JPMorgan Chase

First Horizon Corporation Names Thomas Hung Chief Credit Officer, Susan Springfield Announces Retirement

Retrieved on:

Monday, April 15, 2024

JPMorgan Chase, Deutsche Bank, Hung, Cornell University, Senior, Citizens Bank, First Horizon Corporation, First Horizon Bank, Brigham Young University, MBA, FHN, Growth, Management

MEMPHIS, Tenn., April 15, 2024 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") today announced that Thomas Hung, Executive Vice President, Head of Franchise Finance, will be named Senior Executive Vice President, Chief Credit Officer, effective October 1, 2024.

Key Points:

MEMPHIS, Tenn., April 15, 2024 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") today announced that Thomas Hung, Executive Vice President, Head of Franchise Finance, will be named Senior Executive Vice President, Chief Credit Officer, effective October 1, 2024.
Hung will succeed Susan Springfield, Senior Executive Vice President, Chief Credit Officer, who has served in this role since 2013.
Starting April 15, 2024, Hung will serve as Deputy Chief Credit Officer to begin the succession planning process and join the Executive Management Committee.
Hung will report directly to Chairman, President and CEO Bryan Jordan and reside in Memphis, Tennessee.

Settlements involving those who, directly or through an agent, entered into Stock Loan Transactions with Credit Suisse, Goldman Sachs, JPMorgan, Morgan Stanley, and/or UBS in the U.S. from January 7, 2009 through August 22, 2023

Retrieved on:

Monday, April 15, 2024

The purpose of this Notice is to inform you of two separate proposed settlements in this Action (combined, the "Settlements").

Key Points:

The purpose of this Notice is to inform you of two separate proposed settlements in this Action (combined, the "Settlements").
The "Settlement Class Period" for the Credit Suisse Settlement Agreement is January 7, 2009 through January 20, 2022, inclusive.
The "Settlement Class Period" for the New Settlement Agreement is January 7, 2009 through August 22, 2023, inclusive.
The Court has preliminarily approved the Settlements with the Settling Defendants who have agreed to pay a total of $580,008,750.

IDTechEx Discusses Why the SDV Market Will Be Worth US$700 Billion by 2034

Retrieved on:

Monday, April 15, 2024

BOSTON, April 15, 2024 /PRNewswire/ -- The SDV and AI Cars market is set to be worth over US$700 billion by 2034, representing around 20% of the global car market, according to IDTechEx's "Software-Defined Vehicles, Connected Cars, and AI in Cars 2024-2034" report. That sum can be sourced from several areas, such as monthly connectivity subscriptions, commission from in-vehicle payments, and one-time software upgrades. Thanks to improvements in-car connectivity, onboard hardware capabilities, and a global shift in consumer preferences toward subscription models, the software-defined vehicle market is set to grow at 34% CAGR between 2023 and 2034.

Key Points:

BOSTON, April 15, 2024 /PRNewswire/ -- The SDV and AI Cars market is set to be worth over US$700 billion by 2034, representing around 20% of the global car market, according to IDTechEx's " Software-Defined Vehicles, Connected Cars, and AI in Cars 2024-2034 " report.
In Europe, Ford charges only roughly €25 a month, depending on the country, demonstrating the variance and flexibility in SDV pricing.
Key aspects of the IDTechEx report:
- An extensive discussion on how software is becoming a key differentiator for automakers and consumers.
For the full portfolio of autonomy market research available from IDTechEx, please see www.IDTechEx.com/Research/Autonomy .

IDTechEx Discusses Why the SDV Market Will Be Worth US$700 Billion by 2034

Retrieved on:

Monday, April 15, 2024

BOSTON, April 15, 2024 /PRNewswire/ -- The SDV and AI Cars market is set to be worth over US$700 billion by 2034, representing around 20% of the global car market, according to IDTechEx's "Software-Defined Vehicles, Connected Cars, and AI in Cars 2024-2034" report. That sum can be sourced from several areas, such as monthly connectivity subscriptions, commission from in-vehicle payments, and one-time software upgrades. Thanks to improvements in-car connectivity, onboard hardware capabilities, and a global shift in consumer preferences toward subscription models, the software-defined vehicle market is set to grow at 34% CAGR between 2023 and 2034.

Key Points:

BOSTON, April 15, 2024 /PRNewswire/ -- The SDV and AI Cars market is set to be worth over US$700 billion by 2034, representing around 20% of the global car market, according to IDTechEx's " Software-Defined Vehicles, Connected Cars, and AI in Cars 2024-2034 " report.
In Europe, Ford charges only roughly €25 a month, depending on the country, demonstrating the variance and flexibility in SDV pricing.
Key aspects of the IDTechEx report:
- An extensive discussion on how software is becoming a key differentiator for automakers and consumers.
For the full portfolio of autonomy market research available from IDTechEx, please see www.IDTechEx.com/Research/Autonomy .

Shannon Hobbs Joins BNY Mellon as Chief People Officer

Retrieved on:

Thursday, April 11, 2024

BNY Mellon, University, JPMorgan Chase, GEICO, Organization, Golden Gate University, Culture, Executive Committee, Investment, American Century Investments, Management

NEW YORK, April 11, 2024 /PRNewswire/ -- BNY Mellon has appointed Shannon Hobbs as Chief People Officer.

