JPMorgan Chase & Co. and Goldman Sachs Group Inc., the world’s biggest trading firms, had their revised capital plans for 2013 cleared by the Federal Reserve yesterday, a month before next year’s submissions are required.
U.S. banks led by JPMorgan Chase & Co. and Wells Fargo & Co. have bought a record amount of municipal debt. That demand is now at risk under a Federal Reserve proposal that excludes local bonds from a list of easy- to-sell assets.
Vikram Pandit hired thousands of employees and invested billions of dollars as he sought to boost Citigroup Inc.’s revenue after fighting to survive the financial crisis. His successor Michael Corbat has another idea: cut.
Wells Fargo & Co., the largest U.S. home lender, said second-quarter profit climbed 19 percent as the bank clamped down on expenses. Results beat analysts’ estimates, and the shares rose 2 percent in New York trading.
Citigroup Inc. named Jamie Forese and Manuel Medina-Mora co-presidents as Chief Executive Officer Michael Corbat, who took over in October, turned to company veterans to oversee his cost-cutting strategy.
Regions Financial Corp. , the Alabama lender that holds $3.5 billion in government bailout funds, fell as much as 4.5 percent in New York trading after the bank reported earnings that depended on a one-time gain from a securities sale.
Bank of America Corp. has made twice as much in fees selling structured notes than arranging initial stock offerings in the U.S. as the market for the complex products recovers after the financial crisis.