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US mid-sized and regional banks are reporting lower second-quarter profits

US regional banks' Q2 profits squeezed by deposit costs

Several US mid-sized and regional banks reported a fall in their second-quarter profit, as income from charging customers interest was squeezed by higher deposit costs and tepid demand for loans.

Business • 19 Jul 24

Morgan Stanley said its net income rose to $3.1 billion in the three months ended June 30, compared with $2.2 billion a year earlier

Morgan Stanley's profit up as investment banking recovers

A resurgence in investment banking helped Morgan Stanley's profit beat Wall Street expectations for the second quarter, but weakness in its key wealth business sent the bank's shares nearly 3% lower before the bell today.

Business • 16 Jul 24

Bank of America is the second biggest US lender

Bank of America profit down on shrinking interest income

Bank of America's second-quarter profit fell as income from interest on loans shrank and provisions for potential credit losses jumped, but a better-than-expected forecast for net interest income sent the bank's shares higher in premarket trade.

Business • 16 Jul 24

BlackRock's assets under management rose to $10.65 trillion in the second quarter - up from $9.43 trillion a year earlier and $10.5 trillion in the first quarter

BlackRock assets hit record high of $10.6 trillion

Assets managed by BlackRock hit a record $10.65 trillion in the second quarter thanks to rising client asset values and as investors pumped money into the company's ETFs, the world's largest asset manager said today.

Business • 15 Jul 24

Goldman Sachs said its investment banking fees rose 21% to $1.73 billion in the second quarter of 2024

Goldman Sachs profit jumps on robust debt underwriting

Goldman Sachs' profit more than doubled in the second quarter, bolstered by higher fees from debt underwriting and a strong performance in its fixed-income trading business.

Business • 15 Jul 24

The US reporting season is in full swing on Wall Street

Wall Street banks see investment banking improvement

Wall Street banks reported a healthier pipeline for deals and a jump in investment banking activity in quarterly earnings on Friday, but also cited some headwinds and reasons for caution.

Business • 15 Jul 24

James Gorman is credited with transforming Morgan Stanley into a wealth management powerhouse

Morgan Stanley chairman Gorman to step down in December

Morgan Stanley's executive chairman James Gorman told the bank's annual shareholder meeting yesterday that he would step down on December 31.

Business • 24 May 24

After years of low interest rates, a surge in borrowing costs has been a game changer for bank profits in Europe

Europe bank earnings to offer interest rate reality check

Investors should get a clearer picture this week of whether higher interest rates are still boosting European bank profits or if a year-long share price rally will run out of steam.

Business • 22 Apr 24

Morgan Stanley today reported net income of $3.4 billion in the three months to March 31, up from $3 billion a year earlier

Morgan Stanley profit up as investment banking recovers

Morgan Stanley's profit rose in the first quarter, lifted by a resurgence in investment banking led by equity underwriting where revenue more than doubled.

Business • 16 Apr 24

Bank of America said its net interest income - the difference between what it earns on loans and pays for deposits - slid 3% to $14 billion

Bank of America profit falls on lower interest payments

Bank of America said today that its profit for the first three months of the year fell as the lender earned less from customer interest payments.

Business • 16 Apr 24

Goldman Sachs said its profit rose to $4.13 billion for the three months ended March 31, compared with $3.23 billion a year ago

Goldman Sachs' quarterly profit jumps 28%

Goldman Sachs' profit rose 28% in the first quarter, buoyed by a recovery in debt underwriting and dealmaking that boosted its investment banking unit, it reported today.

Business • 15 Apr 24

Citi profit drops as costs rise for employee severance

Citigroup's profit fell in the first quarter as it spent more on severance payments for laid-off employees and set aside money to refill a government deposit insurance fund.

Business • 12 Apr 24

Wells Fargo has today reported lower first quarter profits

Wells Fargo Q1 profit shrinks on lower interest income

Wells Fargo's profit fell as it earned less from customer interest payments in the first quarter.

Business • 12 Apr 24

JPMorgan Chase is the biggest lender in the US

JPMorgan's first quarter profit rises by 6%

JPMorgan Chase's profit rose in the first quarter as it earned more from interest payments, the bank said today.

Business • 12 Apr 24

Jamie Dimon is due to complete 18 years at the helm of JP Morgan - the largest US bank by assets

JPMorgan says CEO transition is a top priority

JPMorgan said today that an orderly CEO transition is the top priority for its board in the medium term, as Jamie Dimon completes 18 years at the helm of the largest US bank by assets.

