Bank of America Profits Rise By 10% in Q3
Bank of America reported its third-quarter earnings on Tuesday, revealing that profits were up 10% from a year ago. This comes after the second-largest US bank got a boost from higher interest income in the face of rising Federal Reserve rates. Stocks in the...
Nasdaq & S&P Sink, Dow Rises Following Big Bank Earnings
Stocks were mixed on Friday after a flurry of U.S. banks reported upbeat earnings. The Dow Jones Industrial Average gained 0.12%, while the S&P 500 fell 0.5% and the tech-heavy Nasdaq Composite slumped by 1.2%.
JPMorgan Chase, Wells Fargo, and Citigroup all posted higher profits...
Wells Fargo Profits Rise, Spurred By Loan Repayments
Wells Fargo's profits rose in the third quarter as the bank benefitted from customers paying rising interest rates on their loan repayments. The U.S. lender reported that its net interest income climbed 8% to $13.1 billion for the three-month period ending September.
Net income overall...
Babylon Health Hires Wall Street Banks in Last-Ditch Effort to Save Company
Babylon Health has reached out to Bank of America and their long-term advisor Citigroup in an effort to save the company, with Deloitte also providing guidance. This comes after the healthcare provider announced that it would be shutting its U.S. business, laying off hundreds...
Bank Stocks Slide Following New Italian Tax and Weak Chinese Economic Data
U.S. bank stocks slipped lower on Tuesday morning as markets digested Italy's decision to implement a new tax on banks as well as weak economic data coming out of China.
Italy's government decided to introduce a 40% tax on "extra" bank profits, igniting fears that...
UBS Undergoes Restructuring Following Credit Suisse Deal
UBS Group AG has confirmed that it will implement significant changes to its global investment banking division as soon as Monday in an effort to integrate Credit Suisse following its acquisition, sources close to the matter confirmed. UBS completed its takeover of Credit Suisse...