Bank of America Corp., the second- biggest U.S. lender, quadrupled its quarterly profit and beat Wall Street estimates as the company quelled claims tied to defective mortgages. The stock reached its highest level in more than three years.
JPMorgan Chase & Co.’s quarterly profit fell 7.3 percent on $2.6 billion of settlements tied to Bernard Madoff’s Ponzi scheme as rising legal costs ended the firm’s three-year streak of record annual earnings.
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.
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.