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San Francisco Chronicle
6 hours ago
- Business
- San Francisco Chronicle
Juneteenth 2025: What's open and closed in California
As California and the Bay Area prepare to observe Juneteenth on Thursday, residents can expect closures across many government services while most commercial businesses remain open. The day, which became a federal holiday in 2021, commemorates the end of slavery in the United States and has grown in national prominence over the past several years. Juneteenth marks the anniversary of June 19, 1865, when Union Army Maj. Gen. Gordon Granger arrived in Galveston, Texas, and issued General Order No. 3, proclaiming that all enslaved African Americans in the state were free. Though President Abraham Lincoln's Emancipation Proclamation had gone into effect more than two years earlier, it could not be enforced in Confederate-held areas until Union troops arrived. While many Americans now have the day off, the landscape of what remains open and closed is a patchwork — especially across California. Are banks open on Juneteenth 2025? Major U.S. banks — including JPMorgan Chase, Bank of America, Wells Fargo, Citibank and PNC — will shutter their branches on Thursday in accordance with the Federal Reserve's holiday calendar. Capital One Cafés, however, plan to remain open. Online banking services and ATMs will still be operational. Trading on the New York Stock Exchange and Nasdaq will be suspended for the day. Will mail and shipping services operate on Juneteenth? UPS and FedEx will operate on normal schedules. Both companies confirmed they will offer regular pickup and delivery services, and their respective store locations will be open. Customers are advised to check with local branches for specific hours. Which government offices are closed for Juneteenth? All federal offices, including immigration services, Social Security offices and the Internal Revenue Service, will be closed. In California, most state offices — such as the Department of Motor Vehicles — will remain open. While Juneteenth is recognized as a holiday, it is not a paid day off for state employees, though they may choose to use a personal day to observe it. Many city and county offices in the Bay Area will close for the day, including most courthouses and public libraries. Residents planning to attend to any local governmental business are urged to check in advance. Trash and recycling pickup services will operate on a normal schedule in most Bay Area cities. Residents should place their bins out as usual unless notified otherwise by their local waste management provider. Is public transit running on Juneteenth in the Bay Area? Transit services will continue without interruption. BART and Caltrain both confirmed that they will operate on normal weekday schedules. Are stores and grocery chains open on Juneteenth? Most retail outlets and grocery chains will be open during regular business hours. Target, Costco, Trader Joe's, Walmart and Safeway will all remain open. CVS will be operating, although some pharmacies may reduce their hours. Walgreens will keep stores open, but most pharmacies will be closed, except for 24-hour locations. Major retail chains such as Macy's, Best Buy, Home Depot and Lowe's also plan to operate as usual. Local businesses and restaurants are likely to remain open, though hours may vary. Customers are advised to call ahead or check websites. Will schools be closed on Juneteenth? Most public schools are closed for summer break. Where schools remain in session, public institutions will generally observe the federal holiday. Policies may vary for private schools and universities. Are national parks open on Juneteenth 2025? In honor of Juneteenth, the National Park Service will waive entrance fees to all national parks. Visitors can enjoy complimentary access to over 400 national park sites across the country, including Bay Area favorites like Muir Woods and the Golden Gate National Recreation Area. When did Juneteenth become a federal holiday? Juneteenth, long commemorated by Black communities, was made a federal holiday in 2021 amid a renewed focus on racial justice. It has been described as America's second Independence Day. Despite growing recognition, not all states provide a paid day off for government workers. According to a 2023 Pew Research report, 28 states and Washington, D.C., recognize Juneteenth as a public holiday.