Key Points:

NEW YORK, April 11, 2024 /PRNewswire/ -- BNY Mellon has appointed Shannon Hobbs as Chief People Officer.
Ms. Hobbs will join the company on June 3, reporting to President and Chief Executive Officer, Robin Vince, and will be a member of the firm's Executive Committee.
"This is an incredibly exciting time to be joining BNY Mellon, a global financial institution with a 240-year history and an even more compelling future," said Ms. Hobbs.
Ms. Hobbs joins BNY Mellon from GEICO, where she most recently served as Chief People Officer, overseeing all aspects of talent and people strategy including recruiting, diversity and inclusion, team engagement, leadership development, compensation and benefits, as well as internal/external communications and change management.

Arcadia raises $50M to accelerate product innovation and fuel continued growth

Retrieved on:

Thursday, April 11, 2024

Statista, Greentech, J. P. Morgan, TIME, EV, BoxGroup, JPMorgan Chase, Macquarie Group, Growth, Renewable energy

This financing will support the continued growth of the company's market-leading community solar program, alongside product innovation leveraging AI to unlock new use cases built on the company's trove of energy data.

Key Points:

This financing will support the continued growth of the company's market-leading community solar program, alongside product innovation leveraging AI to unlock new use cases built on the company's trove of energy data.
I'm excited to join the Arcadia team as a board member and look forward to seeing their continued growth and innovation."
Concurrent with the close of the growth round, Arcadia closed a new $30M credit facility with J.P. Morgan.
This financing serves to fuel continued growth across business lines in 2024 and beyond.

Payment Gateway Market worth $48.4 billion by 2029 - Exclusive Report by MarketsandMarkets™

Retrieved on:

Wednesday, April 10, 2024

Based on payment gateway type, the API hosted and local bank integration gateway segment to hold second largest market size during the forecast period.

Key Points:

Based on payment gateway type, the API hosted and local bank integration gateway segment to hold second largest market size during the forecast period.
API-hosted payment solutions offer businesses unparalleled flexibility in integrating with a wide range of payment methods beyond traditional credit cards, including digital wallets, alternative payment methods, and emerging technologies like cryptocurrency payments.
By leveraging APIs (Application Programming Interfaces), businesses can seamlessly connect their systems with multiple payment providers, allowing customers to choose from a variety of payment options at checkout.
Payment gateways are dependable and scalable solutions that can manage peak loads and large transaction volumes, guaranteeing continuous payment processing even during spikes in demand.

Payment Gateway Market worth $48.4 billion by 2029 - Exclusive Report by MarketsandMarkets™

Retrieved on:

Wednesday, April 10, 2024

Based on payment gateway type, the API hosted and local bank integration gateway segment to hold second largest market size during the forecast period.

Key Points:

Based on payment gateway type, the API hosted and local bank integration gateway segment to hold second largest market size during the forecast period.
API-hosted payment solutions offer businesses unparalleled flexibility in integrating with a wide range of payment methods beyond traditional credit cards, including digital wallets, alternative payment methods, and emerging technologies like cryptocurrency payments.
By leveraging APIs (Application Programming Interfaces), businesses can seamlessly connect their systems with multiple payment providers, allowing customers to choose from a variety of payment options at checkout.
Payment gateways are dependable and scalable solutions that can manage peak loads and large transaction volumes, guaranteeing continuous payment processing even during spikes in demand.

Arixa Capital Surpasses $4 Billion in Originations, Welcomes Jonathan Fox as Chief Credit Officer

Retrieved on:

Wednesday, April 10, 2024

JPMorgan Chase, Citigroup, First Republic Bank, Acquisition, Real estate

In tandem with this milestone, Arixa Capital welcomes Jonathan Fox as its Chief Credit Officer.

Key Points:

In tandem with this milestone, Arixa Capital welcomes Jonathan Fox as its Chief Credit Officer.
"We are thrilled to introduce Jonathan Fox as Arixa's first Chief Credit Officer," said Managing Director Seth Davis.
As Arixa Capital celebrates this milestone and welcomes Jonathan Fox, the company remains committed to its core values: enabling clients with the reliable financing and exceptional customer service they need to prosper in dynamic market environments.
"I'm excited to join the Arixa Capital team and build on their legacy of strong credit quality combined with a robust service offering that sophisticated real estate investors expect from an institutional private lender," said Chief Credit Officer Jonathan Fox.

