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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

Goldman Sachs said it took a $506m writedown on GreenSky, adding to a $1.4 billion hit linked to the business in the second quarter

Goldman Sachs profit sinks on impact from fintech sale

Goldman Sachs' profit fell in the third quarter, weighed down by a writedown on its GreenSky fintech business and its investments in property.

Business • 17 Oct 23

Bank of America is the second-largest US bank

Bank of America profit rises on higher interest income

Bank of America's profit rose in the third quarter as it joined rivals in earning more from interest payments by its customers, while investment banking and trading fared better than expected.

Business • 17 Oct 23

Citigroup's Q3 investment banking fees jump

Citigroup's profit was broadly steady and beat third-quarter estimates as it benefited from rising interest payments and surging investment banking fees, the bank said today.

Business • 13 Oct 23

Wells Fargo has been working to fix a six-year-old scandal over sales practices

Wells Fargo raises interest income forecast

Wells Fargo has today beaten analysts' estimates for third-quarter profit as it benefited from customers paying more interest and raised its annual forecast for future income from interest payments.

Business • 13 Oct 23

JP Morgan Chase's chief executive Jamie Dimon

JPMorgan profit beats Q3 estimates on interest income

JPMorgan Chase has today beaten expectations for third-quarter profit as a tighter monetary policy and the acquisition of failed First Republic Bank drove its interest income to a record high.

Business • 13 Oct 23

S&P Global has warned that funding risks and weaker profitability will likely test the US banking sector's credit strength

S&P downgrades US banks due to 'tough' conditions

S&P Global has cut credit ratings and revised its outlook for multiple US banks, following a similar move by Moody's, warning that funding risks and weaker profitability will likely test the sector's credit strength.

Business • 22 Aug 23

Apple last month became the first company in the world to reach a market value of $3 trillion

Apple, Microsoft world's top 2 companies by market cap

Tech giants Apple and Microsoft remained the top two global companies by market capitalisation at the end of July after riding this year's rally in technology shares.

Business • 01 Aug 23

M&T said its net interest income surged 27% to $1.81 billion in the second quarter

M&T Bank beats profit estimates on higher rates

M&T Bank Corporation has today beaten Wall Street estimates for second-quarter profit, as the US Federal Reserve's rapid rate hikes to tame inflation boosted the lender's interest income.

Business • 19 Jul 23

Goldman Sachs said it took a $504m writedown tied to its GreenSky business

Goldman profit slides to 3-year low on consumer losses

Goldman Sachs Group reported a bigger-than-expected drop in second-quarter profit as a retreat from consumer businesses and declining investment values took a toll on the Wall Street giant.

Business • 19 Jul 23

Bank of New York Mellon said its net interest revenue for the second quarter surged 33% to $1.1 billion, compared with $824m a year ago

Bank of New Mellon beats Q2 profit estimates

Bank of New York Mellon has today beat Wall Street targets for second-quarter profit as the US Federal Reserve's aggressive policy tightening boosted income earned from interest payments on loans.

Business • 18 Jul 23

Morgan Stanley's wealth management unit reported record net revenue of $6.7 billion for the second quarter

Morgan Stanley profit down 18% as deal doldrums persist

Morgan Stanley's srofit slipped 14% in the second quarter from a year earlier as a dealmaking slump continued, while trading in stocks and bonds slumped.

Business • 18 Jul 23

The bank reported a 7% rise in investment banking fees to $1.2 billion.

Bank of America profit up on boost from interest income

Bank of America's profit rose nearly 20% in the second quarter as it earned more from customers' loan payments, while its investment banking business fared better than expected.

Business • 18 Jul 23

Citigroup said it net income tumbled 36% to $2.92 billion, or $1.33 per share, in the three months to June 30

Citigroup's Q2 profit drops 36% on trading slump

Citigroup has today beaten analysts' estimates for second-quarter profit as higher interest payments from borrowers partly countered a blow to its Wall Street businesses from a slump in trading.

Business • 14 Jul 23

Wells Fargo, the fourth biggest lender in the US, said its profit surged 57% in the second quarter

Wells Fargo profit surges 57% on higher interest income

Wells Fargo's profit surged 57% in the second quarter as it earned more in interest payments from customers and raised its forecast for 2023 net interest income.

Business • 14 Jul 23

The US economy continues to be resilient, JP Morgan Chase's CEO Jamie Dimon said today

JPMorgan profit rises on higher interest income in Q1

JPMorgan Chase has today posted a 67% jump in profit for the second quarter as it earned more from borrowers' interest payments and benefited from the purchase of First Republic Bank.

Business • 14 Jul 23

Rising interest payments are expected to offset a downturn in dealmaking for US banks in the second quarter of this year

US banking giants to report higher quarterly profits

Wall Street banks are expected to report higher profits for the second quarter as rising interest payments offset a downturn in dealmaking.

Business • 11 Jul 23

PacWest is one of several US regional lenders whose shares have been hit by investor concerns over the health of the banking sector

PacWest to sell property loans to Kennedy-Wilson unit

US regional lender PacWest Bancorp said today it had agreed to sell a portfolio of 74 property construction loans with an aggregate principal outstanding balance of around $2.6 billion to a unit of Kennedy-Wilson Holdings.

Business • 22 May 23

Experian is the world's largest credit data firm

Experian gives weak outlook on North America worries

Experian's soft annual revenue forecast today signalled weak demand amid a difficult lending environment, especially in North America, where the failure of three US regional banks has hurt confidence in the sector.

Business • 17 May 23

PacWest said it would pay a dividend of 1 cent per common share, compared with its regular payout of 25 cents

PacWest rallies on dividend cut to boost capital

Shares of PacWest Bancorp jumped 24% today and led a recovery in the battered US banking sector after the lender sharply cut its quarterly dividend to shore up its finances.

Business • 08 May 23

Us Banks

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

Goldman Sachs profit sinks on impact from fintech sale

Bank of America profit rises on higher interest income

Citigroup's Q3 investment banking fees jump

Wells Fargo raises interest income forecast

JPMorgan profit beats Q3 estimates on interest income

S&P downgrades US banks due to 'tough' conditions

Apple, Microsoft world's top 2 companies by market cap

M&T Bank beats profit estimates on higher rates

Goldman profit slides to 3-year low on consumer losses

Bank of New Mellon beats Q2 profit estimates

Morgan Stanley profit down 18% as deal doldrums persist

Bank of America profit up on boost from interest income

Citigroup's Q2 profit drops 36% on trading slump

Wells Fargo profit surges 57% on higher interest income

JPMorgan profit rises on higher interest income in Q1

US banking giants to report higher quarterly profits

PacWest to sell property loans to Kennedy-Wilson unit

Experian gives weak outlook on North America worries

PacWest rallies on dividend cut to boost capital