Yahoo
8 hours ago
- Business
- Yahoo
Banks reverse course, increase fossil fuel investments in 2024: report
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. The world's largest banks increased fossil fuel financing by $162.5 billion year-over-year in 2024, reversing course on decreasing investments in the sector — a trend they followed for the past two consecutive years — according to the latest Banking on Climate Chaos report released Tuesday. The release represents the 16th annual report documenting the largest banks' commitments to financing fossil fuels, with financing for fossil fuel expansion also increasing in 2024 in another reverse of trends. The report from the Rainforest Alliance Network, Sierra Club, Reclaim Finance and other climate organizations found that the 65 largest global banks committed $869 billion to fossil fuel companies in 2024, as 45 of the covered banks increased their year-over-year fossil fuel financing. The top four U.S. banks — JPMorgan Chase, Bank of America, Citi and Wells Fargo — represented 21% of total global fossil fuel financing accounted for in the report. RAN Senior Research Strategist Caleb Schwartz, one of the report's co-authors, called it a 'pretty significant year for the report given the reverse in trajectory. 'We're seeing a pretty substantial increase between 2023 and 2024, and we track these annual increases as an indicator of the banks' commitment,' Schwartz said in an interview with ESG Dive. 'Banks are putting money into fossil fuels, they're putting money into fossil fuel expansionism.' JPMorgan, Bank of America and Citi represented the top three financiers of fossil fuel expansion in 2024 and the top three financiers of fossil fuels overall last year, according to the report. The trio of U.S. banks also are three of the four banks who increased fossil fuel financing by more than $10 billion last year, along with British bank Barclays. U.S. banks contributed $289 trillion to fossil fuel financing in 2024, accounting for about one-third of the global financing covered in the report. The increased financing came as a number of large U.S. based banks departed from climate coalitions or otherwise walked back climate commitments. 'The retreat by U.S. banks from robust climate commitments is unacceptable, deeply irresponsible, and a clear capitulation to political pressure,' Sierra Club's Fossil-Free Finance Campaign Senior Strategist Jessye Waxman said in a June 17 release. 'Banks must shift away from risky financing and commit to reducing emissions via the companies they finance, with a genuine focus on helping to decarbonize the economy and support the urgent and necessary clean energy transition.' The report documents lending the 65 largest global banks made to 2,730 companies at the subsidiary level with fossil fuel businesses and 1,800 parent-level companies. The covered banks were given the opportunity to see and confirm their data before its publication, according to the researchers. RAN Policy Lead Allison Fajans-Turner, also a co-author of the report, told ESG Dive that despite banks adopting policies that prohibit project-level financing for fossil fuels, they often don't prohibit financing to the companies who own and develop such projects. She said that while the banks have said that funding is to help those companies prepare for the energy transition, 'third-party experts have looked at the transition plans that fossil fuel majors have penned and found that they are not credible.' 'Unfortunately, we're seeing banks put forward policies that have really large loopholes in them,' Fajans-Turner said in an interview. 'Either banks are not doing their due diligence to look into the credibility and the strength of the transition plans that their clients are presenting to them, or they have decided that they're going to lend to them anyways.' Recommended Reading Global banks have spent $6.9 trillion on fossil fuels since 2016: report Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
8 hours ago
- Business
- Yahoo
US Regulators Mull Easing Banks' Capital Rule on Treasury Trades
In a move aimed at enhancing liquidity in the $29 trillion U.S. Treasury market, U.S. regulators are planning to ease a key capital requirement that has long constrained large banks' trading activity. The Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency are reportedly considering a proposal to lower the enhanced supplementary leverage ratio (SLR) by up to 1.5 percentage points for the largest U.S. banks, including JPMorgan Chase JPM, Goldman Sachs GS, Morgan Stanley MS, and Wells Fargo WFC. Currently, all U.S. banks are obligated to hold capital equal to at least 3% of their total exposures, including assets and off-balance sheet items like derivatives. The largest global banks are required to maintain an additional 2%, bringing their minimum leverage ratio to 5%. The proposal