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The Swiss bank posted the biggest quarterly profit on record thanks to an accounting gain related to its acquisition of Credit Suisse, but weak performance at its former rival hints at a long road back to growth
Imminent half year results will reveal whether the new Swiss bank is a hastily patched monster or a new financial powerhouse
Banks are determined to stick to their growth plans as they see cause for optimism in investment banking thanks to increasing confidence and a growing pipeline of deals
Wall Street is urging the Fed to be cautious despite the regulator hinting higher capital requirements are coming
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Morgan Stanley reported profits of $1.6bn for the second quarter of 2016 compared with $1.8bn in the prior year quarter. -
Bank of America Merrill Lynch kept pace with JP Morgan and Citi in the second quarter earnings announcements, with profits up across all four divisions, and especially so in the banking and markets divisions.
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Citi on Friday announced a drop in earnings during the second quarter, with CEO Michael Corbat blaming heightened uncertainty in light of recent geopolitical events, even as the bank beat analyst estimates and reported higher trading revenue in fixed income.
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Banks are set to get a big boost in their markets divisions in their second quarter earnings, if they follow JP Morgan's lead. The US bank, the first to report second quarter earnings, posted a profit increase of 23% in markets after volatility and volumes surged in the aftermath of the UK vote to leave the European Union.
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Reporting on earnings for a chaotic second quarter, JPMorgan set a dulcet tone for bank earnings season, showing steady rise on profits in all but two of the banks’ units, and with group profit down only $90m from June last year.
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Royal Bank of Canada’s capital markets division reported a 7% year-on-year fall in profits in its second quarter results as trading and origination activity declined but strong M&A activity buoyed the division.