Decomposing systemic risk: the roles of contagion and common exposures

Retrieved on:

Tuesday, April 23, 2024

Tao, CIBC, Tax, RWA, Risk, European Systemic Risk Board, Research Papers in Economics, Contagion, RT, The Big Six, NBC, International, Shock, Observation, Bank of Canada, HTC, European Economic Association, The Washington Post, Great, JPMorgan Chase, Paper, GM, Environment, Political economy, Journal of Financial Economics, COVID-19, Perception, BNS, Website, Silicon, IAT, Cifuentes, Probability, Balance sheet, RAN, Medical classification, Algorithm, Information technology, Quarterly Journal of Economics, LN, Nature, European Journal, Royal Bank of Canada, Technical report, Journal of Political Economy, Equitable Bank, Bankruptcy, RAI, PDF, Private, ECB, Policy, CHS, Supercapacitor, Social science, Journal of Financial Stability, Intelligence (journal), Elsevier, Home, Cambridge University Press, Journal, Springer Science+Business Media, Research, Classification, Regulation, News, EQB, Credit, Literature, AIK, European Central Bank, COVID, SVAR, Section 5, Management science, DRA, M4, VL, National bank, Government, ISSN, BMO, Panel, International Financial Reporting Standards, BIS, FIS, Basel III, Commerce, Scotiabank, C32, Econometric Society, Interbank, Fraud, Section 4, Bank, Schedule, VAR, Section 3, The Journal of Finance, RBC, Volcanic explosivity index, Fire, Wassily Leontief, Financial economics, Metric, Section 2, L14, Central bank, Superintendent, Bank of Montreal, Kronecker, BOC, Lithium, BCBS, Sale, Macroeconomic Dynamics, Christophe, CWB, LBC, NHA, Imperial Bank, Private equity, Quarterly Journal, National Bank of Canada, C51, Canadian Western Bank, Currency crisis, JEL classification codes, Victor Drai, L.1, MFC, Silicon Valley Bank, EB, Laurentian Bank of Canada, Federal, RA1, Series, W0, FEVD, Journal of Econometrics, Aggregate, University, FRB, MB, Financial institution, Element, Health, Book, Angels & Airwaves, Common, OSFI, GFC, Reproduction, K L, Systematic, Housing, G21, Home Capital Group, Communications satellite

Abstract

Key Points:

Abstract
We evaluate the effects of contagion and common exposure on banks? capital through
a regression design inspired by the structural VAR literature and derived from the balance
sheet identity.
Contagion can occur through direct exposures, fire sales, and market-based
sentiment, while common exposures result from portfolio overlaps.
First, we document that contagion varies in time, with the highest levels
around the Great Financial Crisis and lowest levels during the pandemic.
Our new framework complements
traditional stress-tests focused on single institutions by providing a holistic view of systemic risk.
While existing literature presents various contagion narratives, empirical findings on
distress propagation - a precursor to defaults - remain scarce.
We decompose systemic risk into three elements: contagion, common exposures, and idiosyncratic risk, all derived from banks? balance sheet identities.
The contagion factor encompasses both sentiment- and contractual-based elements, common exposures consider systemic
aspects, while idiosyncratic risk encapsulates unique bank-specific risk sources.
Our empirical analysis of the Canadian banking system reveals the dynamic nature of contagion, with elevated levels observed during the Global Financial Crisis.
In conclusion, our model offers a comprehensive lens for policy intervention analysis and
scenario evaluations on contagion and systemic risk in banking.
This
notion of systemic risk implies two key components: first, systematic risks (e.g., risks related
to common exposures) and second, contagion (i.e., an initially idiosyncratic problem becoming
more widespread throughout the financial system) (see Caruana, 2010).
In this paper, we decompose systemic risk into three components: contagion, common exposures, and idiosyncratic risk.
First, we include contagion in three forms: sentiment-based contagion, contractual-based
contagion, and price-mediated contagion.
In this context,
portfolio overlaps create common exposures, implying that bigger overlaps make systematic
shocks more systemic.
With the COVID-19 pandemic starting
in 2020, contagion drops to all time lows, potentially related to strong fiscal and monetary
supports.
That is, our
structural model provides a framework for analyzing the impact of policy interventions and
scenarios on different levels of contagion and systemic risk in the banking system.
This provides a complementary approach to
seminal papers that took a structural approach to contagion, such as DebtRank Battiston et al.
More generally, the literature on networks and systemic risk started with Allen and Gale
(2001) and Eisenberg and Noe (2001).
The matrix is structured as follows:
1
In our model, we do not distinguish between interbank liabilities and other types of liabilities.
In other words, we can and aim to estimate different degrees
of contagion per asset class, i.e., potentially distinct parameters ?Ga .
For that, we build three major
metrics to check: average contagion, average common exposure, and average idiosyncratic risk.
N i j
et ,
Further, we define the (N ?K) common exposure matrix as Commt = [A

(20)

et ]diag (?C
?L

such that average common exposure reads,
average common exposure =

1 XX
Commik,t .
N i j
(22)

20

? c ),

The three metrics?average contagion, average common exposure, and average idiosyncratic risk?provide a comprehensive framework for understanding banking dynamics.
Figure 4 depicts the average level of risks per systemic risk channel: contagion risk, common exposure, and idiosyncratic risk.
Figure 4: Average levels of contagion (Equation (20)), common exposure (Equation (21)), and idiosyncratic risk
(Equation (22)).
The market-based contagion is the contagion due to
investors? sentiment, and the network is an estimate FEVD on volatility data.
For most of
the sample, we find that contagion had a bigger impact on the variance than common exposures.