would reduce the capital requirement under the SLR for bank holding companies from 5% to a range of 3.5% to 4.5%, while subsidiaries could see their threshold drop from 6% to the same range. Fed Chair Jerome Powell has raised concerns that strict capital rules may limit banks from holding Treasuries, particularly during times of volatility. Under the current framework, Treasuries are treated in the same category as higher-risk assets, which can reduce incentives for banks to trade or hold them. Michelle Bowman, the Fed's vice chair for supervision, earlier this month, stated that leverage rules are meant to support capital strength. However, when these ratios are set too high, they may limit market activity and reduce liquidity. A proposed easing of these capital requirements could benefit major banks such as JPMorgan Chase, Goldman Sachs, Morgan Stanley, and Wells Fargo by reducing the amount of capital they must hold in reserve. This would give them more flexibility to expand operations, particularly in lending and Treasury trading. In addition, lower capital buffers could enhance bank profitability by freeing up funds for investment and business growth. However, the overall effectiveness of the changes will depend on how banks respond and whether regulators introduce further reforms. Currently, JPMorgan, Morgan Stanley, and Wells Fargo carry a Zacks Rank #3 (Hold), while Goldman Sachs has a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Goldman Sachs Group, Inc. (GS) : Free Stock Analysis Report Wells Fargo & Company (WFC) : Free Stock Analysis Report JPMorgan Chase & Co. (JPM) : Free Stock Analysis Report Morgan Stanley (MS) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
10 hours ago
- Business
- Globe and Mail
US Regulators Mull Easing Banks' Capital Rule on Treasury Trades
In a move aimed at enhancing liquidity in the $29 trillion U.S. Treasury market, U.S. regulators are planning to ease a key capital requirement that has long constrained large banks' trading activity. The Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency are reportedly considering a proposal to lower the enhanced supplementary leverage ratio (SLR) by up to 1.5 percentage points for the largest U.S. banks, including JPMorgan Chase JPM, Goldman Sachs GS, Morgan Stanley MS, and Wells Fargo WFC. Details of the Proposed Capital Rule Adjustment for Banks Currently, all U.S. banks are obligated to hold capital equal to at least 3% of their total exposures, including assets and off-balance sheet items like derivatives. The largest global banks are required to maintain an additional 2%, bringing their minimum leverage ratio to 5%. The proposal would reduce the capital requirement under the SLR for bank holding companies from 5% to a range of 3.5% to 4.5%, while subsidiaries could see their threshold drop from 6% to the same range. How Easing Capital Rule Impact Banks? Fed Chair Jerome Powell has raised concerns that strict capital rules may limit banks from holding Treasuries, particularly during times of volatility. Under the current framework, Treasuries are treated in the same category as higher-risk assets, which can reduce incentives for banks to trade or hold them. Michelle Bowman, the Fed's vice chair for supervision, earlier this month, stated that leverage rules are meant to support capital strength. However, when these ratios are set too high, they may limit market activity and reduce liquidity. A proposed easing of these capital requirements could benefit major banks such as JPMorgan Chase, Goldman Sachs, Morgan Stanley, and Wells Fargo by reducing the amount of capital they must hold in reserve. This would give them more flexibility to expand operations, particularly in lending and Treasury trading. In addition, lower capital buffers could enhance bank profitability by freeing up funds for investment and business growth. However, the overall effectiveness of the changes will depend on how banks respond and whether regulators introduce further reforms. Currently, JPMorgan, Morgan Stanley, and Wells Fargo carry a Zacks Rank #3 (Hold), while Goldman Sachs has a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Only $1 to See All Zacks' Buys and Sells We're not kidding. Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent. Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators, and more, that closed 256 positions with double- and triple-digit gains in 2024 alone. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report Wells Fargo & Company (WFC): Free Stock Analysis Report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Morgan Stanley (MS): Free Stock Analysis Report
Daily Mail
11 hours ago
- Business
- Daily Mail
JPMorgan's anti-WFH crusader Jamie Dimon lets top Europe chief work 3,000 miles from his team
