tests to watch out for this dangerous side effect. They'll have to pay their share of that, too.</p>\n<p>This isn't the first time that a new drug has threatened to break the national healthcare bank. The best comparison may be the hepatitis-C drugs Sovaldi and Harvoni, which were priced by their developer, Gilead, at $84,000 and nearly $100,000 per year, respectively.</p>\n<p>Those drugs drove annual growth in retail prescription spending from 2.2% in 2013 to 13.5% in 2014, after their introduction, Altarum says.</p>\n<p>But there are differences. Sovaldi and Harvoni cured more than 90% of hepatitis-C patients after a single round of treatment, so the spending on any patient lasted less than a year; measuring their cost against the cost of treating hepatitis-C patients indefinitely made the cost-benefit balance obvious. Indeed, by 2016, when most patients had been treated, the prescription growth rate fell back to 1.7%,</p>\n<p>But Aduhelm is neither a cure nor a <a href=\"https://laohu8.com/S/AONE\">one</a>-time treatment. \"Aduhelm is to be administered repeatedly throughout the patient’s lifetime or until the patient and his or her physician elect to discontinue treatment,\" Altarum explains. \"The resultant growth in spending will therefore be sustained for the foreseeable future.\"</p>\n<p>The organization's bottom line: \"The limited evidence for the efficacy of Aduhelm raises the question of whether its large impact on health spending is justified.\"</p>\n<p>As bad as the FDA's decision is looking today, it didn't start out as a widely praised action, either. As we reported last week, <a href=\"https://laohu8.com/S/AONE.U\">one</a> member of the FDA scientific advisory committee that had examined results from the drug's clinical trials pronounced the action \"probably the worst drug approval decision in recent U.S. history” in a letter resigning from the committee.</p>\n<p>The 11-member committee had advised almost unanimously against the approval. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> other members also resigned after the FDA ignored the panel's recommendation.</p>\n<p>Alzheimer's specialists are concerned about the FDA decision for more than financial reasons. They fear that the existence of a drug with the FDA's imprimatur, as questionable as it is, will interfere with efforts to develop and test other treatments that may turn out to be more promising.</p>\n<p>Patients may be reluctant to enroll in trials of alternative drugs instead of taking Aduhelm, for example. And researchers trying to recruit trial subjects will have to reject anyone who has been treated with Aduhelm, because it will be difficult, if not impossible, to determine whether a given result is due to Aduhelm or the new drug.</p>\n<p>The longest-lasting effect, however, may be on the FDA's reputation for imposing rigorous safety and efficacy standards. The pharmaceutical industry has long groused about the agency's painstaking approval process, even though it has given the American drug market an image as the safest in the world.</p>\n<p>The drugmakers have consistently pushed for faster approvals and the acceptance of ever more sketchy evidence from clinical trials.</p>\n<p>Aaron S. Kesselheim, the Harvard professor who delivered that damning judgment about the FDA approval before resigning from its advisory panel, has called for the creation of a new agency to oversee drug approvals, presumably inoculated from pressure from Big Pharma.</p>\n<p>The FDA's approval of a high-priced, apparently low-value drug that will yield billions of dollars in profits for its manufacturer may even spur Congress finally to take America's drug-price crisis in hand and find a solution. That could be the silver lining around the cloud of the FDA's action.</p>\n<p>But it will be a shame that an agency that reigned as a bulwark against unsafe and ineffective drugs since its founding in 1906 had to fall so low to achieve that goal.</p>\n<p>This story originally appeared in Los Angeles Times.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Column: The FDA's hasty approval of a new Alzheimer's drug is looking worse than ever</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nColumn: The FDA's hasty approval of a new Alzheimer's drug is looking worse than ever\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 23:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/column-fdas-hasty-approval-alzheimers-144244083.html><strong>LA Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The FDA's decision on Aduhelm sets up a healthcare spending crisis. \nFollowing a year in which the Food and Drug Administration meekly allowed President Trump to denigrate its integrity and undermine ...</p>\n\n<a href=\"https://finance.yahoo.com/news/column-fdas-hasty-approval-alzheimers-144244083.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://finance.yahoo.com/news/column-fdas-hasty-approval-alzheimers-144244083.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2144690742","content_text":"The FDA's decision on Aduhelm sets up a healthcare spending crisis. \nFollowing a year in which the Food and Drug Administration meekly allowed President Trump to denigrate its integrity and undermine its judgment, it wasn't clear that the agency could fall even lower in public and professional esteem.\nIt's clear now. The FDA's widely criticized decision on June 7 to approve the new Alzheimer's drug Aduhelm despite a nearly complete absence of evidence that it works is looking worse and worse with every day that passes.\nThe latest data point underscoring the disastrous consequences of the FDA approval is related to the sky-high average price of $56,000 a year for the drug set by its U.S. manufacturer, Biogen.\n\n The limited evidence for the efficacy of Aduhelm raises the question of whether its large impact on health spending is justified.