Reserve release provides windfall for Wells Fargo October 14, 2021 The release of a wave of reserves set aside to deal with a rise in souring loans boosted third quarter profits at US bank Wells Fargo. The American consumer banking giant notched $5.1bn in profits in the last three months, up nearly $2bn from the same period last year. More to follow.
Investment banking rebound lifts Citigroup profits October 14, 2021 A rebound in investment banking and equity trading boosted third quarter profits at Wall Street giant Citigroup. The American investment bank’s profits hit $4.6bn in the last three months, up sharply from $3.1bn in the same period last year. More to follow.
Buoyant consumer banking propels Bank of America profits October 14, 2021 Buoyant consumer banking activity drove Bank of America’s profits up sharply in the third quarter. The US bank’s profits swelled nearly $3bn over the last year, climbing to around $7.7bn in the last three months. More to follow.
Morgan Stanley beats expectations on booming deal making environment October 14, 2021 Wall Street giant Morgan Stanley beat profit expectations for the third quarter, driven by a booming deal making environment. The US bank notched $3.7bn in profits over the last months, up around $1bn from the same period last year, it said today. More to follow.
Investment group Ashmore loses $3bn assets as emerging markets struggle October 14, 2021 Assets under management at Ashmore Group dropped by $3.1bn in the third quarter of 2021, the UK-listed company said in an investor update this morning. The news marks a blow for the company, which specialises in emerging markets, as just last month the firm saw its assets under management swell to almost $95bn over the [...]
Salary slaves: 2021’s best and worst paid industries and the UK’s fastest-growing sectors October 14, 2021 Earlier this week, City A.M. revealed private equity firms are prepared to pay junior staff with less than two years experience an average salary of more than £152,000, a jump of 52 per cent compared to two years ago. For those with two to four years of experience, an salary of around £181,000 has become [...]
Release of loan loss reserves and M&A boom lifts JPMorgan profits October 13, 2021 A release of over $2bn in reserves set aside to deal with an expected wave of loan defaults thrusted JPMorgan deep into profitability. The Wall Street giant’s net income for the third quarter climbed to $11.7bn, up $2.2bn from $9.4bn in the same period last year. The investment bank released a wave of reserves after [...]
NatWest to launch first eco-friendly loans as part of new £100bn green funding pot October 13, 2021 NatWest said this morning it plans to bring £100bn to green funding to the market by the end of 2025 and the City bank will also roll out its first eco-friendly business loans. The bank stressed its strategy is to help small firms capitalise on the drive to tackle climate change. The pledge sees the [...]
Civil war: FCA staff pushing for union involvement after pay cut row with CEO Nikhil Rathi October 12, 2021 The Financial Conduct Authority may soon be a unionised workplace, if trade union activists get their way. A formal petition has been launched by Unite the union to gauge interest after what the union said was a significant increase in staff at the regulator joining the union. Staff are said to be unhappy with chief [...]
JPMorgan Chase CEO Jamie Dimon dismisses Bitcoin as ‘worthless’ October 12, 2021 Jamie Dimon, JPMorgan Chase & Co chief executive, said last night at a conference by the Institute of International Finance that cryptocurrencies will be regulated by governments, Moreover, personally Dimon thinks Bitcoin is “worthless.” Watch the full report.