BNY Mellon suffers 20 per cent profit fall in ‘mixed’ first quarter as fee revenue drops April 17, 2019 US bank BNY Mellon has reported a 20 per cent profit fall in the first quarter of the year led by a drop in fee revenue. Chief executive Charlie Scharf admitted the bank’s performance was “mixed” and that revenue growth would be negatively impacted for the next several quarters. Read more: Goldman Sachs profits fall [...]
Bank of America reports 25 per cent rise in consumer banking revenue April 16, 2019 Bank of America posted a 25 per cent revenue increase in its consumer banking division in the first three months of this year. Net income across the whole business rose six per cent to $7.3bn in the first quarter of the year, driven by strong operating leverage, while diluted earnings per share increased 13 per [...]
Blackrock profits fall but still beat analysts’ expectations April 16, 2019 Blackrock saw profits fall in the first quarter of the year but the fund management giant nonetheless beat analysts’ expectations after announcing results today. Read more: Blackrock boss Larry Fink calls UK 'irresponsible' over Brexit uncertainty Shares in the company had risen 2.7 per cent just after 4pm UK time, to $4.64 ($3.56). The figures Net income [...]
Can European banks be saved by mergers and a fresh round of deal making? April 16, 2019 The comparisons with US peers just got a lot harder for European banks after a strong showing from JP Morgan to kick off earnings season. But could there be fresh revenue on the way for European investment banks, even if it is of their own making? There’s a mooted capital raising for Deutsche Bank before [...]
Monetary policy is too crucial to leave in Labour’s meddling hands April 16, 2019 Even by Donald Trump’s standards, it was an extremely Donald Trump thing to do. Last week, the President nominated Herman Cain for a seat on the board of the Federal Reserve, attempting to hand oversight of the world’s largest economy to a maverick gold-standard enthusiast. The nomination appears to be doomed, largely because of the [...]
Bonus round: Take our salary survey to find out how your pay compares to your peers April 15, 2019 How much was your bonus? We want to know. At City A.M., we’re working with salary benchmarking site Emolument.com to track the state of pay across the Square Mile. We’ll compare asset managers to dealmakers and analysts to associates in a bid to paint a picture of the different levels of remuneration among sectors and [...]
Citigroup results: Earnings trump expectations but revenue dips April 15, 2019 Citigroup sent mixed messages to Wall Street this afternoon after posting higher-than-expected earnings as well as declining revenues. Read more: Fearless girl statue comes to London Stock Exchange The New York giant’s share buybacks helped it post earnings per share of $1.87, trumping Refinitiv estimates of $1.80 per share and marking an 11 per cent improvement [...]
Goldman Sachs profits fall 20 per cent in first quarter amid calm markets April 15, 2019 Profits at Goldman Sachs fell 20 per cent in the first quarter with revenues dropping in its trading and equities arms as lower market volatility limited opportunities for gain. Read more: Goldman Sachs fined £34m over transaction reporting failures The Wall Street giant said the US government shutdown, US-China trade tensions, and Brexit had all [...]
Jeremy Corbyn could hit bank profits as hard as a no-deal Brexit, warns Citi April 15, 2019 The election of Labour leader Jeremy Corbyn as prime minister would have as damaging an effect on UK bank profits as a no-deal Brexit, according to a note from investment bank Citi. Read more: Comrade Corbyn’s statist policies would tank the British economy Labour is edging ahead of the Conservatives in the polls, with the popularity [...]
AFME boss Simon Lewis to step down in the autumn after nearly a decade in role April 15, 2019 The boss of the Association for Financial Markets in Europe (AFME) is stepping down in the autumn after nearly a decade in the role. Simon Lewis, chief executive of AFME, which represents European banks, has announced he is leaving the body after deciding not to renew his contract, which comes to an end in October. Lewis [...]