banking
New York (AFP) - Large American banks reported solid earnings Friday behind still-high interest rates while offering varying views on the likelihood the United States can avoid a near-term recession. JPMorgan Chase reported higher profits, citing increased asset management and investment banking fees as well as the lift from lofty interest rates, while Citigroup and Wells Fargo reported dipping profits on higher costs. Compared with a year ago, the banks have seen some uptick in write-offs for bad loans, reflecting the weaker profile of low-income consumers. However, bankers still point to a h...
AFP
New York (AFP) - Capital One's proposed merger with the US credit card specialist Discover has reshuffled the deck in a fast-growing sector in the United States, where cash is gradually disappearing from the landscape. The all-stock deal is worth around $35.3 billion, and is expected to close in late 2024 or early 2025. The deal, which will be subject to antitrust scrutiny, values Discover's shares at a 27 percent premium, and would create a US banking behemoth. Under the terms of the agreement, around 60 percent of the new company will be owned by Capital One's shareholders, with the remaind...
AFP
New York (AFP) - US banking giant Capital One announced Monday it will acquire financial services company Discover in a $35.3 billion all-stock deal combining two of America's major credit card firms. Under the deal, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, a premium of 26.6 percent over Discover's closing price on Friday. Acquisition of Discover will help "build a payments network that can compete with the largest payments networks and payments companies," said Capital One founder and CEO Richard Fairbank in a statement. Once the deal goes through,...
AFP
Nice (France) (AFP) - Claims by a former close confidant of Monaco's royal family that part of its fortune is placed in tax havens have rocked the affluent city state, in the latest scandal facing the palace under Prince Albert II. The new controversy erupted after French newspaper Le Monde last week published the allegations, which it said were based on detailed notes the palace's wealth manager made while working for the family. Claude Palmero was for more than two decades in charge of managing the palace's assets, first for Rainier III, the husband of American actress Grace Kelly, and then ...
AFP
Paris (AFP) - Central bankers who orchestrated the wave of interest rate hikes over the past two years, hoping to avoid a painful inflationary spiral, are now facing an uncomfortable question: Were their moves helpful? The debate is heating up as European Central Bank policymakers meet this week, with many observers now expecting its benchmark lending rates to start coming down by this summer. Governors at the US Federal Reserve are also weighing cuts for later this year, fanning hopes that the price surges seen in the wake of Covid-19 lockdowns and Russia's war on Ukraine have been brought un...
AFP
New York (AFP) - Goldman Sachs reported a jump in fourth-quarter profits Tuesday as a surge in revenues for equity trading offset weaknesses in other areas, including merger advising revenues. The New York investment bank reported profits of $1.9 billion, up 58 percent from the year-ago period. Revenues rose seven percent to $11.3 billion. The fourth quarter enabled a positive finale to a difficult year for Chief Executive David Solomon after earlier quarters saw hefty write-downs and losses tied to the unwinding of large consumer-oriented businesses that Goldman had previously touted. In the ...
AFP
New York (AFP) - Large US banks reported mixed results Friday, dented by exceptional costs connected to job cuts and to replenishing a federal fund tapped during last year's crisis involving midsized lenders. But while consumer credit quality has diminished somewhat, executives continued to describe a relatively solid US economy, with talk of a recession replaced by a "soft landing" of slower growth. "We think the soft landing is a core thesis," Bank of America Chief Executive Brian Moynihan said on a conference call with analysts, adding that consumers are "still in the game" even as consumpt...
AFP
Washington (AFP) - The United States said Friday it will impose sanctions on foreign banks that support Russia's war in Ukraine, in a new bid to exert pressure on Moscow as it diversifies from the West to China. Under an executive order signed by President Joe Biden, the United States will slap so-called secondary sanctions against financial institutions that back companies already targeted for supporting Russia's defense industry. "We are sending an unmistakable message: anyone supporting Russia's unlawful war effort is at risk of losing access to the US financial system," Jake Sullivan, Bid...
AFP
New York (AFP) - Large US banks railed against new proposed capital requirements at a congressional hearing on Wednesday, joining Senate Republicans in casting the measures as crimping loans to everyday Americans. "This rule will make services so uneconomical, you will likely see two outcomes: many banks will simply stop offering certain products and services, and those that do will have to charge more for them just to make it worth the service," said JPMorgan Chase Chief Executive Jamie Dimon. The proposal, the Basel III Endgame rule developed in concert with international standards in respon...
AFP
New York (AFP) - US investment bank Goldman Sachs reported a fall in third quarter profits on Tuesday, noting net losses in equity investments compared with a year ago. The bank reported profits of $1.9 billion, down 36 percent from the same period last year. Its net revenues were essentially unchanged in this timeframe, at $11.8 billion. The bank reported net losses from real estate investments among other areas. This weighed on its asset and wealth management unit, which saw 20 percent lower net revenues from a year ago. But its results topped expectations, and chief executive David Solomon...
AFP
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