JPMorgan profits fall; bank stores cash for coming downturn
2 years, 2 months ago

JPMorgan profits fall; bank stores cash for coming downturn

Associated Press  

NEW YORK — JPMorgan Chase & Co.'s third quarter profit fell by 17% from a year earlier, as the bank set aside roughly a billion dollars to cover potential losses in an economic recession that CEO Jamie Dimon has said could come in six to nine months. The nation’s largest bank by assets posted a profit of $9.74 billion, or $3.12 a share, down from a profit of $11.69 billion, or $3.74 a share, in the same period a year earlier. While the bank grew revenue and loans in the quarter, any additional profit it made compared to last quarter were erased by credit losses. The bank added $937 million to its loan-loss reserves, which is money banks set aside to cover potentially bad loans, in what the bank said reflects “updates to the Firm’s macroeconomic scenarios.” The bank also charged off roughly $700 million in loans, up sharply from a year earlier.

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Goldman Sachs profits more than double in second quarter as dealmaking comes back on Wall Street
5 months, 1 week ago

Goldman Sachs profits more than double in second quarter as dealmaking comes back on Wall Street

Associated Press  

NEW YORK — Goldman Sachs is posting a 150% jump in second quarter profits Monday, helped by a resurgence of dealmaking and underwriting that has revived investment banking after the slowdown of the previous couple years. The New York investment bank posted net earnings of $3.04 billion, $8.62 per share, compared with $1.22 billion in the same period a year …

Big banks warn of uncertain year ahead after mixed financial performances in the first quarter
8 months, 1 week ago

Big banks warn of uncertain year ahead after mixed financial performances in the first quarter

Associated Press  

NEW YORK — Big banks warned of an “uncertain” year ahead after mixed financial results during the first quarter in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere. However, looking ahead, we remain alert to a number of significant uncertain forces,” JPMorgan CEO Jamie Dimon said, citing the wars in Gaza and …

Goldman Sachs 4Q profits jump 51%, but full year reflects difficult period for the bank
11 months, 1 week ago

Goldman Sachs 4Q profits jump 51%, but full year reflects difficult period for the bank

Associated Press  

NEW YORK — Goldman Sachs’ profits jumped 51% from a year earlier, the investment bank said Tuesday, helped by the strong returns in the overall market and its wealth management division in the last three months of the year. Goldman posted a profit of $2 billion in the last three months of the year, up from $1.33 billion in the …

Goldman Sachs profits plunge 58% as dealmaking dries up
1 year, 5 months ago

Goldman Sachs profits plunge 58% as dealmaking dries up

CNN  

New York CNN — Goldman Sachs reported a sharp drop in profit on Wednesday as dealmaking and trading, a core part of the mega bank’s business, dry up. “Our results were impacted by the challenging macro environment and in particular headwinds facing our specific mix of businesses,” said Solomon on Goldman’s earnings call Wednesday morning. “Activity levels in many areas …

JPMorgan Chase profits jump 52% amid banking turmoil
1 year, 8 months ago

JPMorgan Chase profits jump 52% amid banking turmoil

Associated Press  

JPMorgan Chase & Co. posted a 52% jump in its first-quarter profits, helped by higher interest rates, which allowed the bank to charge customers more for loans. The bank saw deposits grow noticeably, as business and customers flocked to the banking titan after the failure of Silicon Valley Bank and Signature Bank last month. In a call with reporters, JPMorgan …

Banks smashed in ASX fall as Lowe doubles down on rate hikes; 'Twiggy' Forrest slams climate-denying politicians — as it happened
1 year, 10 months ago

Banks smashed in ASX fall as Lowe doubles down on rate hikes; 'Twiggy' Forrest slams climate-denying politicians — as it happened

ABC  

For a company that just posted a record half-year profit, the market didn't look kindly on CBA, or the banking sector as a whole. Commonwealth Bank shares ended the day 5.7 per cent lower at $103, with Westpac off 4.3 per cent, NAB off 4.1 per cent and ANZ down 3.8 per cent. It seems fears that CBA's net interest …

Goldman, M. Stanley profits plunge as dealmaking dries up
1 year, 11 months ago

Goldman, M. Stanley profits plunge as dealmaking dries up

Associated Press  

NEW YORK — The profits for two iconic Wall Street firms — Goldman Sachs and Morgan Stanley — plunged sharply last quarter as volatile markets cut deeply into investment banking. The bank set aside $972 million to cover potential credit losses in the quarter, which the bank said came from higher charge offs in its rather new credit card business. …

