Banks

Wall Street accused of whitewashing China crackdown in Hong Kong

Wall Street accused of whitewashing China crackdown in Hong Kong

Kuala Lumpur, Malaysia – Hong Kong’s government invited Wall Street’s biggest names to a summit to show the financial hub is open for business after nearly three years of isolation due to pandemic curbs. Instead, top bank executives’ attendance at the gathering has become a lightning rod for criticism of China’s human rights record as …

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Credit Suisse posts huge third-quarter loss as it announces major strategic overhaul

Credit Suisse posts huge third-quarter loss as it announces major strategic overhaul

Switzerland’s second largest bank Credit Suisse is seen here next to a Swiss flag in downtown Geneva. Fabrice Coffrini | AFP | Getty Images Credit Suisse on Thursday posted a quarterly loss that was significantly worse than analyst estimates, as it announced a massive strategic overhaul. The embattled lender posted a third-quarter net loss of …

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Markets look for answers from the European Central Bank as it prepares for a jumbo rate hike

Markets look for answers from the European Central Bank as it prepares for a jumbo rate hike

Christine Lagarde, president of the European Central Bank, is expected to announce another 75 basis points hike. Bloomberg | Bloomberg | Getty Images While the European Central Bank is largely expected to announce another rate hike Thursday, market players are seemingly more concentrated on two other policy tools as the region edges towards a recession. …

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Markets look for answers from the European Central Bank as it prepares for a jumbo rate hike

Markets look for answers from the European Central Bank as it prepares for a jumbo rate hike

Christine Lagarde, president of the European Central Bank, is expected to announce another 75 basis points hike. Bloomberg | Bloomberg | Getty Images While the European Central Bank is largely expected to announce another rate hike Thursday, market players are seemingly more concentrated on two other policy tools as the region edges towards a recession. …

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Barclays posts profit beat for the third quarter on strong bond trading revenue

Barclays posts profit beat for the third quarter on strong bond trading revenue

A sign hangs above an entrance to a branch of Barclays Plc bank in the City of London, UK Bloomberg | Bloomberg | Getty Images LONDON — Barclays on Wednesday reported an unexpected rise in third-quarter earnings on the back of strong trading revenues, despite a continued drag from a costly US trading error. The …

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JPMorgan president says a recession may be the price to pay to beat inflation, market bottom not yet

JPMorgan president says a recession may be the price to pay to beat inflation, market bottom not yet

Daniel Pinto, co-president and chief operating officer of JPMorgan Chase & Co., speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, Oct. 18, 2019. Al Drago | Bloomberg | Getty Images JPMorgan Chase President Daniel Pinto has vivid memories of what life is like when a country loses control of …

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WSJ News Exclusive |  Elon Musk's Twitter Takeover Debt to Be Held by Banks Amid Turbulent Markets

WSJ News Exclusive | Elon Musk’s Twitter Takeover Debt to Be Held by Banks Amid Turbulent Markets

Banks that committed to help finance Elon Musk’s takeover of Twitter Inc. plan to hold all $13 billion of debt backing the deal rather than syndicate it out, according to people familiar with the matter, in another blow to a market that serves as a crucial source of corporate funding. Twitter could have the dubious …

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Buffett-backed digital bank Nubank to launch its own cryptocurrency in Brazil

Buffett-backed digital bank Nubank to launch its own cryptocurrency in Brazil

Jakub Porzycki | NurPhoto | Getty Images The Brazilian digital banking startup Nubank will launch its own cryptocurrency in the country next year, marking the latest move into digital assets by a large financial institution. Nubank said Wednesday it will launch the token, called Nucoin, in the first half of 2023. In a press release, …

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Rarely-humbled Goldman Sachs concedes missteps in plan to take on megabanks in retail finance

Rarely-humbled Goldman Sachs concedes missteps in plan to take on megabanks in retail finance

David Solomon, Goldman Sachs, at the Marcus event Goldman Sachs CEO David Solomon is reining in his ambition to make the 153-year-old investment bank a major player in US consumer banking. After product delays, executive turnover, branding confusion, regulatory missteps and deepening financial losses, Solomon on Tuesday said the firm was pivoting away from its …

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Wall Street banks' profits slide as economic clouds loom, some beat forecasts

Wall Street banks’ profits slide as economic clouds loom, some beat forecasts

Oct 14 (Reuters) – Profits slid at Wall Street’s biggest banks in the third quarter as they braced for a weaker economy while investment banking was hit hard, but investors saw a silver lining with some banks beating estimates. JPMorgan Chase & Co (JPM.N), Morgan Stanley (MS.N), Citigroup Inc (CN) and Wells Fargo & Co’s …

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