Page 5 - Us Banks
Biden administration reverses Trump changes to bank antidiscrimination law
The Biden administration announced it would repeal the changes made by the Trump administration to an important law made to stop banks from discriminating against racial minorities and the poor
 "Biden administration reverses Trump changes to bank antidiscrimination law")
S&P 500, Dow hit record highs on earnings boost from big banks
Nine of the 11 S&P indexes were trading higher
 "S&P 500, Dow hit record highs on earnings boost from big banks")
Morgan Stanley profit blows past estimates, flags $900-mn loss on Archegos
Net revenue jumped 61% to $15.72 billion.
 "Morgan Stanley profit blows past estimates, flags $900-mn loss on Archegos")
Citigroup announces retail business exit from India, 12 other countries
Says it lacks the scale to compete in retail space, will focus on wealth management business
 "Citigroup announces retail business exit from India, 12 other countries")
US banking major Citibank to exit consumer banking business in India
This is part of the bank's global strategy
 "US banking major Citibank to exit consumer banking business in India")
Citigroup to exit retail banking operations in India, 12 other countries
CEO Jane Fraser says Citi lacked the scale to properly compete in the 13 markets it is leaving
 "Citigroup to exit retail banking operations in India, 12 other countries")
JPMorgan profit surges helped by trading, investment banking boost
(Reuters) - JPMorgan Chase & Co reported a surge in first-quarter earnings on Wednesday, as the largest U.S. bank released more reserves and was aided by a blowout quarter from its trading desks and soaring investment banking fees.
 "JPMorgan profit surges helped by trading, investment banking boost")
Goldman profit smashes expectations on booming investment banking
Global investment banking fee hit an all-time record of $39.4 billion during the March quarter,
 "Goldman profit smashes expectations on booming investment banking")
Wells Fargo profit beats Wall Street estimates as credit costs stabilize
(Reuters) - Wells Fargo & Co reported first-quarter profit ahead of Wall Street estimates on Wednesday as the bank set aside less money to cover soured loans.
 "Wells Fargo profit beats Wall Street estimates as credit costs stabilize")
Archegos meltdown to intensify shadow banking regulatory scrutiny: Report
The implosion of Archegos Capital and the resulting losses for global banks is likely to intensify regulatory efforts to curtail the ballooning shadow banking sector and shed light on its risks
 "Archegos meltdown to intensify shadow banking regulatory scrutiny: Report")
Global banks may lose more than $6 billion from Archegos Capital fallout
Japan's Nomura and Credit Suisse of Switzerland warned of major losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks
US Fed to let bank-leverage exemption expire this month, will review rule
Shares of the largest US banks fell after the news, with JPMorgan Chase & Co losing as much as 4 per cent before closing down 1.6 per cent on the day
 "US Fed to let bank-leverage exemption expire this month, will review rule")
US Fed to let leverage exemption expire on March 31, will review rule
Shares of the largest US banks dropped in pre-market trading on Friday immediately following the Fed's announcement
 "US Fed to let leverage exemption expire on March 31, will review rule")
Goldman Sachs profit more than doubles on underwriting, trading boost
Goldman Sachs profit more than doubles on underwriting, trading boost
Bank of America hopes for loan growth bounce after muted quarter
The second-largest U.S. bank by assets also reported a 13% fall in consumer banking revenue
 "Bank of America hopes for loan growth bounce after muted quarter")
Bank of America fourth quarter profit fell 18% but topped Street views
Bank of America Corp. says its fourth-quarter profit fell nearly 18 per cent to USD 5.47 billion from USD 6.99 billion a year earlier. The bank, based in Charlotte, North Carolina, said Tuesday that it had earnings of 59 cents per share, down from 74 cents a year ago. The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share. The nation's second-largest bank posted revenue net of interest expense of USD 20.1 billion, which missed Street forecasts. Six analysts surveyed by Zacks expected USD 20.4 billion. Bank of America shares have increased nearly 9 per cent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has decreased nearly 5 per cent in the last 12 months.
 "Bank of America fourth quarter profit fell 18% but topped Street views")
Morgan Stanley names new country head in India promotion spree
Sanjay Shah will be the bank's country head for India, effective immediately
 "Morgan Stanley names new country head in India promotion spree")
US banks including JPMorgan to delist some Hong Kong products after US ban
US banks Goldman Sachs, JPMorgan and Morgan Stanley will delist 500 Hong Kong-listed structured products, following a US ban on investments in companies Washington deems linked to China's military
 "US banks including JPMorgan to delist some Hong Kong products after US ban")
PNC to buy Spanish lender BBVA's US banking arm for $11.6 billion in cash
PNC Financial Services Group said it would buy the US business of Spanish lender BBVA for $11.6 billion in cash, further consolidating the US banking sector
 "PNC to buy Spanish lender BBVA's US banking arm for $11.6 billion in cash")
World Coronavirus Dispatch: US banks consider layoffs as recession sticks
As executives prepare for an extended recession and loan losses that come with it, layoffs are back on the table, said consultants, industry insiders and compensation analysts
 "World Coronavirus Dispatch: US banks consider layoffs as recession sticks")
