PayPal profits jump 86% on pandemic spending shift
E-commerce payments processor PayPal Holdings Inc beat Wall Street estimates on Wednesday with an 86% increase in quarterly profit, driven by the shift to online spending amid the coronavirus pandemic.
'Back from the brink' Deutsche Bank improves outlook
In the second quarter, investment bank revenues rose 46%
Goldman Sachs reaches $3.9B settlement in 1MDB money-laundering case
Goldman has agreed to pay the government of Malaysia $2.5 billion and to guarantee that it gets at least $1.4 billion in proceeds from assets that have been seized around the globe.
American Express profit plunges 85% as coronavirus zaps spending
American Express, which earned $257 million in the second quarter, said cardholder spending hit bottom in April before improving in May and June.
British Airways-owner IAG boosted by $955M deal with American Express
IAG's finances have been strained by the pandemic, leading to media speculation that it could need to raise new equity
Blackstone's earnings rebound with market surge
Blackstone Group Inc.'s second-quarter results rebounded as the surging stock market lifted the value of the private-equity giant's portfolio.
Morgan Stanley blocks remote access for interns in China
Threats to cyber security has been a topic of rising tensions between the U.S. and China
UBS to pay over $10 million to resolve SEC charges
A unit of UBS has agreed to pay more than $10 million to resolve charges it circumvented the priority given to retail investors in certain municipal bond offerings, the U.S. Securities and Exchange Commission said on Monday.
BlackRock assets reach $7.32T as crisis drives record investments
BlackRock reported a 22 percent jump in second-quarter profit.
Retail investors snapping up stocks amid coronavirus volatility: Charles Schwab
Charles Schwab added 552,000 new brokerage accounts in the second quarter as total client assets swelled 11 percent to $4.11 trillion.
Morgan Stanley profit jumps 45% on trading boom
Morgan Stanley posted a 45% rise in quarterly profit on Thursday, driven by strong trading gains as the coronavirus pandemic whipsawed global financial markets since March.
Bank of America earmarks $4B for coronavirus loan defaults
Net income of $3.5 billion, or 37 cents a share, still topped the 27-cent average estimate from analysts surveyed by Refinitiv. Both JPMorgan Chase and Citigroup posted double-digit profit declines earlier this week after shoring up reserves.
Billionaires look to exit equities after turning quick profit
During the rout in stock markets across the globe in March, UBS’ richest customers took out loans to place billions into crashing stock markets.
Rock-bottom mortgage rates cushion banks during coronavirus pandemic
Historically-low mortgage rates are helping banks generate revenue amid the COVID-19 pandemic.
Citigroup profit falls 73% as it girds for coronavirus economy
The spread of the novel coronavirus around the globe and the resulting economic slowdown have pummeled the banking industry and raised concerns about loan defaults by consumers and big businesses alike.
Wells Fargo posts first loss in more than a decade
The San Francisco-based bank lost $2.38 billion in the second quarter as the novel coronavirus continued to pummel the economy. It was the bank’s first loss since the fourth quarter of 2008.
JPMorgan trading revenue surges as coronavirus upends markets
Double-digit growth in stock and bond trading fueled the New York-based bank's revenue gains as investors nationwide moved money to safer assets and took advantage of market volatility.
Stock futures trade lower as banks report earnings
JPMorgan Chase reported better-than-expected results. Citigroup earnings per share were also better than expected, while Wells Fargo reported a net loss of $2.4 billion.
Stocks surrender gains after California rolls back coronavirus reopenings
A late day reversal hits stocks hard ahead of bank earnings out tomorrow.
Chinese banks must brace for surge in bad loans, regulator says
China’s banks should brace for a big jump in bad loans due to coronavirus-induced economic pain, the financial regulator said on Saturday, noting the deterioration of asset quality at some small and mid-sized financial institutions was accelerating.