JPMorgan Chase, Wells Fargo, and Citigroup all posted higher profits for the third quarter than were expected. JPMorgan reported third-quarter earnings of $13.2 billion—a 35% year-over-year rise—while its revenue of $40.7 billion was up 21% compared to last year. Wells Fargo’s revenues for the quarter were up by 20% compared to last year on the back of higher interest rates on loans.

Oil prices surged after Israel ramped up its counter-offensive in Gaza following deadly terror attacks by Hamas. Crude oil futures surged by 4% as did Brent crude futures.

The post Nasdaq & S&P Sink, Dow Rises Following Big Bank Earnings appeared first on theprimarymarket.com.

Net income overall rose to $5.77 billion, or $1.48 per share, over the third quarter from $3.59 billion, or 86 cents per share, the previous year, the bank reported on Friday.

The rampant rise in interest rates on US loans comes after the swiftest monetary policy tightening in 40 years in an effort to get resiliently steep inflation under control. The Federal Reserve revealed that its monetary policy will need to remain highly restrictive over the near term as it aims to cool inflation down to its 2% target.

The post Wells Fargo Profits Rise, Spurred By Loan Repayments appeared first on theprimarymarket.com.

This development is a reversal of the trend seen in the first three months of the year. Following the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank, account holders withdrew their funds from regional banks en masse in favor of depositing with the largest players in the banking sector.

Now that concerns of failure are subsiding, CFRA equity analyst Alexander Yokum feels that depositors are heading to those banks that pay the highest rates. “The regionals are winning the deposit battle right now because they’re willing to pay the most.”

“Ironically,” Yokum added, “the deposit outflows from the big banks is “actually a sign of strength”. For the week ending July 12, deposits at the largest U.S. banks fell by $78 billion; the largest drop since the week ending March 22.

The post Major U.S. Banks Showed Largest Q2 Deposit Declines appeared first on theprimarymarket.com.

The S&P 500 declined 0.1% on Friday as its banks’ index fell 0.9%. Still, the benchmark U.S. index posted a weekly gain of 2.4%, meaning that it is now up 17% for the year to date.

The tech-heavy Nasdaq Composite ended Friday 0.18% lower, while the Dow Jones Industrial Index gained 0.33%. For the week, both the Nasdaq and Dow Jones were up, advancing 3.3% and 2.3% respectively.

JPMorgan Chase was up 0.6% on Friday, while Wells Fargo shares declined by 0.3%. Citigroup stocks tumbled by 4% after the company reported a decline in its quarterly profits, As BlackRock fell 1.5% after reporting a decline in quarterly revenueof its own.

Overall, shares listed on the S&P 500 performed well this week, with 40 reaching new 52-week highs. On the Nasdaq Composite, 97 companies posted new 52-week highs.

The post Stocks End Week Lower As Banks Disappoint appeared first on theprimarymarket.com.

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. While consumer banking strengthened, Citigroup’s corporate and investment banking unit tanked, pushing overall profits down 36%. Their investment banking unit declined 24% in the second quarter.

JPMorgan’s consumer business also strengthened, with CEO Jamie Dimon telling analysts that “they are spending down their excess cash.” Still, the bank’s corporate business underperformed, contributing to a 6% decline in its investment banking fees from a year ago.

Goldman Sachs, due to release its second-quarter earnings on Wednesday, is expected to report a decline in its investment banking revenue of 32% as well as a 17% trade decline.

Morgan Stanley’s second-quarter results, due on Tuesday, are expected to show a 4% drop in investment banking and a 19% decline in trading.

The post Bank Results Serve As Warning Sign For Wall Street appeared first on theprimarymarket.com.

Before taking the position at Barclays, Birchenough last acted as the vice chairman of biopharma investment banking at Wells Fargo. This is not his first tenure with Barclays, however, having previously worked at the British investment bank as a research analyst with a focus on biotech companies.

During his earlier career, Birchenough also worked in similar roles in the biotech space at BMO Capital Markets and Lehman Brothers.

His new list of responsibilities at Barclays includes leading the bank’s global biopharma investment banking unit alongside Alexis de Rosnay, who joined Barclays last year.

“Jim has a real track record and it’s well known within the industry, both from his tenure as a banker and his tenure as a research analyst,” Richard Landgarten, global head of healthcare and real estate investment banking at Barclays said of Birchenough.

