Jason Goldberg News
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Citigroup Inc., the third-biggest U.S. bank, rose in New York trading after first-quarter profit and revenue from fixed-income trading and investment banking exceeded analysts’ estimates.
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Wells Fargo & Co., the largest U.S. home lender, said lower expenses helped the company post a record profit in the first quarter even as revenue dropped and lending margins narrowed.
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The six largest U.S. banks may return almost $41 billion to investors in the next 12 months, the most since 2007, as regulators conclude firms have amassed enough capital to withstand another economic shock.
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A U.S. accounting board’s proposal that would require banks to report the fair value of loans on their books will lead to reduced lending, a former chairman of the Federal Deposit Insurance Corp. said.
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Citigroup Inc., the third-biggest U.S. bank by assets, may take a charge of almost $6 billion this quarter as it writes down the value of the Morgan Stanley Smith Barney venture, said Jason Goldberg, a Barclays Plc analyst.
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As e-commerce companies prepare for the holiday season, their investors are in the market for some discounts of their own.
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Clients of the largest U.S. banks withdrew funds this month at the fastest weekly pace since the Sept. 11 attacks as a deposit-insurance program ended and customers tapped into their year-end cash hoards.
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Bank of America Corp. may have to build its capital cushion by $50 billion and renege again on Chief Executive Officer Brian T. Moynihan’s pledge to raise the firm’s dividend as mortgage losses drain funds.
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Facebook Inc. is set to post another quarter of slowing revenue growth after struggling to wring money from advertisers seeking to connect with users of mobile devices.
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JPMorgan Chase & Co. fell the most in almost a month in New York trading after the bank reported a 23 percent drop in profit on lower investment-banking fees and revenue from trading stocks and bonds.
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