Hints and tips:
Related Special Reports
...The bank also bought most of failed US lender First Republic last year....
...The companies, whose plans were first reported by the Financial Times last year, share a set of officers, including two co-founders — chief executive Nathaniel Horwitz and publisher Sam Koppelman — general...
...Millennium gained 3.7 per cent in the first quarter of this year and has delivered average annual returns of about 14 per cent since inception, according to investors....
...These new performance metrics reflect how Citi, which has taken a more flexible approach to working from home than many rivals, is trying to squeeze more from its employees....
...JPMorgan Chase, Wells Fargo and Citigroup all reported first-quarter earnings on Friday and warned that the future looks a little rocky. I’m joined now by the FT’s Josh Franklin to talk about it....
...JPMorgan set aside less than analysts had anticipated to cover loan losses. Read more here...
...JPMorgan set aside less than analysts anticipated for loan losses....
...Goldman Sachs’ profits rose 28 per cent in the first quarter, as a strong performance at its hallmark trading business helped the Wall Street bank easily surpass analysts’ estimates....
...Joshua Franklin First Republic was the second-largest bank failure in US history, and the biggest that we’d seen in the US since the 2008 financial crisis....
...Analysts expect charge-offs — losses on loans marked as unrecoverable — in the first quarter will jump to about $6.7bn collectively at JPMorgan, BofA, Citi and Wells, up from $3.85bn a year earlier....
...While Mnuchin’s first outreach to NYCB was unsuccessful, his chance came back around quickly....
...The US had also suffered its first serious banking stress since the financial crisis, with a spate of regional banks collapsing in the first half of that year....
...The quarter was the first under Pick, whose background in investment banking and trading contrasts with predecessor James Gorman’s years in wealth management....
...But JPMorgan has emerged as the industry’s biggest winner, spurred on by its acquisition of failed regional lender First Republic. JPMorgan’s share fell 0.7 per cent in New York....
...At first, it was Lazard and Rothschild that Roger Altman’s boutique New York investment bank Evercore had in its sights....
...Marc Filippino That’s the FT’s Josh Franklin. He’s our US banking editor. Thanks, Josh. Joshua Franklin Thanks very much....
...Marc FilippinoJosh Franklin is the FT’s US banking editor. Thanks, Josh. Joshua FranklinThanks, Marc....
...Reverence Capital, founded by three former Goldman Sachs executives, is led by Milton Berlinski, who founded the investment bank’s financial institutions group and has targeted mid-sized financial services...
...“Depositors are going to continue to want to get paid, but what banks can make on loans and investments is slowing down.”...
...The result has been record low loss rates on loans by the banks. They have been warning that these savings have been steadily dropping and loan losses rising....
...JPMorgan, for the 11th straight year, came first....
...Separately, it paid a $25mn penalty to the CFPB related to private student loan servicing practices. “Capital One is a healthy, well-managed, well-capitalised bank....
...*Ignites is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at ignites.com....
...Dimon’s decision to intervene in a sensitive matter is not a first for the veteran banker....
...A majority of shareholders ended up voting against the pay plan for the first time in a non-binding “say on pay” vote at the bank’s annual investor meeting in 2022....
International Edition