Latest news with #bankers
Bloomberg
2 hours ago
- Business
- Bloomberg
Wells Fargo Suspends China Travel After Banker Was Blocked From Leaving
Wells Fargo & Co. suspended travel to China after one of its bankers who works in trade financing was recently blocked from leaving the country. Chenyue Mao, an Atlanta-based managing director who was born in Shanghai, was banned from exiting China after entering the country in recent weeks, according to a person with knowledge of the situation. That led the San Francisco-based bank to restrict other Wells Fargo employees from visiting China, said the person, who asked not to be identified discussing information that isn't public.
Wall Street Journal
7 hours ago
- Business
- Wall Street Journal
Big Banks Are Spinning Market Chaos Into Gold
Second-quarter market upheaval was about tariff policies. Third-quarter volatility might be about President Trump and the Federal Reserve. Bankers are generally against moves that call into question the independence of the central bank. Yet in the meantime the biggest U.S. banks at least stand to profit from investors' anxiety, via their Wall Street trading desks.
Yahoo
a day ago
- Business
- Yahoo
Reeves Pledges to Reform UK's Ring-Fencing Rules
Chancellor of the Exchequer Rachel Reeves pledges to reform the UK's so-called ring-fencing rules, outlines her plans to spur homeownership by easing access to mortgages and vows to slash rules that govern the conduct of London's top bankers during her annual Mansion House speech in the City of London. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
2 days ago
- Business
- Yahoo
5 Money Lies Keeping Americans Poor, According to Jaspreet Singh
According to Dave Ramsey's State of Personal Finance report, 56% of Americans worry about their financial situation every day, including many people earning over $100,000. While it might sound surprising, it's possible to struggle and have little wealth even if you make a decent salary, control your expenses and don't rack up credit card debt. Find Out: Read Next: In a recent YouTube video, financial expert Jaspreet Singh explained that many Americans remain poor because they believe five money lies. Learn why these popular beliefs aren't true and what you can do to avoid mistakes that hurt your financial security. Buying a home is often more appealing than renting since each monthly mortgage payment helps you build equity. While Singh encouraged homeownership, he cautioned against viewing your property as an investment, partly due to how banks amortize the loans. 'They do something called front-loading mortgages, which means in the beginning, the majority of your mortgage payment is going directly into your banker's pocket with interest, and a little bit is going to actually build equity in your house,' Singh explained. Explore More: He said it can take 20 years before the point where half of each payment goes toward growing your equity. He also explained that homes are like liabilities because you'll always have ongoing costs, like taxes, insurance and maintenance, even after the final mortgage payment. Singh suggested carefully considering all the upfront and ongoing costs before buying a home and not relying on the property as your only investment for building wealth. Other income sources will be especially important during retirement. While a job provides you with money for your needs, it's unlikely that your work-related income alone will make you rich. Singh explained employees are really in the business of helping companies and their shareholders become wealthier. Plus, there's the fact that you need to put the time and effort into working to get your paycheck. Singh said that investing is a better path to becoming wealthy than relying on your salary, as you'll be able to benefit from companies' profits as a shareholder. Whether you receive dividends, interest or gains, that passive income won't require working like your job. This makes growing your wealth more sustainable. If your budget leaves little to invest, you might believe it's pointless or impossible to get started. But Singh explained that even $100 monthly contributions could make you a millionaire if you start early, earn a 10% return and maintain the habit for around 46 years. He recommended starting to contribute whatever you can, even if that means a few dollars per day. While your progress may be slow at first, stick with the habit, keep your wealth goal in mind, and remember you can adjust your strategy as your financial situation changes. 'As you earn more money, invest more money and keep investing your money when markets go down and over the long term,' Singh said. 