The post Barclays Announces Appointment of Wells Fargo & Co Executive appeared first on theprimarymarket.com.

With all three banks set to hold shareholder meetings on Tuesday, the topic of reduced fossil fuel spending is expected to be discussed. Last year, similar motions at banks’ meetings won the support of no more than 13% of voters.

Heidi Welsh, executive director of the Sustainable Investments Institute, believes that the upcoming votes will help to gauge how invested Wall Street firms have become in environmental, social, and governance (ESG) issues. “If you get at least 20%, then you’re in the game,” she commented.

Ben Cushing, a Sierra Club campaign director warned, however, that by bringing votes on ESG issues to the floor, major banks risk tarnishing their image with investors that they are effectively mitigating environmental risks.

The post Bank Of America, Citigroup, And Wells Fargo & Co. Call For Reduced Fossil Fuel Financing appeared first on theprimarymarket.com.

According to Bloomberg, Wells Fargo executives are currently working on a retreat plan that signals a shift in priorities for the company. It is believed that the bank intends to start the readjustment by cutting ties with the outside firms, which were a big generator of its mortgage revenue in the past.

At one point, Wells Fargo was handling one-third of home loans in the U.S., but that number is expected to be significantly smaller once the new policy kicks in. Reportedly, the bank will be focused on dealing with people that it has existing relationships with and places with a strong presence. Wells Fargo had $205 billion in new home loans last year compared to its closest rival JPMorgan’s 163 billion.

“Wells Fargo is committed to supporting our customers and communities through our home-lending business,” said the company in a statement when reached by Bloomberg for comment. “Like others in the industry, we’re evaluating the size of our mortgage business to adapt to a dramatically smaller originations market. We’re also continuing to look across the company to prioritize and best position us to serve our customers broadly.”

After Bloomberg’s report, Wells Fargo stock dropped 1.13% at one point. It is currently trading at $45.70 per share, which is almost 10% down year-to-date.

The post Wells Fargo Plans to Scale Down its Mortgage Business appeared first on theprimarymarket.com.

JPMorgan Chase, Wells Fargo, and Citigroup all posted higher profits for the third quarter than were expected. JPMorgan reported third-quarter earnings of $13.2 billion—a 35% year-over-year rise—while its revenue of $40.7 billion was up 21% compared to last year. Wells Fargo’s revenues for the quarter were up by 20% compared to last year on the back of higher interest rates on loans.

Oil prices surged after Israel ramped up its counter-offensive in Gaza following deadly terror attacks by Hamas. Crude oil futures surged by 4% as did Brent crude futures.

The post Nasdaq & S&P Sink, Dow Rises Following Big Bank Earnings appeared first on theprimarymarket.com.

Net income overall rose to $5.77 billion, or $1.48 per share, over the third quarter from $3.59 billion, or 86 cents per share, the previous year, the bank reported on Friday.

The rampant rise in interest rates on US loans comes after the swiftest monetary policy tightening in 40 years in an effort to get resiliently steep inflation under control. The Federal Reserve revealed that its monetary policy will need to remain highly restrictive over the near term as it aims to cool inflation down to its 2% target.

The post Wells Fargo Profits Rise, Spurred By Loan Repayments appeared first on theprimarymarket.com.

This development is a reversal of the trend seen in the first three months of the year. Following the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank, account holders withdrew their funds from regional banks en masse in favor of depositing with the largest players in the banking sector.

Now that concerns of failure are subsiding, CFRA equity analyst Alexander Yokum feels that depositors are heading to those banks that pay the highest rates. “The regionals are winning the deposit battle right now because they’re willing to pay the most.”

“Ironically,” Yokum added, “the deposit outflows from the big banks is “actually a sign of strength”. For the week ending July 12, deposits at the largest U.S. banks fell by $78 billion; the largest drop since the week ending March 22.

The post Major U.S. Banks Showed Largest Q2 Deposit Declines appeared first on theprimarymarket.com.

The S&P 500 declined 0.1% on Friday as its banks’ index fell 0.9%. Still, the benchmark U.S. index posted a weekly gain of 2.4%, meaning that it is now up 17% for the year to date.

