Major U.S. Banks Showed Largest Q2 Deposit Declines
U.S. bank deposits declined in the second quarter, with major banks unexpectedly suffering the largest dropoffs. The four largest U.S. banks by assets: Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, lost $262 billion in deposits compared to the previous year. In contrast,...
JPMorgan Expects Fed Announcement to Boost Stocks
JPMorgan Chase & Co.’s trading desk expects Wednesday's most likely Federal Reserve decision to lift stock prices. The New York City-based bank expects the central bank to adopt a "Hike and Pause" approach, whereby it would hike interest rates in July before pausing next month.
Team...
Stocks End Week Lower As Banks Disappoint
U.S. stocks ended slightly lower on Friday as banks and financial institutions disappointed following a recent round of quarterly earnings reports. Still, each major U.S. index posted weekly gains despite Friday's fall.
The S&P 500 declined 0.1% on Friday as its banks' index fell 0.9%....
Bank Results Serve As Warning Sign For Wall Street
A tough week ahead is expected for Wall Street as banks reported mixed earnings results over the past week.
Citigroup CEO Jane Fraser commented that "the long-awaited rebound in investment banking has yet to materialize," following the release of her bank's disappointing second-quarter results....
JPMorgan Profits Surge in Q2
JPMorgan Chase reported its second-quarter earnings on Friday, with the banking corporation's profit hitting $14.5 billion; a 67% rise from the previous year. Its revenue of $41 billion was up 34%.
"The US economy continues to be resilient," JPMorgan CEO Jamie Dimon commented following the...
Cut Stocks, Hold Onto Cash, JPMorgan Strategist Advises
JPMorgan Chase & Co.’s Marko Kolanovic advised clients to consider selling off some shares while retaining their cash. This comes as the team of JPMorgan strategists led by Kolanovic reduced their stocks and corporate bonds allocations while boosting their cash holdings by 2%.
Kolanovic's reasons...