JPMorgan Chase & Co. tumbled as much as 5 percent, the most in 17 months, after reporting first- quarter profit that fell short of analysts’ estimates on lower revenue from fixed-income trading and mortgages.
JPMorgan Chase & Co., the biggest U.S. bank, said first-quarter profit fell 19 percent on lower revenue from fixed-income trading and mortgages, themes that may be repeated across Wall Street next week. The shares declined 2.9 percent.
Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. staked out sharply divergent views from the Federal Reserve on how they’d fare in a market shock, clouding prospects for higher payouts to shareholders.
The biggest U.S. banks are about to learn whether they can pay out more than $75 billion in excess capital to investors as the Federal Reserve completes stress tests of their ability to survive new economic calamities.
Citigroup Inc., the third-biggest U.S. bank, may have to drop plans to return capital to shareholders after failing one part of the Federal Reserve’s stress test, Credit Suisse Group AG analyst Moshe Orenbuch said.
William “Wild Bill” Janklow ’s law office in Sioux Falls, South Dakota, is crowded with mementos from his 16 years as a Republican governor. On a low, wooden bookcase, near bottles of hot sauce custom labeled for his annual Buffalo Roundup , he keeps a 4-foot length of red ribbon festooned with Citibank credit cards.