JPMorgan Chase has advised its shareholders to vote against the proposal to split up the bank. The bank warned its shareholders that the breakup proposal will not benefit its investors.
Fees in investment banking sector across the world declined 29% during the first three-month period of 2016 as uncertainty in the global market halted deal proposing activities and other investment events.
Goldman Sachs Group Inc. has finally agreed to pay $5.1 billion on Wednesday to resolve a seven years’ pending dispute over faulty mortgage securities. The penalty amount remains lower compared to those counted by other Wall Street competitors. Fourth quarter profit of the firm may be hit by the penalty counting. But investors welcome the settlement and its share price rises by 1.5% on Thursday.
Korean biggest technology company, Samsung today announces that its Samsung Pay service is now accepting credit and debit card from Chase Banks. The new announcement set its service in par with other rivals such as Apple Pay and Android Pay.
Distancing from the impact of financial crisis, Bank of America (BoA) has posted positive numbers for the third quarter making its fourth consecutive quarter with profits. The Charlotte-based bank posted a net profit of $4.07bn for the third quarter. Despite its pedestrian performance in the third quarter ending September 2015, the bank has been able to post profits for the last four quarters. This is considered to be encouraging for the shareholders of $2.2trillion bank. The North America's second largest bank by assets suffered a drop of 2.5 percent in revenues owing lower interest rates. This resulted in 6.9 percent drop in net interest income.
The major banks from the US have exposure to the debt of ailing commodity giant Glencore Plc. Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley have reportedly lent $350million apiece to Glencore. North American banks contributed 20percent of the total loan exposure of Glencore. The ongoing slump in commodities market adversely impacted the Swiss-based Glencore's performance. This indicates potential alarming situation for the American banks if embattled Glencore slips into a liquidity crisis. Glencore is engaged in commodity trading and mining activities.
An Oakland lawyer claims that companies in the Bay Area will soon be facing overtime-related lawsuits. These lawsuits will hit firms in the sharing economy, like Lyft and Uber.
If you're planning to purchase a home or simply need to get a loan, then J.P. Morgan is the answer. J.P. Morgan Chase & Co. which is the nation's largest bank by assets, has become less strict with its criteria when it comes to large mortgages, as numbers of lenders build up to get a bigger portion of the high-end housing market.
Bank of America has restructured its top managerial positions. The latest major shuffle witnessed the departure of the bank's CFO Bruce Thompson and retirement of executive David Darnell, who has been with the bank for over 35 years and will retire in the fourth quarter as vice-chairman.
U.S. shares ended little changed on Friday, with the S&P 500 edging up to a record high for a second straight session after a ream of weak economic data.
As the Federal Reserve's policy-setting committee wraps up its third meeting of the year, a critical task awaits the U.S. central bank: narrowing the wide gap between how it and the markets view the path of interest rates.
The surging value of the U.S. dollar may be posing the biggest threat to U.S. corporate earnings since the 2008 financial crisis, hurting results at most U.S.-based multinationals. Some on Wall Street are even talking about an earnings recession.
Three major U.S. Wall Street banks had to scale back planned investor payouts after an annual check-up by the Federal Reserve, and two foreign banks failed the test altogether, a sign the Fed is keeping a tight lid on Wall Street.
It may be by far the most valuable American company but Apple Inc still can’t get into at least one exclusive club – the 30-member Dow Jones Industrial Average.
The New York Post said some of its Twitter accounts were hacked on Friday, in the wake of a series of inaccurate posts on the social network relating to the Federal Reserve, Bank of America and U.S. military engagement with China.