Banks
British bank Barclays reports profit beat in the first quarter
16 September 2023, USA, New York: The Barclays Bank logo, taken in Manhattan. Michael Kappeler | Picture Alliance | Getty Images British bank Barclays on Wednesday reported slight beats on the top and bottom line, boosted by stronger investment bank performance. Pre-tax profit came in at £2.7 billion ($3.6 billion) over the March quarter, compared […]
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Eric Trump: ‘If banks don’t watch what’s coming, they’ll be extinct in ten years’
Key Points “The modern financial system is broken, it’s slow, it’s expensive,” Eric Trump told CNBC in the UAE. The executive vice president of the Trump Organization has made frequent visits to the desert sheikhdom in recent years as it rapidly becomes a global hub for cryptocurrency. A vocal advocate of digital currencies, the younger […]
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Swiss giant UBS beats expectations with $1.69 billion profit in first quarter
The three keys USB logo is seen outside the London office of Swiss bank UBS in central London, on March 20, 2023. Daniel Leal | AFP | Getty Images Swiss giant UBS on Wednesday beat bottom line expectations amid sharp returns in investment banking, as the lender seeks to rein in steep share declines that have cost […]
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SoFi CEO says fintech bank is bringing back crypto investing
Key Points SoFi CEO Anthony Noto said the fintech bank will bring back cryptocurrency investing after a “fundamental shift” in the regulatory landscape under the Trump administration. SoFi was forced to drop crypto investing in late 2023 as part of becoming a regulated bank. But after new guidance this year from the acting head of […]
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Deutsche Bank posts 39% jump in first-quarter profit, above expectations
A sign for Deutsche Bank AG at a bank branch in the financial district of Frankfurt, Germany, on Thursday, Feb. 2, 2023. Bloomberg | Bloomberg | Getty Images Germany’s largest lender Deutsche Bank on Tuesday posted higher-than-expected first-quarter profit on robust investment banking performance, as lenders in Europe’s largest economy navigate broader market turbulence instigated […]
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HSBC announces share buyback of up to $3 billion as first-quarter results top expectations
Branch of HSBC bank on 15th January 2024 in London, United Kingdom. HSBC Bank plc is a British multinational banking and financial services organisation. HSBCs international network comprises around 7,500 offices in over 80 countries globally. (photo by Mike Kemp/In Pictures via Getty Images) Mike Kemp | In Pictures | Getty Images Europe’s largest lender […]
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Wealthy consumers upped their spending last quarter, while the rest of America is cutting back
Key Points Lower-income earners are reining in their transactions to focus on essentials, while the wealthy continue to spend freely on perks including dining out and luxury travel, according to first-quarter results from U.S. credit card lenders. Synchrony, which provides store cards for retail brands including Lowe’s and T.J. Maxx, spending fell 4% in the […]
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British fintech Revolut tops $1 billion in profit as revenue jumps 72%
Key Points Digital banking unicorn Revolut said Thursday that net profit for the year ending Dec. 31, 2024, totaled £1.1 billion ($1.5 billion), up 149% year over year. The financial milestone arrives as Revolut is preparing a transition to becoming a fully operational bank in the U.K. after securing a banking license last summer. Revolut’s […]
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What the Discover merger approval means for Capital One and 2 other financials
Capital One secured approvals from banking regulators Friday for its $35 billion acquisition of Discover Financial — a deal that analysts believe could have far-reaching benefits beyond just the Club holding. The news Wells Fargo research analysts said the greenlights from the Federal Reserve and the Office of the Comptroller of the Currency highlight a […]
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Capital One and Discover merger approved by Federal Reserve
Key Points Capital One Financial’s application to acquire Discover Financial Services has officially been approved by the Federal Reserve and the Office of the Comptroller of the Currency. Capital One announced plans to acquire Discover in an all-stock transaction valued at $35.3 billion in February 2024. It will also indirectly acquire Discover Bank through the transaction. Source
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