Business • 08 Apr 24

Morgan Stanley is among the US banking giants that are paying special fees to replenish a deposit insurance fund that was drained by almost $16 billion after the collapse of two regional lenders last year

Morgan Stanley revenue beats on dealmaking rebound

Morgan Stanley's revenue beat fourth-quarter expectations today, helped by a rebound in dealmaking activity.

Business • 16 Jan 24

Goldman Sachs posted a profit of $2.01 billion for the latest quarter, compared with $1.33 billion a year earlier

Goldman Sachs profit climbs on back of market rebound

Goldman Sachs' profit rose 51% in the fourth quarter as its equity traders capitalised on a recovery in markets and revenue from its asset and wealth business rose, offsetting weakness in investment banking.

Business • 16 Jan 24

CEO Jane Fraser called the results "very disappointing".

Citigroup swings to $1.8bn loss on slew of charges

Citigroup has reported a $1.8 billion loss for the fourth quarter as it recorded charges to refill a government deposit insurance fund and carry out a sweeping internal reorganisation.

Business • 12 Jan 24

JP Morgan Chase set aside nearly $3 billion to help refill a fund used to backstop failed banks that was drained after regional lenders collapsed last year

JPMorgan's profit shrinks as it refills insurance fund

JPMorgan Chase's profit fell in the fourth quarter as the lender set aside nearly $3 billion to help refill a government deposit insurance fund.

Business • 12 Jan 24

Wells Fargo said its revenue in the fourth quarter rose 2% to $20.5 billion

Wells Fargo's fourth-quarter profit jumps on cost cuts

Wells Fargo's fourth-quarter profit jumped as the lender benefited from cost cuts, but it warned that 2024 net interest income could be 7% to 9% lower than a year earlier.

Business • 12 Jan 24

Bank of America said it took $3.7 billion in combined charges to refill a government deposit insurance fund and phase out a loan index

Bank of America profit falls on $3.7 billion in charges

Bank of America's fourth-quarter profit shrank as the lender took $3.7 billion in combined charges to refill a government deposit insurance fund and phase out a loan index.

Business • 12 Jan 24

The Bank of England said it estimates the impact of the final leg of Basel on UK banks will be 'low'

UK banks face smaller impact from Basel rules

The Bank of England said today that implementing the final leg of the global Basel bank rules will increase capital requirements at UK banks by 3%, far less than for their European Union and US peers.

Business • 12 Dec 23

Citigroup CEO announces management changes

Citigroup chief executive Jane Fraser announced the company was carrying out its next layer of management changes in a sweeping reorganisation, according to a memo to staff today.

Business • 20 Nov 23

Citigroup considering at least 10% job cuts - report

Citigroup's managers and consultants working on CEO Jane Fraser's reorganisation have discussed job cuts of at least 10% in several major businesses, CNBC reported today, citing people with knowledge of the process.

Business • 06 Nov 23

Morgan Stanley's profit dropped about 9% to $2.4 billion

Morgan Stanley's profit down less than expected

Morgan Stanley's third-quarter profit dropped less than expected as a strong performance in the bank's wealth management division offset a hit from lethargic dealmaking.

Business • 18 Oct 23

Us Banks

US regional banks' Q2 profits squeezed by deposit costs

Morgan Stanley's profit up as investment banking recovers

Bank of America profit down on shrinking interest income

BlackRock assets hit record high of $10.6 trillion

Goldman Sachs profit jumps on robust debt underwriting

Wall Street banks see investment banking improvement

Morgan Stanley chairman Gorman to step down in December

Europe bank earnings to offer interest rate reality check

Morgan Stanley profit up as investment banking recovers

Bank of America profit falls on lower interest payments

Goldman Sachs' quarterly profit jumps 28%

Citi profit drops as costs rise for employee severance

Wells Fargo Q1 profit shrinks on lower interest income

JPMorgan's first quarter profit rises by 6%

JPMorgan says CEO transition is a top priority

Morgan Stanley revenue beats on dealmaking rebound

Goldman Sachs profit climbs on back of market rebound

Citigroup swings to $1.8bn loss on slew of charges

JPMorgan's profit shrinks as it refills insurance fund

Wells Fargo's fourth-quarter profit jumps on cost cuts

Bank of America profit falls on $3.7 billion in charges

UK banks face smaller impact from Basel rules

Citigroup CEO announces management changes

Citigroup considering at least 10% job cuts - report

Morgan Stanley's profit down less than expected