'What we have seen is that this is a proven way to become wealthy.' Getting advice from your bank can seem like common sense if you're buying an expensive asset like a car or house. However, you shouldn't consider the banker to be a reliable financial advisor who will recommend the best money moves for your situation. Singh explained that bankers often get commissions, so they might suggest that you borrow more for something than you should. While they'd benefit from a bigger commission check, you may be stuck with an unaffordable loan payment or regret your purchase. So, watching out for yourself is crucial. That's why Singh recommended a system that lets you know how much you should be spending on all monthly expenses alongside your savings and investing goals. He recommended setting your spending limit to 75% of your income, allocating 10% to savings and investing 15%. According to Fidelity Investments, the average 401(k) balance in the first quarter of 2025 was $127,100. That was far below the $1.26 million that Americans participating in Northwestern Mutual's Planning & Progress Study said they'd need for a comfortable retirement. Singh explained that a 401(k) plan is important but is just one of the retirement planning tools to have. You should also consider additional options, such as IRAs, health savings accounts and regular brokerage accounts. Different tax rules and potential contribution limits apply to different accounts, so finding a financial advisor who can help with retirement planning is a wise move. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 7 Things You'll Be Happy You Downsized in Retirement 10 Cars That Outlast the Average Vehicle This article originally appeared on 5 Money Lies Keeping Americans Poor, According to Jaspreet Singh
Forbes
2 days ago
- Business
- Forbes
How Fintech Founders Can Sharpen Their Pitches
Paul Davis, Founder, Bank Slate. If you're building a fintech company and hoping to partner with banks, you've probably been instructed to 'tell a great story.' You've also likely been told to highlight your regulatory compliance, technical chops or product vision. The truth is that neither approach will succeed in isolation. That's a key lesson I have gleaned from conversations with bankers, investors and fintech founders. These discussions—paired with years of consulting for banks and fintechs—have reinforced a few critical learnings I believe every founder should take to heart. Balance storytelling with substance. Yes, a compelling narrative matters. Banks want to know your 'why.' But, too often, founders lean so heavily into the vision that they forget to ground it in reality. A pitch without substance might grab attention, but it rarely leads to a deal. On the flip side, I've seen technical pitches—heavy with regulatory compliance, architecture and acronyms—fall flat because there's no clear narrative arc explaining why it all matters. The best pitches marry 'why this matters' with 'how this works.' Founders who can weave both elements into their outreach and meetings stand a far better chance of moving from conversation to contract. Don't just hear 'no'—learn from it. Let's be clear: Founders are going to hear 'no' a lot. It's part of the process. But the founders who learn from the 'no' tend to be the ones who make progress and grow fastest. When a banker or venture capitalist declines to move forward, try to understand why. Was it about timing? A misalignment in the budget? An unclear fit with strategic priorities? Smart founders treat rejection not as a dead end, but as market feedback. Every 'no' is a breadcrumb that can refine your product, pricing and positioning—or all three. Check your ego at the door. In my consulting work, I often see founders fall in love with a solution that's clever and elegant, but it isn't what banks are prioritizing. Bankers are hyper-focused on four areas: net new deposits, noninterest income, back-office efficiency and fraud prevention. Founders who can directly align their pitch with these priorities are much more likely, in my experience, to earn a second meeting and a contract. That sometimes means letting go of the original idea—or at least reconfiguring it. The goal isn't to force banks to see your product your way. It's to frame your solution in terms of their urgent needs. Less ego. More empathy. Map the org, not just the opportunity. One of the most tactical and actionable suggestions I have heard involved leaning into network maps—a strategy I've since started recommending regularly to clients. A network map is a visual or conceptual diagram that illustrates the relationships, roles and influence dynamics within a specific group. Address key questions about your relationships. Who are the key players? How are decisions made? Who are the influencers? What bottlenecks exist? When selling to a bank, you're not just selling to a single stakeholder. You're selling to a system. That means identifying your internal champions, understanding who controls the budget and knowing who needs convincing. Most importantly, it involves preparing for what happens if your contact leaves, changes roles or loses internal influence. Founders who track these dynamics early on build resilience into their sales process and avoid starting from scratch when internal dynamics shift. As the fintech landscape matures, the bar for effective bank partnerships continues to rise. Founders need more than a novel idea—they need a pitch that resonates with institutional pain points, aligns with buying dynamics and survives the internal politics of a risk-averse industry. That balance of vision and execution is where the most meaningful partnerships begin. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
