US Banks

JPMorgan, Goldman Sachs and Morgan Stanley shares all soared while the STOXX Europe 600 Banks index is down more than 1% for the week

No one knows how Tuesday's presidential election will turn out, but the Federal Reserve's move two days later is much easier to predict: With inflation continuing to cool, the Fed is set to cut interest rates for a second time this year. The presidential contest might still be unresolved when the Fed ends its two-day meeting Thursday afternoon, yet that uncertainty would have no effect on its decision to further reduce its benchmark rate. The Fed's future actions, though, will become more unsettled once a new president and Congress take office in January, particularly if Donald Trump were to win the White House again. Trump's proposals to impose high tariffs on all imports and launch mass deportations of unauthorised immigrants and his threat to intrude on the Fed's normally independent rate decisions could send inflation surging, economists have said. Higher inflation would, in turn, compel the Fed to slow or stop its rate cuts. On Thursday, the Fed's policymakers, led by Chair ..

The Wall Street giant's gains echoed those at rival JPMorgan Chase and Citigroup, which also cashed in on debt and equity offerings as clients' economic confidence improved

Speaking to reporters, Wells Fargo chief financial officer Michael Santomassimo said spending on credit and debit cards, while down a little from earlier this year, was still "quite solid."

Banks are building up stockpiles - which act as a safeguard when borrowers default on their loans - to typical levels as consumers deplete the savings they built up during the pandemic

Bank executives this week softened investor hopes ahead of a widely expected interest rate cut by the Federal Reserve, as well as persistent worries over the economy

The sales began after Bank of America's stock price had risen by about two-thirds since late October, and traded at more than 1.2 times book value

The firm also announced that Sunil Khaitan has joined as head of financing in India. Reuters reported in April that Goldman hired Khaitan from Bank of America

Only five China-focused private equity funds were raised in the first half this year, totalling $2.2 billion

The fines are the latest blows for CEO Jane Fraser as she tackles the bank's regulatory failings

Updating those inputs or "coefficients" would reduce the banks' systemic scores and resulting capital surcharge, said the people who declined to be identified discussing private regulatory issues

The results, released on Wednesday by the Fed, examine whether banks would be able to continue lending to households and businesses in the event of a severe global recession

Specifically, the FDIC said bank noninterest expense dropped $22.5 billion in the first quarter, and was the primary cause of the profit boost

Buschbom said office loans remain the "biggest pain points" for banks, but he also expects stress in the multifamily sector especially construction loans

Headcount at Citi declined by 2,000 employees after the third-largest U.S. lender completed a sweeping reorganization aimed at improving profits and reducing management layers

Regional lenders have had to pay higher interest rates on deposits to prevent customers from fleeing to higher-yielding alternatives, such as money market funds

The bank's net interest income (NII) -- the difference between what it earns on loans and pays out for deposits -- fell 8% to $12.23 billion

Net income fell to $3.4 billion, or $1.58 per share, in the three months ended March 31, the bank said on Friday. That compares with $4.6 billion, or $2.19 per share, a year earlier

The move could add to a host of troubles for asset managers, which have often been criticized for exerting undue influence on the management of their portfolio companies

The ratings agency downgraded the outlook for First Commonwealth Financial, M&T Bank, Synovus Financial, Trustmark and Valley National