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...The business is one of the growth areas identified by chief executive Jane Fraser, along with other Wall Street rivals that view wealth management as a way to meet investor appetite for stable, fee-based...
...If they leave, they would be the latest high-profile departures under Solomon, chief executive since 2018, following a challenging year for the Wall Street firm when it exited a lossmaking push into consumer...
...Typically, large Wall Street investment banks will pool revenues and then leave it to the boss’s discretion on how to reward employees....
...The proposals sparked shock across Wall Street, followed swiftly by outrage....
...But I think probably what is even more important, if you’re a, you know, an average person in the street and wondering where to keep your money, you think the government would never let JPMorgan go bust....
...Marc FilippinoJosh Franklin is the FT’s US banking editor. Thanks, Josh. Joshua FranklinThanks, Marc....
Vis Raghavan is quitting the world’s top investment banking franchise for the highest-profile vacancy on Wall Street
...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....
...It covers profits from subsidiaries with Federal Deposit Insurance Corporation-insured deposits, and includes JPMorgan’s earnings from commercial and retail banking, and parts of its investment banking and...
...The company’s shares fell as much as 31 per cent shortly after Wall Street’s opening bell and having disclosed the moves late on Thursday....
...The Federal Deposit Insurance Corporation on Thursday said the number of weak US banks had risen by eight to 52 in the final three months of 2023, the biggest jump since the demise of SVB....
...biggest year-on-year drop in quarterly profits since the second quarter of 2020, according to BankRegData, a data provider that collates quarterly reports made by lenders to the Federal Deposit Insurance Corporation...
Remuneration is the highest-ever for the longtime Wall Street executive
...Goldman Sachs paid chief executive David Solomon $31mn for 2023, up 24 per cent annually despite the Wall Street investment bank reporting its lowest profits in four years....
...Morgan Stanley paid James Gorman $37mn in 2023 for his final 12 months as chief executive of the Wall Street bank, a 17.5 per cent increase from the prior year despite the bank’s lower profits....
...They have also garnered the support of Republicans in the House, who called on the heads of the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency...
...The co-head of Goldman Sachs’ flagship investment banking and trading business, Jim Esposito, is planning to leave the Wall Street firm, a surprise departure of one of chief executive David Solomon’s top...
...The lay-offs, which were reported earlier by the Wall Street Journal, come just weeks into Pick’s tenure as CEO after he took over in January from longtime boss James Gorman....
...Marc Filippino That’s the FT’s Josh Franklin. He’s our US banking editor. Thanks, Josh. Joshua Franklin Thanks very much....
...The shrinking difference in market capitalisation comes after Morgan Stanley warned this week that its flagship wealth management business — which helped make it a Wall Street darling — would fall short...
...Part of the reason for the profit drop was last year’s banking turmoil — the Federal Deposit Insurance Corporation imposed a one-time charge on many US banks in order to pay for losses, which the FDIC’s...
...Morgan Stanley paid James Gorman $37mn in 2023 for his final 12 months as chief executive of the Wall Street firm, a 17.5 per cent increase despite the bank reporting lower profits last year....
...Bankers and industry executives are expecting more corporate carve-outs, when a private equity firm buys a business unit from a large corporation, such as GTCR’s $18bn carve-out of payments company Worldpay...
...Goldman Sachs’ Jim Esposito, one of chief executive David Solomon’s top lieutenants, is leaving the Wall Street firm in a surprise departure....
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