A top JPMorgan Chase executive has been allowed to work remotely from his team - while CEO Jamie Dimon continues to crack the whip on employees with his return-to-office mandate. Filippo Gori, the banking behemoth's CEO of Europe, the Middle East, and Africa (EMEA), will be moving to New York City while continuing to run the European business, reported the Financial Times. He is ditching the company's London office - the epicenter of his workload - less than a year after relocating from Hong Kong to take the top job. This means that Gori is free to run the EMEA division five hours behind, and 3,400 miles away from, the bank's managers, staff, and clients whom he is in charge of. While Gori is expected to spend at least half of his time in Europe, the Middle East, and Africa, he'll be living and working from the Big Apple - despite Dimon's incessant belief that managers and bankers ought to work together, in-person and in-office. By contrast, for example, Pablo Garnica, the bank's top executive of EMEA Private Bank, is based in Madrid, Spain - who stressed in an interview last year: 'We believe that being close to the clients and being part of that community is really important.' It's understood that Gori, who is also Co-Head of Global Banking, will be working from the bank's headquarters on Madison Avenue five days a week during his move. CEO Jamie Dimon (pictured) has felt the ire of his staff following his incessant belief that work from home is not effective for running a business Gori's move to the States comes amid CEO Dimon's heated criticisms of remote work, which have made him a champion of the return-to-office culture shift. The Wall Street veteran's ironclad anti-remote work stance has caused a seismic backlash ever since he first announced his plan in the years following the pandemic. '[Return-to-office] for the serfs, work from home for the aristocracy. Yep, sounds about right,' one person previously said. 'Rules for thee but not for me. I despise these double standards,' said another. 'Trash policy from a trash company run by a trash CEO,' added a third. 'Billionaires virtue signaling about "work" while they make 5000x more per hour than average wage is always hilarious,' said a fourth. Earlier this year, the JPMorgan Chase CEO announced that the company would require employees to return to the office five days a week starting in March. Dimon also said one reason he wanted people back in the office was that 'younger people are being left behind.' 'To have the younger people coming in but not their bosses - I have a problem with that too,' he said. He also noted that the benefits of in-person office conversations will help younger people to succeed in their careers. 'All day long we're talking,' he said. 'Constant updates, constant share of information.' Remote work means young people miss out on these conversations, essentially 'leaving them behind,' Dimon said. 'I won't do that.' Dimon further added that remote employees tend to not pay attention on company Zoom calls. His strong-armed stance on remote work went viral after one of the company's employees asked a question during a company town hall back in February. The question, posed by Nicolas Welch, a tech analyst at the bank since 2017, triggered an extraordinary rant from the chairman. 'Don't waste time on it. I don't care how many people sign that f*****g petition,' Dimon said. 'It simply doesn't work. It doesn't work for creativity, it slows down decision-making. And don't give me this s**t that work-from-home-Friday works. I call a lot of people on Fridays, and there's not a goddamn person you can get a hold of.' But his rampant anti-work-from-home mandate has infuriated many bankers. According to insiders, the discontent swirls across departments and seniority levels, with employees sharing concerns about surveillance, privacy, and the feasibility of a five-day office mandate, particularly in offices that don't even have enough desks or parking spaces to accommodate everyone. In March, Dimon obliterated a young crowd asking why they can't work from home while speaking at Stanford University's Graduate School of Business. He got onto the controversial topic after a graduate student asked a question regarding his leaked, expletive-loaded remarks from a company town hall about the finance firm's end of hybrid work. Dimon claimed the only group of people disgruntled with the move are 'the people in the middle' - like corporate office workers. 'If you work in a restaurant, you've got to be in. You all may not know this, but 60 percent of Americans worked the whole time,' he said. 'Where did you get your Amazon packages from? Your beef, your meat, your vodka? Where did you get the diapers from?' Dimon appeared to be referring to people who continued to work in person during the pandemic. 'You got UPS and FedEx and manufacturers and agriculture and hospitals and cities and schools and nurses and sanitation and firemen and military. They all worked,' he continued.
