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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Indonesia’s ‘born-again’ Muslims quit banks for Islamic finance | Banks News

A rise in religious conservatism in Indonesia is drawing talent away from what some view as “un-Islamic” jobs in banking, industry professionals say, creating hiring woes for conventional banks but a boon for the country’s fledgeling Islamic finance sector.

The trend comes amid a broader societal change in the world’s biggest Muslim-majority country, driven by millions of young, “born-again” Muslims embracing stricter interpretations of Islam.

Reuters spoke to a dozen industry sources about how concern over Islamic law barring exploitative interest payments, known as “riba”, is reverberating through the world of Indonesian finance.

Since 2018, hiring for banks and fintech

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Banks Releasing Loan Reserves Face Tricky Accounting Estimates as Economy Improves

Banks and other financial institutions are devising how to release large loan reserves under an accounting rule that complicates the task of calculating them.

To do so, executives at companies including

JPMorgan Chase

& Co. and

Citizens Financial Group Inc.

are scrutinizing metrics such as credit quality and loan growth to help estimate the level of future reserves amid the continuing economic uncertainty.

Many lenders bulked up their loan reserves this time last year to prepare for potential defaults during the onset of the pandemic, cutting into profits. Banks’ provisions for credit losses totaled $61.91 billion in the second quarter

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Wall Street Banks’ Back to Office Plans, Dates to Know

  • Some Wall Street banks are gearing up to get more workers back to office this summer. 
  • Goldman Sachs is reopening its US offices on June 14 and its UK offices a week later.
  • Here’s the latest on what big banks are telling employees. 
  • See more stories on Insider’s business page.

Some Wall Street banks are pushing ahead to get employees back in the office by mid-summer. 

After more than a year at home, during which bankers and traders had to adjust to dealmaking over Zoom and trading remotely, firms are setting timelines and procedures to bring employees back to the

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With Earnings Soaring, Wall Street Banks See Economic Boom Ahead

Strength in the banks’ investing, lending and trading businesses added to the euphoria. All three reported robust revenues across multiple lines of business, driven by a combination of active and rising markets, a flurry of new mortgage activity and the boom in special-purpose acquisition companies, or SPACs. Corporate merger and acquisition activity also marked an all-time high by dollar value.

Goldman — a dominant player in corporate advisory services and in markets — reported a doubling of revenue to $17.7 billion, from $8.7 billion, thanks to double-digit percentage gains in

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China reins in tech giants to curb push into financial system | Banks News

Under new rules, firms including Tencent, ByteDance must subject themselves to tougher financial regulations.

Chinese regulators imposed wide-ranging restrictions on the fast-growing financial divisions of 13 companies including Tencent Holdings Ltd. and ByteDance Ltd., leveling many of the same curbs employed against Jack Ma’s Ant Group Co. in a crackdown on the tech sector.

Units of Inc., Meituan and Didi Chuxing were also among firms summoned to a meeting with several watchdogs including the central bank, which spelled out a raft of requirements including stricter compliance when listing abroad and curbs on information monopolies and the gathering of personal

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UBS, Deutsche Bank to Show If Europe Banks Matched Wall Street

European lenders are about to show investors if they can ride the pandemic-induced wave of investment banking revenue that propelled U.S. peers to a record quarter.

While Credit Suisse Group AG kicked off Europe’s bank earnings season on Thursday, its gains in trading and advising on deals were a sideshow given blow-ups related to Greensill Capital and Archegos Capital Management. This week, four of the biggest securities firms are up.

The focus will be on Deutsche Bank AG’s ongoing efforts to regain market share in debt trading, UBS Group AG’s performance in wealth management and Barclays Plc’s ability to bolster

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Wall Street Banks Say Time for Loan Market to Ditch the Fax

(Bloomberg) — A corner of the debt capital markets known for still sending official notifications via email and even the occasional fax is poised for a modern update.

Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. are developing a new platform for the $4 trillion syndicated loan market that would let lenders access data across their portfolio all in one place. Currently, lenders receive a hodgepodge of updates on each individual loan — interest payment notices and requests for amendments, for example. It’s a headache for investors who often have to manually update that data into their

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