Standard Chartered looks to win over investors with $1bn share buyback April 21, 2019 Standard Chartered is set to launch a $1bn (£770m) share buyback scheme in a bid to win back trust from embattled investors. Analysts have said the London-headquartered bank, which is focused on Asian markets, is preparing to buy back shares for the first time in a generation. Read more: Standard Chartered settles Iran sanctions probe for [...]
Morgan Stanley shares climb as results beat expectations despite ‘slow’ start to the year April 17, 2019 Morgan Stanley shares have climbed after the US bank posted better-than-expected results in its fixed income trading and wealth management divisions. The bank reported $2.43bn profit in the first quarter of the year, beating expectations despite falling from $2.67bn the previous year. Read more: Morgan Stanley trading revenue hit by sharper fall than peers Fixed [...]
Bill Browder lodges Swedbank money laundering complaint with Latvian authorities April 17, 2019 UK hedge fund boss and prominent Putin critic Bill Browder has lodged a criminal complaint against Swedbank with Latvian authorities over alleged money laundering. Browder, who has also taken the same complaint to Estonian and Swedish authorities, alleges that Swedbank accounts were used to launder $176m (£135m) between 2006 and 2012 linked to Russian money [...]
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 [...]