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...But the US has a secret weapon called Benjamin Franklin....
...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....
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...Joshua Franklin It’s really been a case of the haves and the have-nots in US banks over the last 12 months or so. The haves have been a pretty small number....
...Franklin Templeton was incentivised to realise the assets and reduce the discount by earning a fee of 1.75 per cent on returns of capital....
...His father, John Sr, also led the bank. John Weinberg’s cousin Peter Weinberg is a Goldman veteran who founded Perella Weinberg Partners....
...So I think this is gonna be a long path to get this deal done. Marc FilippinoJosh Franklin is the FT’s US banking editor. Thanks, Josh. Joshua FranklinThanks, Marc....
...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....
...Nicholas Cullinan has been appointed the new director of the British Museum, which has been battling to restore its reputation since it emerged last year that about 2,000 artefacts had been stolen over a...
...This was up 32 per cent from a year earlier, though well below the peak during the pandemic-era boom. Read more here....
...Three more US regulators have opened investigations into how Morgan Stanley’s wealth management division handles potentially risky clients, according to a person familiar with the matter....
...The brightest spot was a blowout performance from trading....
...Profits at Wells fell 7 per cent in the first quarter from a year earlier....
...Beyond the obvious and well-documented challenges of being a very traditional active asset manager in a world that mostly loves alternatives and passive funds, Franklin also has a rep for being a bit old-fashioned...
...A 100 per cent allowance on business capital spending for three years....
...products which still earn a decent return....
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