\n\nAltarum consultants\nAccording to a report by the nonprofit healthcare consulting organization Altarum, if the drug is prescribed for only 1 million patients a year — the low end of Biogen's marketing expectations — by the mid-2020s it will account for more than 1% of all national health spending. In 2025, for instance, when total spending is expected to reach abut $5.3 trillion, $57 billion of that will be spent on Aduhelm.\nThe drug will increase all prescription drug spending by 8% and non-retail drug spending — that is, for drugs that have to be administered in hospitals or doctors' offices — by 25%. If the patient caseload doubles, so will those figures. And the FDA's approval would allow Aduhelm to be prescribed for any of the nation's Alzheimer's patients, who currently number more than 6 million.\nThat will impose higher costs on 56 million Americans enrolled in Medicare Part B even if they don't suffer from Alzheimer's, the Kaiser Family Foundation observes. That's because Medicare is required by law to cover all prescription medicines approved by the FDA. Part B premiums rise with Medicare's expenses, so the higher spending on Adulhelm will hit all premium payers in the pocketbook.\nIf 1 million Part B members take Aduhelm, the program's 80% share of the drug's cost would come to nearly $45 billion, or well more than the $37 billion Medicare paid for all Part B drugs in 2019.\nMany Medicare patients taking the drug will be hard-pressed to afford it, KFF notes. Their 20%, uncapped share of Part B drug and services costs would mean an average bill of $11,200 per year for the drug. That's almost 40% of the $29,650 median income of Medicare Part B members.\nIt gets worse. Altarum's estimates don't encompass the ancillary costs that will be associated with taking Aduhelm. Because the clinical trials revealed that about 30% of patients receiving a high dose of the drug experienced brain swelling, patients will have to undergo regular MRI tests to watch out for this dangerous side effect. They'll have to pay their share of that, too.\nThis isn't the first time that a new drug has threatened to break the national healthcare bank. The best comparison may be the hepatitis-C drugs Sovaldi and Harvoni, which were priced by their developer, Gilead, at $84,000 and nearly $100,000 per year, respectively.\nThose drugs drove annual growth in retail prescription spending from 2.2% in 2013 to 13.5% in 2014, after their introduction, Altarum says.\nBut there are differences. Sovaldi and Harvoni cured more than 90% of hepatitis-C patients after a single round of treatment, so the spending on any patient lasted less than a year; measuring their cost against the cost of treating hepatitis-C patients indefinitely made the cost-benefit balance obvious. Indeed, by 2016, when most patients had been treated, the prescription growth rate fell back to 1.7%,\nBut Aduhelm is neither a cure nor a one-time treatment. \"Aduhelm is to be administered repeatedly throughout the patient’s lifetime or until the patient and his or her physician elect to discontinue treatment,\" Altarum explains. \"The resultant growth in spending will therefore be sustained for the foreseeable future.\"\nThe organization's bottom line: \"The limited evidence for the efficacy of Aduhelm raises the question of whether its large impact on health spending is justified.\"\nAs bad as the FDA's decision is looking today, it didn't start out as a widely praised action, either. As we reported last week, one member of the FDA scientific advisory committee that had examined results from the drug's clinical trials pronounced the action \"probably the worst drug approval decision in recent U.S. history” in a letter resigning from the committee.\nThe 11-member committee had advised almost unanimously against the approval. Two other members also resigned after the FDA ignored the panel's recommendation.\nAlzheimer's specialists are concerned about the FDA decision for more than financial reasons. They fear that the existence of a drug with the FDA's imprimatur, as questionable as it is, will interfere with efforts to develop and test other treatments that may turn out to be more promising.\nPatients may be reluctant to enroll in trials of alternative drugs instead of taking Aduhelm, for example. And researchers trying to recruit trial subjects will have to reject anyone who has been treated with Aduhelm, because it will be difficult, if not impossible, to determine whether a given result is due to Aduhelm or the new drug.\nThe longest-lasting effect, however, may be on the FDA's reputation for imposing rigorous safety and efficacy standards. The pharmaceutical industry has long groused about the agency's painstaking approval process, even though it has given the American drug market an image as the safest in the world.\nThe drugmakers have consistently pushed for faster approvals and the acceptance of ever more sketchy evidence from clinical trials.\nAaron S. Kesselheim, the Harvard professor who delivered that damning judgment about the FDA approval before resigning from its advisory panel, has called for the creation of a new agency to oversee drug approvals, presumably inoculated from pressure from Big Pharma.\nThe FDA's approval of a high-priced, apparently low-value drug that will yield billions of dollars in profits for its manufacturer may even spur Congress finally to take America's drug-price crisis in hand and find a solution. That could be the silver lining around the cloud of the FDA's action.\nBut it will be a shame that an agency that reigned as a bulwark against unsafe and ineffective drugs since its founding in 1906 had to fall so low to achieve that goal.\nThis story originally appeared in Los Angeles Times.","news_type":1,"symbols_score_info":{"BIIB":0.9}},"isVote":1,"tweetType":1,"viewCount":541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}