Wall Street Journal
Baby boomers are changing the idea that the older you get, the less debt you carry. The average 65-year-old borrower has
The Fed's report noted older borrowers do tend to have more ability to repay debt than younger people "with historically weak repayment." But greater borrowing by the older age group could become "alarming" if they are entering their retirement age with more debt than they can handle, said Alicia Munnell, a researcher at Boston College's Center for Retirement Research. "If your only monthly income is from Social Security, you really want to get monthly expenditures down and have as little debt as possible," she said.
IBM has developed its own blockchain technology. Big Blue plans to
IBM will also establish "garages" in London, Singapore, New York and Tokyo to let its customers experiment with its blockchain technology. The London Stock Exchange and Japan Exchange Group, two IBM customers, are already using the blockchain code in their business. IBM plans to make its blockchain software available to its customers who lease its computer hardware.
Remittances are soaring. The amount of money sent to Latin American and Caribbean nations by U.S. migrant workers
The money is typically sent to family members back home and the figures have increased on a surge in Central American immigrants to the U.S. While job opportunities are one reason for the rise in immigration, an increase in drug-related violence in some Central American nations is also a contributing factor. Migrants also are making the decision to send money back home to invest in real estate and other amenities.
Migrants "are becoming a lot more strategic about how and when they send money, paying attention to exchange rates," said Wells Fargo's head of global remittance services, Daniel Ayala.
Starting today, commercial banks operating in Japan must pay a small fee when they add to money held at the Bank of Japan. The move comes after Japan said last month it would
U.S. Bancorp's chief information security officer, Jason Witty, praised the U.S. government's decision to upgrade its outdated information technology infrastructure. The government is spending $3.1 billion to retire, replace and modernize its systems. The legacy software
New York Times
Bank stocks have taken a nosedive because of
Another possible reason for the sell-off is many investors placed big bets last year that a rise in interest rates would fuel bank profits. Since that prediction has not come to pass, investors are unwinding those large bets, he said.
Richard X. Bove of Rafferty Capital Markets also thinks the sell-off is based on unfounded fears about banks' ability to withstand losses. Heightened regulatory requirements have made banks safer, he said. "Any number of statistics would validate the fact that banks today don't have the risks they had either in 1990 or 2008," Bove said.
Elsewhere ...
Charlotte Observer: Brian Moynihan isn't the only Bank of America executive to take home a big pay raise last year. B of A paid Moynihan
Dean Athanasia, president of preferred and small business banking and co-head of consumer banking, got $3.4 million in restricted stock awards, a 79% yearly increase. Thomas Montag, chief operating officer, was awarded $8.7 million, an 11.5% increase.
Cathy Bessant, chief operations and technology officer, got $3.4 million in additional restricted stock awards. (The Observer did not detail the percentage increase for every executive it named in its article.) Paul Donofrio, chief financial officer, was awarded $5.8 million. Geoffrey Greener, chief risk officer, got $5 million. And Terry Laughlin, head of global wealth and investment management, got $5.2 million.