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...The New York-based company estimated it earned net income of about $2.7bn in the quarter, giving it a net profit margin of more than 60 per cent....
...There is a concern that their earnings would fall when central banks cut their benchmark rates....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...Economists and policymakers told many stories explaining the decline in nominal and real interest rates including the control of inflation, secular stagnation, a savings glut from Asian economies, rising...
...The lender said net income increased to $13.4bn in the first quarter, up 6 per cent from a year earlier and better than analysts had expected....
...The bank’s performance received a boost by a rebound in dealmaking that has also buoyed Wall Street rivals....
...(Patrick Temple-West) TAX POLICY Taxes take centre stage Monday was the US federal tax due date for Americans — a culmination of our annual slog through the IRS’s painfully complex rules....
...“Fewer rate cuts mean we expect that banks are likely to have a better outlook for net interest income for full-year 2024 than they did in January,” said Betsy Graseck, an analyst at Morgan Stanley....
...savings accounts have moved from .06 per cent in 2022 to a lordly .46 per cent today)....
...Local banks already have a strong local retail investor base that relies on bank dividends as a source of stable income....
...when I could be earning a better savings rate if I take it to one of the other, you know, 4, 000 banks in the US....
...A concern that the Swiss National Bank had waited too long was evident in its statement after cutting rates to 1.5 per cent last month....
...Following the debt accumulation of the second world wear, the US Federal Reserve pegged interest rates on government debt at a low level until 1951....
..., had just earned $50bn in net income in 2023....
...BlackRock has 10 per cent or more of the shares in 38 bank holding companies that are supervised by the US Federal Reserve or the Office of the Comptroller of the Currency but which own FDIC-supervised banks...
...Adding, in case the point is lost on the reader that: A central bank can continue to operate with negative net worth in accounting terms because it has the power of money creation and is exempt from normal...
...Suncorp chief executive Steve Johnston said the bank asset sale would allow the company to focus on insurance....
...A senior European Central Bank executive has said publishing the interest rate forecasts of its policymakers — similar to the US Federal Reserve’s so-called “dot plot” — could help to address shortfalls...
...The bank booked a net profit of S$1.6bn (US$1.2bn) for the October-December quarter, up 12 per cent from the same period in 2022, even as the lender expects “low single-digit loan growth” in 2024....
...Banks forecast there would be a further “moderate net tightening” of credit availability but an increase in loan demand in the second quarter....
...US Federal Reserve chair Jay Powell has said it is likely to take “longer than expected” for inflation to return to the central bank’s 2 per cent target and justify cuts to interest rates....
...Despite being the number six US bank by size, it only has a sixth of JPMs assets. It is still basically a regional bank, albeit a big one....
...Few central banks have emerged from the past three years of inflation fighting with the same credibility they had before. The Bank of England has had a particularly hard time....
...Citi reported net income of $3.4bn in the quarter, down 25 per cent from a year ago but better than the $2.3bn that analysts had forecast....
...In the wake of three of the largest bank failures in US history a year ago, the US Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are all pushing...
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