Us Banks

US bank profits rise but tariff tensions spark recession concerns

The latest warnings add to a chorus of Wall Street executives ringing alarm bells about the potential economic damage from the tariffs, including Dimon, BlackRock CEO Larry Fink

JPMorgan profit jumps on record trading as CEO Dimon warns of turbulence

The results from the biggest US bank offer a glimpse into the economic implications of Trump's trade agenda. Bank stocks tanked after the tariffs were announced last week

US IRS announces to fire 6,000 employees as Prez Trump slashes govt

The cuts are part of President Donald Trump's radical downsizing effort that has targeted bank regulators, forest workers, rocket scientists and tens of thousands of other government employees

Morgan Stanley's Q4 profit jumps on rise in dealmaking, stock sale

Dealmaking was also propelled by a strong US economy, interest-rate cuts and expectations of lighter regulation under incoming US President Donald Trump

JPMorgan posts record profits as major US banks thrive in final qtr of 2024

JPMorgan's net income soared 50 per cent to more than USD 14 billion in the fourth quarter as the bank's profit and revenue easily beat Wall Street forecasts, and other major banks reported banner earnings for the year. Earnings per share rose to USD 4.81 from USD 3.04 a year ago. The result beat Wall Street profit projections of USD 4.09 a share, according to the data firm FactSet. Total managed revenue hit USD 43.7 billion, up 10 per cent, from USD 39.9 billion a year ago. Wall Street was expecting revenue of USD 41.9 billion. JPMorgan posted a record USD 54 billion profit for the year, or USD 18.22 per share, adjusted for one-time expenses. Yet interest income fell 3 per cent to USD 23.5 billion, driven lower by lower interest rates. JPMorgan CEO Jamie Dimon said the bank got a boost from investment banking business, where fees rose 49 per cent and markets revenue jumped 21 per cent. The bank's consumer banking business also thrived, with clients opening nearly 2 million check

Wells Fargo profits rise on strong investment banking performance

The US Federal Reserve imposed a $1.95 trillion asset cap in 2018 that prevents Wells Fargo from growing until regulators deem it has fixed failings in its governance and risk management

Big banks, business groups sue US Federal Reserve over annual stress tests

These tests determine the capital banks must set aside to meet their obligations and also dictate the scope of dividend payouts and stock buybacks

Trump advisers propose shrinking or scrapping key bank regulators

Advisers have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the Currency, if deposit insurance could be absorbed into the Treasury Department

PricingDirect, Alumni tie up for independent valuations of PE securities

Private equity has grown over the past few years, with an increasing number of firms turning to private credit as the main source of financing their deals

European banking industry braces for tougher competition under Trump 2.0

JPMorgan, Goldman Sachs and Morgan Stanley shares all soared while the STOXX Europe 600 Banks index is down more than 1% for the week

Fed poised to cut rates again amid uncertain post-election outlook

No one knows how Tuesday's presidential election will turn out, but the Federal Reserve's move two days later is much easier to predict: With inflation continuing to cool, the Fed is set to cut interest rates for a second time this year. The presidential contest might still be unresolved when the Fed ends its two-day meeting Thursday afternoon, yet that uncertainty would have no effect on its decision to further reduce its benchmark rate. The Fed's future actions, though, will become more unsettled once a new president and Congress take office in January, particularly if Donald Trump were to win the White House again. Trump's proposals to impose high tariffs on all imports and launch mass deportations of unauthorised immigrants and his threat to intrude on the Fed's normally independent rate decisions could send inflation surging, economists have said. Higher inflation would, in turn, compel the Fed to slow or stop its rate cuts. On Thursday, the Fed's policymakers, led by Chair ..

Goldman Sachs profit beats estimates as bond sales boost investment banking

The Wall Street giant's gains echoed those at rival JPMorgan Chase and Citigroup, which also cashed in on debt and equity offerings as clients' economic confidence improved

Big US banks say consumers are still strong, despite economy fears

Speaking to reporters, Wells Fargo chief financial officer Michael Santomassimo said spending on credit and debit cards, while down a little from earlier this year, was still "quite solid."

JPMorgan Chase profit falls on loan loss provisions in September quarter

Banks are building up stockpiles - which act as a safeguard when borrowers default on their loans - to typical levels as consumers deplete the savings they built up during the pandemic

US banks share fall on warnings of slower-than-anticipated recovery

Bank executives this week softened investor hopes ahead of a widely expected interest rate cut by the Federal Reserve, as well as persistent worries over the economy

Warren Buffett offloads more Bank of America shares; sales top $3.8 bn

The sales began after Bank of America's stock price had risen by about two-thirds since late October, and traded at more than 1.2 times book value

Goldman Sachs appoints co-heads of investment banking business in India

The firm also announced that Sunil Khaitan has joined as head of financing in India. Reuters reported in April that Goldman hired Khaitan from Bank of America

Goldman Sachs targets $2 bn for first Asia-focused pvt equity fund

Only five China-focused private equity funds were raised in the first half this year, totalling $2.2 billion

US regulators fine Citigroup $136 mn for failing to address data issues

The fines are the latest blows for CEO Jane Fraser as she tackles the bank's regulatory failings

Fed mulls rule change that could save biggest US banks billions in capital

Updating those inputs or "coefficients" would reduce the banks' systemic scores and resulting capital surcharge, said the people who declined to be identified discussing private regulatory issues