JPMorgan 4Q profits rise, helped by higher interest rates
1 year, 11 months ago

JPMorgan 4Q profits rise, helped by higher interest rates

Associated Press  

NEW YORK — JPMorgan Chase & Co. said its fourth-quarter profits rose 6% from a year ago, as higher interest rates helped the bank make up for a slowdown in deal-making in its investment bank. The bank said it needed to set aside more money to cover bad loans due to “a modest deterioration” in the firm’s economic outlook, which …

BofA profits fall as bank sets aside money for downturn
2 years, 2 months ago

BofA profits fall as bank sets aside money for downturn

Associated Press  

NEW YORK — Bank of America’s profits fell by 8% in the third quarter as the bank set aside cash to cover potential loan losses. The nation’s second-largest bank said it earned $7.08 billion last quarter, or 81 cents a share, compared to a profit of $7.69 billion, or 86 cents a share, in the same period a year earlier. …

JPMorgan, UnitedHealth Group rise; Kroger, Chevron fall
2 years, 2 months ago

JPMorgan, UnitedHealth Group rise; Kroger, Chevron fall

Associated Press  

NEW YORK — Stocks that traded heavily or had substantial price changes Friday: Wells Fargo & Co., up 79 cents to $43.17. The bank beat Wall Street’s third-quarter revenue forecasts as higher interest rates helped offset a steep decline in home lending. The bank beat Wall Street’s third-quarter financial forecasts. The vegan burger maker is undertaking a second round of …

JPMorgan CEO Dimon warns of recession in 6 to 9 months - Report
2 years, 2 months ago

JPMorgan CEO Dimon warns of recession in 6 to 9 months - Report

Live Mint  

JPMorgan Chase & Co Chief Executive Jamie Dimon said the United States and the global economy could tip into a recession by the middle of the next year, CNBC reported on Monday. "These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and …

Stocks to Watch: Reliance, JSW Steel, Infosys, ICICI Bank, Yes Bank
2 years, 4 months ago

Stocks to Watch: Reliance, JSW Steel, Infosys, ICICI Bank, Yes Bank

Live Mint  

Here is the list of top 10 stocks that will be in focus today Reliance Industries: Reliance Industries Ltd on Friday reported a 46.3% jump in June-quarter profit, as robust refining margins due to intake of cheaper Russian crude and fuel exports buoyed its dominant oil-to-chemicals business. JSW Steel: JSW Steel Limited on Friday reported a consolidated net profit of …

JPMorgan 2Q profit drops; CEO warns of economic challenges
2 years, 5 months ago

JPMorgan 2Q profit drops; CEO warns of economic challenges

Associated Press  

NEW YORK — Profits at JPMorgan Chase fell by 28% in the second quarter as the bank tries to navigate an economy that’s showing strength in many areas but losing steam as interest rates continue to rise, hitting consumers and corporations alike. The nation’s largest bank by assets said Thursday that it earned a profit of $8.65 billion, or $2.76 …

JP Morgan boss Jamie Dimon scoops £43m worth of shares
2 years, 8 months ago

JP Morgan boss Jamie Dimon scoops £43m worth of shares

Daily Mail  

JP Morgan boss Jamie Dimon scooped nearly £43million worth of shares as he cashed in on the banking giant’s booming stock price. The chief executive received around 398,708 shares last Friday in connection with a performance award at the investment bank dating back to January of 2019, according to regulatory filings. The value of the shares has soared since then, …

Premarket stocks: Corporate America is used to making money. But not like this
3 years, 5 months ago

Premarket stocks: Corporate America is used to making money. But not like this

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. In part for this reason, the second quarter “will almost certainly end up being the peak in earnings growth for this cycle,” LPL Financial strategists Jeffrey Buchbinder and Ryan Detrick told clients. “Despite the historic upside and significant growth in the first quarter, earnings are expected …

JPMorgan Chase CEO Jamie Dimon still nervous about US economic recovery
3 years, 11 months ago

JPMorgan Chase CEO Jamie Dimon still nervous about US economic recovery

CNN  

New York CNN Business — The economy may not have fully recovered yet, but that’s no problem for America’s biggest bank. JPMorgan Chase reported a record profit of $12.1 billion for the fourth quarter Friday — easily topping Wall Street’s forecasts. But JPMorgan Chase CEO Jamie Dimon still sounded a bit nervous about the near-term economic outlook, citing the lingering …

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