Banks

EXCLUSIVE U.S. SEC opens inquiry into Wall Street banks’ staff communications -sources

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WASHINGTON, Oct 12 (Reuters) – The U.S. Securities and Exchange Commission (SEC) has opened a broad inquiry into how Wall Street banks are keeping track of employees’ digital communications, three people familiar with the matter told Reuters.

SEC enforcement staff contacted multiple banks in recent weeks to check whether they have

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Wall Street banks set to profit again when Fed withdraws pandemic stimulus

A street sign for Wall Street is seen outside of the New York Stock Exchange (NYSE) in New York City, New York, U.S., June 28, 2021. REUTERS/Andrew Kelly/File Photo

NEW YORK, Oct 15 (Reuters) – Wall Street banks have been among the biggest beneficiaries of the pandemic-era trading boom, fueled by the Federal Reserve’s massive injection of cash into financial markets.

With the central bank nearing the time when it will start winding down its asset purchases, banks are set to profit again as increased volatility encourages clients to buy and sell more stocks and bonds, analysts, investors and executives

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Wall Street banks go into earnings season under a cloud of rising costs

The largest US banks report earnings this week under pressure to rein in ballooning costs, with Wall Street lenders being squeezed by rising pay and heaving spending on technology to compete with fintech challengers.

Both JPMorgan Chase and Bank of America, two industry bellwethers, have already raised their outlooks for expenses multiple times for this year. Now costs have emerged as “a great wild card for the quarter and for the outlook” of the industry, says John McDonald, senior analyst for large-cap banks at Autonomous Research.

For the third quarter, analysts expect bank earnings will be propped up by fees

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Facebook, Xiaomi eye $1 trillion mkt as they plan digital loans | Banks News

Several big tech firms are now focusing on digital payments in India as online transactions surged during the pandemic.

India’s digital loan market is becoming a battleground for companies from Facebook Inc. to Xiaomi Corp., seeking a foothold in what’s set to be a $1 trillion industry.

Facebook this month said India would be the first country where it rolls out its small business loan program offering loans via a partner to firms that advertise on its platform. The loans will range from 500,000 rupees ($6,720) to 5 million rupees with interest rates of 17%-20%, potentially without collateral.

The social

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US guidance to development banks puts gas infrastructure finance in question

Gas-fired power projects in Thailand and South Africa could be affected by a shift in US development finance policy to back clean energy over fossil fuels

The US Treasury has instructed representatives at multilateral development banks to support clean energy projects over fossil fuels, putting the fate of several gas projects in the balance.

The guidance issued this week rules out US support for coal and oil across the value chain and gas production – with rare exceptions for oil use in a humanitarian crisis or as backup for off-grid clean energy.

It calls on MDB staff to prioritise clean

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Wall Street investment banks cut China growth forecasts

LONDON, Aug 9 (Reuters) – Wall Street banks Goldman Sachs (GS.N), JPMorgan (JPM.N) and Morgan Stanley (MS.N) all cut their China growth forecasts on Monday, after export growth slowed unexpectedly and on concerns that the resurgent coronavirus could crimp economic activity.

Chinese trade data released over the weekend undershot forecasts, while figures out on Monday showed inflation rising in the country’s factory sector, potentially adding extra strains. read more

JPMorgan reduced its quarter-on-quarter growth estimate for the third three months of the year to 2.0% from 4.3%, and trimmed its full-year forecast to 8.9% from 9.1%.

Morgan Stanley lowered its

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Morgan Stanley joins other Wall Street banks in lifting junior pay

Morgan Stanley updates

Morgan Stanley is increasing salaries for its junior investment bankers, making it the latest Wall Street bank to lift pay following complaints about the industry’s gruelling working conditions.

Morgan Stanley staff were told on Wednesday that first-year investment bank analysts would earn $100,000 per year with second-year analysts taking home $105,000, according to a person familiar with the matter. Previously, they earned $85,000 and $90,000, respectively. This does not include any bonuses, which are common in investment banking.

Morgan Stanley chief

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Banks on Wall Street report bumper second-quarter profits

BANK BOSSES were full of good cheer as they reported their second-quarter earnings on July 13th and 14th. “The consumer…their house value is up, their stocks are up, their incomes are up, their savings are up…they’re raring to go,” said Jamie Dimon, the boss of JPMorgan Chase, when analysts asked about the risk that economic growth might slow in the coming months. David Solomon, the chief executive of Goldman Sachs, sounded upbeat when asked if an executive order from the White House seeking to increase competition among businesses might cool feverish dealmaking activity: “I’m encouraged by the fact that

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Wall Street hits another record; energy stocks, banks gain

Damian J. Troise and Alex Veiga

Stocks finished broadly higher on Wall Street Thursday, adding to the gains that helped the market close out its best first half of a year since the dotcom bubble.

The S&P 500 rose 0.5%, marking its sixth straight gain and fourth consecutive record high. The price of U.S. crude oil rose more than 2%, giving a boost to energy companies. Bond yields edged higher and helped lift bank stocks. Health care and communication companies also helped lift the market. The consumer staples sector was the only laggard, weighed down by a pullback in shares

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Sensex Ends Flat, Nifty Holds Above 15,750; Banks, Fmcg Drag; Smallcaps Outperform

Market At Close | Here are the highlights of today’s trading session

– Market Fails To Hold Opening Gains As Banks & RIL Slip

– Sensex Slips From Intra-day Record High Of 53,057 To Close Near Flatline

– Nifty Banks Falls More Than 530 Pts From Highs; All Constituents Lower

– Sensex Ends 32 Points Lower At 52,542 & Nifty 26 Pts Higher At 15,773

– Nifty Bank Slips 126 Points To 34,745 & Midcap Index 28 Pts To 26,733

– Market Breadth Remains In Favour Of Advances; Advance-Decline Ratio At 3:2

– Auto Stocks Gain On An Expectation Of

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