Banks
JPMorgan Chase earnings fell 28% after building reserves for bad loans, bank suspends buybanks
JPMorgan Chase said Thursday that second-quarter profit slumped as the bank built reserves for bad loans by $428 million and suspended share buybacks. The actions reflect Chairman and CEO Jamie Dimon’s increasingly cautious stance. “The U.S. economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy,” […]
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Morgan Stanley misses analysts’ profit expectations on worse-than-expected investment banking
James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, on Thursday, May 30, 2019. Giulia Marchi | Bloomberg | Getty Images Morgan Stanley posted results on Thursday below analysts’ expectations for second quarter profit and revenue on weaker-than-expected investment banking revenue. Here are the numbers: […]
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Crypto needs regulation — technology can’t remove all financial risks, BOE’s Cunliffe says
Regulators need to “get on with the job” of bringing the use of crypto technologies within the “regulatory perimeter,” says Jon Cunliffe, Bank of England’s deputy governor for financial stability. Speaking at the British High Commissioner’s residence in Singapore on Tuesday, Cunliffe shared insights on the recent “crypto winter,” which refers to a period of […]
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Goldman Sachs hires Alphabet tech incubator CEO Jared Cohen for new innovation group
Jared Cohen Anjali Sundaram | CNBC Goldman Sachs CEO David Solomon has hired another senior executive from the technology sector. The investment bank is adding Alphabet’s Jared Cohen, a protege of former Google CEO Eric Schmidt and founder of Jigsaw, an incubator at the tech giant, to help start a new innovation group, Solomon said […]
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Bank of America shares are a compelling buy even in a recession, Societe Generale says in upgrade
Investors should consider buying Bank of America even as recession risks linger, according to Societe Generale. Analyst Andrew Lim upgraded Bank of America to buy from hold, saying in a Monday note that the “quality bank” is looking cheap after falling 36% off its recent highs. “Bank of America (BoA) is the highest quality US […]
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ECB stress test shows most banks don’t include climate risk in their credit models
Environmental protesters take to the streets during a demonstration by Fridays for Future in the financial district of Frankfurt, Germany, in August last year. Bloomberg | Bloomberg | Getty Images The results of the European Central Bank’s first climate risk stress test show that most banks do not sufficiently incorporate climate risk into their stress-testing […]
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How an Indian cement maker bought Russian coal using yuan
People walking past HDFC Bank In Kolkata, India on 19 August, 2021. An Indian cement maker’s recent purchase of Russian coal using yuan involved India’s biggest private lender, HDFC Bank, according to an invoice seen by Reuters and a source, as more details emerge of the kind of trade that could blunt Western sanctions against […]
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Wrong time to get bullish: Top investor warns deflating tech ‘bubble’ far from over
The recent tech rally may be doomed. Money manager Dan Suzuki of Richard Bernstein Advisors warns the market is far from bottoming — and it’s a concept investors fail to grasp, particularly when it comes to growth, technology and innovation names. “The two certainties in this world of uncertainty today is that profits growth is […]
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South Korea’s June inflation hits 24-year high, raising expectations for a big rate hike
A photo showing workers setting up scaffolding beneath the logo of the Bank of Korea at its headquarters in Seoul on January 14, 2022. South Korea’s June inflation accelerated to the fastest pace since the Asian financial crisis, fanning expectations the central bank could deliver a 50 basis point rake hike for the first time […]
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Euro zone inflation hits record 8.6% as the European Central Bank prepares for its first rate hike in 11 years
The ECB has announced it will be hiking rates in July and September to counter record inflation. Daniel Roland | Afp | Getty Images Euro zone inflation reached a new record high in June just ahead of the European Central Bank’s first rate increase in 11 years. Headline inflation came in at 8.6% (year-on-year) for […]
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