Banks

UBS posts .14 billion profit in second quarter, smashing expectations
World

UBS posts $1.14 billion profit in second quarter, smashing expectations

General view of the UBS building in Manhattan, New York City, on June 5, 2023. Eduardo Munoz Alvarez | View Press | Corbis News | Getty Images Swiss banking giant UBS on Wednesday smashed net profit expectations for the second quarter, as revenue came in higher than expected. Net profit attributable to shareholders came in […]

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JPMorgan Chase is giving its employees an AI assistant powered by ChatGPT maker OpenAI
Finance

JPMorgan Chase is giving its employees an AI assistant powered by ChatGPT maker OpenAI

Key Points JPMorgan Chase has rolled out a generative AI assistant to tens of thousands of its employees, the initial phase of a broader plan to inject the technology throughout the bank. The program, called LLM Suite, is already helping more than 60,000 employees with tasks like writing emails and reports. The software is expected […]

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Barclays scraps EU bonus cap for senior bankers
World

Barclays scraps EU bonus cap for senior bankers

16 September 2023, USA, New York: The Barclays Bank logo, taken in Manhattan. Michael Kappeler | Picture Alliance | Getty Images Barclays has become the latest bank to substantially raise a cap on bonuses for its top bankers, an internal memo seen by Reuters showed on Thursday. The lender’s senior bankers will now be able […]

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Italy looks like fertile ground for a mega merger deal in banking
Finance

Italy looks like fertile ground for a mega merger deal in banking

Key Points “If you assess individual banks in Italy, it’s difficult not to believe that something will happen, I would say, over the next 12 months or so,” Antonio Reale, co-head of European banks at Bank of America, told CNBC. Speaking in March, Italy’s Economy Minister Giancarlo Giorgetti said “there is a specific commitment” with […]

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Banks face tough new security standards in the EU — their tech suppliers are under scrutiny, too
World

Banks face tough new security standards in the EU — their tech suppliers are under scrutiny, too

Traffic_analyzer | Digitalvision Vectors | Getty Images Financial services companies and their digital technology suppliers are under intense pressure to achieve compliance with strict new rules from the EU that require them to boost their cyber resilience. By the start of next year, financial services firms and their technology suppliers will have to make sure […]

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Jamie Dimon says he still sees a recession on the horizon
Finance

Jamie Dimon says he still sees a recession on the horizon

Key Points JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a “soft landing” for the economy are around 35% to 40%, making recession the most likely scenario in his mind. When asked by CNBC’s Leslie Picker if he had changed his view from earlier this year that markets were […]

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DBS picks insider Tan Su Shan as first female CEO to succeed Piyush Gupta
World

DBS picks insider Tan Su Shan as first female CEO to succeed Piyush Gupta

DBS Group Holdings suffered an outage in its digital services on March 29, 2023. Bloomberg | Getty Images DBS Group said on Wednesday that Tan Su Shan, the firm’s head of institutional banking, will succeed Chief Executive Piyush Gupta upon his retirement in March, making her the first female CEO of Singapore’s biggest bank. Tan, […]

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Bank of Japan won’t raise rates when markets unstable, deputy governor says
World

Bank of Japan won’t raise rates when markets unstable, deputy governor says

The Japanese flag flutters over the Bank of Japan (BoJ) head office building (bottom) in Tokyo on April 27, 2022. Kazuhiro Nogi | Afp | Getty Images Bank of Japan Deputy Governor Shinichi Uchida said on Wednesday the central bank won’t raise interest rates when financial markets are unstable. The recent strengthening of the yen would affect the BOJ’s policy decision because it reduces upward pressure on […]

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JPMorgan Chase is opening more small-town branches in middle America
Business

JPMorgan Chase is opening more small-town branches in middle America

Three years ago, JPMorgan Chase became the first bank with a branch in all 48 contiguous states. Now, the firm is expanding, with the aim of reaching more Americans in smaller cities and towns.  JPMorgan recently announced a new goal within its multibillion-dollar branch expansion plan that ensures coverage is within an “accessible drive time” […]

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Morgan Stanley tells wealth advisors they can pitch bitcoin ETFs in a first for a big bank
Finance

Morgan Stanley tells wealth advisors they can pitch bitcoin ETFs in a first for a big bank

Key Points Morgan Stanley on Friday told its army of financial advisors that it will soon allow them to offer bitcoin ETFs to some clients, a first among major Wall Street banks, CNBC has learned. The firm’s 15,000 or so financial advisors can solicit eligible clients to purchase shares of two exchange-traded bitcoin funds starting […]

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