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...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....
...The bank also bought most of failed US lender First Republic last year....
...Instead, both businesses reported 10 per cent increases in revenues compared with a year earlier, benefiting from trading in mortgages, currencies and credit in the quarter....
...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....
...The largest US bank by assets reported first-quarter net income of $13.4bn, up from $12.6bn a year earlier and more than analysts had expected....
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...Profits at Wells fell 7 per cent in the first quarter from a year earlier....
...Morgan Stanley said net income in the first quarter was $3.4bn, up from $3bn a year earlier, beating analysts’ estimates for $2.7bn, according to forecasts compiled by Bloomberg....
...The quarter was the first under Pick, whose background in investment banking and trading contrasts with predecessor James Gorman’s years in wealth management....
...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....
...UK lenders reported a return to growth in the demand for mortgages in the first three months of 2024, according to the latest official data, providing further evidence of the property market stabilising....
...UK lenders said mortgage demand returned to growth in the first three months of 2024, according to official data published on Thursday that adds to evidence of stabilisation in the property market....
...Marc FilippinoJosh Franklin is the FT’s US banking editor. Thanks, Josh. Joshua FranklinThanks, Marc....
...While Mnuchin’s first outreach to NYCB was unsuccessful, his chance came back around quickly....
...In 2009, Mnuchin led a group of private equity investors that bought IndyMac, a mortgage lender that failed in the 2008 financial crisis, from the Federal Deposit Insurance Corporation....
...Events: First day of meteorological spring....
...Mnuchin and Joseph Otting, the former regulator who has taken over as NYCB chief executive, have a history of rebuilding troubled lenders: they bought failed mortgage lender IndyMac from the FDIC in 2008...
...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....
...“Of course, US leaders must always put America first, but global peace and order are vital to American interests.”...
...First of all, I don’t [have to] deal with the anxiety of acting.”...
...Analysts said some banks could lift their guidance when they report first-quarter results beginning this week....
...Mortgage brokers have welcomed an “innovative” home loan aimed at first-time buyers, which requires a deposit of just £5,000 for homes worth up to £500,000....
...At first, it was Lazard and Rothschild that Roger Altman’s boutique New York investment bank Evercore had in its sights....
Lenders in US, Asia and Europe hit by exposure to sector struggling with lower occupancy and higher interest rates
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