Morgan Stanley reports record revenues after surge in trading July 16, 2020 Morgan Stanley today revealed quarterly earnings had beaten analysts’ expectations, even as coronavirus ravaged the US economy. The Wall Street bank’s record profit was boosted by strong trading revenues which jumped nearly 70 per cent. The figures: Morgan Stanley reported net revenues of $13.4bn (£10.64bn) for the second quarter, compared with $10.2bn (£8.1bn) a year [...]
Goldman Sachs beats profit forecasts to defy coronavirus July 15, 2020 Goldman Sachs today revealed quarterly profit has smashed forecasts, driven by the strength of its core bond trading and underwriting businesses. The Wall Street bank earned as much in the second quarter of 2020 as it did a year earlier, seemingly defying the global pandemic. A strong showing in bond trading helped to offset a [...]
Wells Fargo reports first quarterly loss since 2008 July 14, 2020 Wells Fargo posted its first quarterly loss since the 2008 financial crash today as the coronavirus crisis forced it to set aside $9.57bn to cover potential loan losses and slash its dividend. The bank’s earnings have suffered since the start of the Covid-19 pandemic as it does not have a strong capital markets business to lean [...]
Citigroup tops profit estimates on trading bounce July 14, 2020 Citigroup beat analysts’ estimates for profit in the second quarter as its trading desks cashed in on the market volatility caused by the coronavirus outbreak. The uptick allowed it to set aside $5.6bn for a potential surge in loan defaults. The New York-based bank reported a profit of $1.32bn for the three months to the [...]
JP Morgan sets aside $10.5bn to cover loan defaults due to coronavirus pandemic July 14, 2020 Investment bank JP Morgan Chase & Co has set aside $10.5bn (£8.38bn) of reserves to cover a potential surge of loan defaults due to the coronavirus pandemic as US cases of Covid-19 continued to rise. The bank increased its provision for credit losses by $9.3bn compared to the previous year reflecting the “deterioration and increased [...]
Brexit: UK completes assessments for Canada to retain EU access July 13, 2020 The UK has now submitted all paperwork necessary for Canada to potentially retain access to the EU, after missing the original deadline two weeks ago. The 28 assessments were due on 1 July, however Downing Street previously blamed the EU for missing the deadline as they received much of the paperwork, which [...]
Barclays gave Roger Jenkins £50m payoff after Qatar deal July 13, 2020 Barclays paid its Middle East head Roger Jenkins £50m when he left in 2009, a court has heard. Jenkins, who is on his third day of questioning at a civil trial in London, was discussing his compensation after he helped to secure a lifeline investment from Qatari investors. The bumper payoff was in addition to [...]
Financial services sector banks on a digital future July 9, 2020 | City Talk “We know you enjoy a little trip into town, but you can do your banking online these days…”: a typical multi-generational conversation as a growing number of people turn to online tools to help with their finances. Inevitably it’s not been a smooth journey. Many find comfort in the familiarity of a bricks-and-mortar bank branch [...]
Brexit: Michel Barnier says Brussels ‘ready to grant’ Canada access to EU markets July 8, 2020 EU chief negotiator Michel Barnier has said Brussels is prepared to grant Canada access to European markets post-Brexit. New documents released by the House of Lords EU committee show that Barnier recently told the group that Brussels was “ready to grant equivalence”. The EU has the power to unilaterally grant access to [...]
HSBC shares tumble as US mulls Hong Kong crackdown July 8, 2020 HSBC shares have tumbled four per cent after advisers to the US government said they could undermine the Hong Kong dollar’s peg to the US dollar and crack down on banks in the city. The UK and Hong Kong-focused bank has been caught up in a geopolitical struggle over the semi-autonomous city which has seen [...]
