banking
Goldman Sachs has surprised analysts its report of a double-digit rise in revenues and profits for the first three months of this year. Net revenues for the American multinational investment bank and financial services group reached $14.21 billion (€13.36 billion), 16% higher than last year and net earnings jumped to $4.13 billion (€3.88 billion) resulting in a 28% surge compared with a year ago. The New York-based company said it had earnings of $11.58 per share. The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for e...
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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
The largest US bank JPMorgan kicked off earnings season with a modest 6% annual rise in first-quarter profits on Friday, however, CEO Jamie Dimon warned that inflation and geopolitical risks may impact the bank's operations in the future. Most metrics of JPMorgan's business were solid for the year's first three months. The lender earned a profit of $13.42 billion, or $4.44 a share. JPMorgan's results were impacted by a $725 million one-time charge to the Federal Deposit Insurance Corporation. While investment banking revenues were largely flat, the bank reported an uptick in activity. In the c...
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Banks’ payments to a controversial €78bn crisis fund in 2022 were unlawful, EU judges said today (10 April) – the latest in a series of woes for post-crisis measures designed to halt taxpayer bailouts of failing financial institutions. The EU’s General Court ruled in favour of French bank Dexia, saying EU agency the Single Resolution Board (SRB) had got its maths wrong when demanding annual subscriptions to the fund it manages. The SRB “exceeded an annual upper limit imposed by the applicable rules,” a statement from the court said. Annual contributions are supposed to be one eighth of the tot...
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A more bankless society is on the horizon, where self-custody and innovative technologies grant individuals greater control and efficiency. Gnosis Pay's VISA debit cards, linked to a self-custodial wallet, not to a bank deposit, is the latest case in point, showcasing a move toward more independence from traditional banks and bank deposits. The banking industry, led by giants like JP Morgan, is at a crossroads, facing the dawn of the web3 era. While JP Morgan's recent exploration of deposit tokens represents a nod to the future, it predominantly aims to cement the status quo, preserving the he...
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Former Wirecard shareholders are suing audit firm EY Germany, accusing it of internal reorganisation and potentially asset stripping it to prevent payouts and compensation in connection with the collapse of the tech payments company. The company's collapse in 2020 shook Germany where it had long been the darling of the country's fintech scene. It filed for insolvency in that year after reporting €1.9 billion ($2 billion) that had been on its balance sheet could not be found. The fraud cost banks €3.1 billion in loans and write-downs; EY Germany was the company's auditor. Wirecard shareholders ...
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Several major European banks could potentially be contributing to ecosystem destruction and extinction, according to a study published by Milieudefensie (Friends of the Earth Netherlands), Greenpeace International and Harvest. The study, named "EU bankrolling ecosystem destruction", uses data from Profundo, an independent research organisation. The report is co-signed by several other non-governmental organisations (NGOs), including Oro Verde, Rainforest Action Network and the Association of Ethical Shareholders. It highlights how European banks have lent some €256 billion to entities putting ...
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Nationwide Building Society saw a number of payment delays on Friday morning, impacting payments to and from Nationwide to other banks and building societies. This was mainly due to an IT glitch, as the society’s planned overnight maintenance activities took longer than expected. Although Nationwide has reassured clients that the problem has now been fixed, it also highlighted that it may take a few more hours to process the current backlog of payments. On social media platform X, Nationwide said, “We’re sorry, payments to and from other building societies and banks are delayed at the moment. ...
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For using a method leading to underestimating the credit risk on certain loans, "the European Central Bank (ECB) has imposed two administrative penalties totalling €3.54 million on Confédération Nationale du Crédit Mutuel", said the ECB in a statement on Thursday. According to the ECB, which oversees 113 significant banks in Europe, Crédit Mutuel did not apply certain requirements, so-called "floors", set by the central bank's rulebook when the lender calculated the risk of certain loan portfolios, using its internal models, between May 2021 and April 2022. HSBC hit with £57 million fine for n...
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Four of the biggest Chinese banks sit on top of the list of the world’s 500 most valuable banking brands, leaving US and European lenders well behind, according to a new report from brand valuation consultancy Brand Finance. For the eighth consecutive year, the top spot on the world’s top 500 banking brands’ list has been awarded to the ICBC (Industrial and Commercial Bank of China). The lender increased its brand value by 3% to $71.8 billion (€65.77 billion), roughly the equivalent of the nominal GDP of Slovenia. What are shadow banks and why are they failing in China?Significance of brand va...
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