JPMorgan: storm blows over
The London Whale scandal, questions over risk oversight and the allegations of misleading regulators and investors did not sway belief in Jamie Dimon
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FCA fines JPMorgan £3.1m
Financial Conduct Authority finds bank failed to keep up-to-date files, which put customers at risk of receiving unsuitable investment advice
Goldman reforms focus on customers
Bankers’ pay and bonuses will also be more closely linked with their ability to protect the bank’s reputation, Goldman says in a new report
Dimon victory despite investor backlash
Investors targeted their disapproval at the bank’s independent directors in an unusually large vote against the re-election of Ellen Futter, David Cote and James Crown
Dimon escapes but directors feel force of investor anger
Given a choice between sending a message to the board and rebuking their still-popular chief executive, JPMorgan investors chose to slap the directors
Goldman sells final $1.1bn stake in ICBC
The US bank is selling its stake in Industrial and Commercial Bank of China, taking total profits on its initial investment to over $7.3bn
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Comment and analysis
ICBC / Goldman Sachs: farewell
The deal performed on a private equity basis. Although its success was not certain Goldman took a risk and was rewarded. But now it’s time to move on
C&I loans: the good, the bad & the ugly
US banks are loosening their purse strings again, with commercial and industrial loans not too far from the $1.6tn pre-crisis peak
Brown-Vitter cannot fix US banks by itself
Instead of the American tax code taking a whack out of big finance’s equity, there should be introduction of a tax on bank debt, says Mark Roe
KeyCorp: cut and pay
Once the regional US bank reaches its goal it will need to aim lower to keep boosting the share price
JPMorgan: blubber ahoy
US bank will not like bowing to populist pressure, but surely it should reshuffle now while markets are calm and the breeze steady
Earnings news
Morgan Stanley
April18: A slowdown in trading activity in the first quarter lead the securities group to report lower revenues, but cost controls help it record higher profits
Goldman Sachs
April 16: Net income at the US bank rises 7% to $2.3bn in the first quarter, as an uptick in corporate debt issuance offsets a decline in trading revenues
Bank of America
April 17: Second-biggest US bank reports a decline in revenue in consumer, mortgage and investment banking divisions, and further clean-up costs over bad loans
Citigroup
April 15: Analysts had expected about $3.5bn and the outperformance was driven by a strong investment bank result and an improving credit outlook in North America
Wells Fargo
April 12: The record profit for the bank came despite a revenue decline of 2 per cent to $21.3bn as margins were squeezed by low interest rates
JPMorgan
April 12: Jamie Dimon warns that despite signs the US economy is “healthy and getting stronger”, “loan growth across the industry has been softer this quarter’’
Multimedia
Changing landscape of US banks
An interactive timeline focusing on three of the largest bank mergers in decades that took place in the aftermath of the collapse of Lehman Brothers
Stress tested
Interactive chart: see how large US banks would fare under adverse conditions according to the Fed’s Supervisory Capital Assessment Program
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