Tag: Bank of America Corp.
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JPMorgan, Citi and Wells earnings to unleash borrowing blitz by banks
[ad_1] Big U.S. banks kick off second-quarter earnings on Friday, with investors bracing for a subsequent wave of borrowing in the bond market from America’s top lenders. JPMorgan Chase & Co. JPM, +0.60%, Citigroup Inc. C, -4.05% and Wells Fargo & Co. WFC, -0.34% all are due to report financial results for the quarter Friday,…
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Megabank profits on tap after eventful Q2 of bank failures and climbing interest rates
[ad_1] JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. kick off second-quarter earnings season Friday after one of the choppiest three-month periods for the banking sector since the global financial crisis. Bank of America Corp. BAC, +0.46% and Morgan Stanley MS, +0.05% will provide their second-quarter updates on July 18, followed by…
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HELOCs are back. Cash-strapped borrowers are tapping into a $33 trillion pile of home equity.
[ad_1] Goodbye pandemic refi cash-outs. Hello HELOCs? Home-equity lines of credit (HELOCs) and second-lien mortgages have been staging a notable comeback as U.S. homeowners look for liquidity and ways to monetize the pandemic surge in home prices, according to BofA Global. It used to be that borrowers sitting on an estimated $33 trillion pile of…
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U.S. bank stocks fall again in fourth straight day of losses
[ad_1] U.S. bank stocks fell Thursday for the fourth straight day amid talk of higher interest rates and increased capital requirements by regulators to strengthen the banking system. The stocks fell as Martin Gruenberg, chairman of the Federal Deposit Insurance Co., said U.S. regulators may lower the threshold for Basel III capital requirements to institutions…
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Jefferies projects ‘muted’ Q2 for investment banking but sees ‘green shoots’ in M&A
[ad_1] Jefferies analysts on Friday projected a continuation of “muted” trends in investment banking, although some encouraging signs are emerging in advising on corporate mergers and acquisitions. The comments suggested a drop in second-quarter investment banking revenue from megabanks JPMorgan Chase & Co. JPM, +0.03%, Bank of America Corp. BAC, -0.85%, Citigroup Inc. C, +0.19%,…
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JPMorgan investor day should ‘reinforce the resiliency’ of the megabank: analyst
[ad_1] BofA Securities reiterated its buy rating on JPMorgan Chase & Co. ahead of the megabank’s investor day on Monday, calling the bank an outperformer in a tough year for the sector. “We expect Monday’s investor day to reinforce the resiliency of the business model while showcasing franchise investments that should position the bank to remain…
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: Megabanks are cutting jobs in 2023 following a year in which they had to ‘grab any human being they could’
[ad_1] Combined headcount at the six largest U .S. banks fell fractionally in the first quarter in a reversal of recent trends as the economy cools and attrition rates drop. [ad_2] Source link
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Bank of America CEO Brian Moynihan says bank earnings this week proved the system worked
[ad_1] Bank of America Corp. CEO Brian Moynihan said this week’s flood of earnings reports from banks illustrates the health of the U.S. financial system despite the collapse of Silicon Valley Bank and Signature Bank last month. Speaking on Bloomberg TV at the Bloomberg Sell-Side Leaders Forum 2023, Moynihan said the first-quarter updates from the…
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Goldman Sachs’s stock loses ground as profit tops target but revenue falls short on loan-portfolio adjustment for Marcus unit
[ad_1] Goldman Sachs Group Inc.’s stock lost ground in premarket trades after the investment bank’s first-quarter revenue fell short of the consensus estimate, while net income beat the Wall Street forecast. The company’s latest revenue figure included a previously undisclosed loss of about $470 million from the partial sale of the loan portfolio of its…