The tech-heavy Nasdaq Composite ended Friday 0.18% lower, while the Dow Jones Industrial Index gained 0.33%. For the week, both the Nasdaq and Dow Jones were up, advancing 3.3% and 2.3% respectively.

JPMorgan Chase was up 0.6% on Friday, while Wells Fargo shares declined by 0.3%. Citigroup stocks tumbled by 4% after the company reported a decline in its quarterly profits, As BlackRock fell 1.5% after reporting a decline in quarterly revenueof its own.

Overall, shares listed on the S&P 500 performed well this week, with 40 reaching new 52-week highs. On the Nasdaq Composite, 97 companies posted new 52-week highs.

The post Stocks End Week Lower As Banks Disappoint appeared first on theprimarymarket.com.

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. While consumer banking strengthened, Citigroup’s corporate and investment banking unit tanked, pushing overall profits down 36%. Their investment banking unit declined 24% in the second quarter.

JPMorgan’s consumer business also strengthened, with CEO Jamie Dimon telling analysts that “they are spending down their excess cash.” Still, the bank’s corporate business underperformed, contributing to a 6% decline in its investment banking fees from a year ago.

Goldman Sachs, due to release its second-quarter earnings on Wednesday, is expected to report a decline in its investment banking revenue of 32% as well as a 17% trade decline.

Morgan Stanley’s second-quarter results, due on Tuesday, are expected to show a 4% drop in investment banking and a 19% decline in trading.

The post Bank Results Serve As Warning Sign For Wall Street appeared first on theprimarymarket.com.

Before taking the position at Barclays, Birchenough last acted as the vice chairman of biopharma investment banking at Wells Fargo. This is not his first tenure with Barclays, however, having previously worked at the British investment bank as a research analyst with a focus on biotech companies.

During his earlier career, Birchenough also worked in similar roles in the biotech space at BMO Capital Markets and Lehman Brothers.

His new list of responsibilities at Barclays includes leading the bank’s global biopharma investment banking unit alongside Alexis de Rosnay, who joined Barclays last year.

“Jim has a real track record and it’s well known within the industry, both from his tenure as a banker and his tenure as a research analyst,” Richard Landgarten, global head of healthcare and real estate investment banking at Barclays said of Birchenough.

The post Barclays Announces Appointment of Wells Fargo & Co Executive appeared first on theprimarymarket.com.

With all three banks set to hold shareholder meetings on Tuesday, the topic of reduced fossil fuel spending is expected to be discussed. Last year, similar motions at banks’ meetings won the support of no more than 13% of voters.

Heidi Welsh, executive director of the Sustainable Investments Institute, believes that the upcoming votes will help to gauge how invested Wall Street firms have become in environmental, social, and governance (ESG) issues. “If you get at least 20%, then you’re in the game,” she commented.

Ben Cushing, a Sierra Club campaign director warned, however, that by bringing votes on ESG issues to the floor, major banks risk tarnishing their image with investors that they are effectively mitigating environmental risks.

The post Bank Of America, Citigroup, And Wells Fargo & Co. Call For Reduced Fossil Fuel Financing appeared first on theprimarymarket.com.

According to Bloomberg, Wells Fargo executives are currently working on a retreat plan that signals a shift in priorities for the company. It is believed that the bank intends to start the readjustment by cutting ties with the outside firms, which were a big generator of its mortgage revenue in the past.

At one point, Wells Fargo was handling one-third of home loans in the U.S., but that number is expected to be significantly smaller once the new policy kicks in. Reportedly, the bank will be focused on dealing with people that it has existing relationships with and places with a strong presence. Wells Fargo had $205 billion in new home loans last year compared to its closest rival JPMorgan’s 163 billion.

“Wells Fargo is committed to supporting our customers and communities through our home-lending business,” said the company in a statement when reached by Bloomberg for comment. “Like others in the industry, we’re evaluating the size of our mortgage business to adapt to a dramatically smaller originations market. We’re also continuing to look across the company to prioritize and best position us to serve our customers broadly.”

After Bloomberg’s report, Wells Fargo stock dropped 1.13% at one point. It is currently trading at $45.70 per share, which is almost 10% down year-to-date.

The post Wells Fargo Plans to Scale Down its Mortgage Business appeared first on theprimarymarket.com.