Goldman Sachs smashes profit expectations as global M&A and SPAC boom pushes fees higher April 14, 2021 Goldman Sachs smashes profit expectations on global M&A and SPAC boom
JP Morgan profit soars on higher investment banking fees April 14, 2021 JP Morgan reported a surge in profit in the first quarter boosted by a strong performance in its trading and investment banking divisions. The Wall Street bank posted net income of $14.3bn in the first three months of the year, up from $2.9bn a year earlier. JP Morgan’s performance was driven by the release of [...]
Glass Lewis opposes re-election of Credit Suisse’s risk chairman April 13, 2021 Proxy adviser Glass Lewis has called on Credit Suisse shareholders to oppose the re-election of board member Andreas Gottschling amid the Greensill and Archegos fallout. The Swiss bank has been mired in controversy in recent weeks due to its exposure to Archegos Capital Management which failed to meet its margin commitments. It came shortly after [...]
Exclusive: London’s fintech bubble is ‘close to popping,’ warns Reed Smith partner April 13, 2021 A coalition of London fintech firms recently called on the Financial Conduct Authority to end the dominance of banks over the use of consumer data this year. They argue it would increase competition in the savings, credit, mortgages and pensions markets. Howard Womersley Smith, an expert fintech and data lawyer at Reed Smith in the [...]
Goldman Sachs to open Birmingham office later this year April 13, 2021 Goldman Sachs plans to open an office in Birmingham, with the investment bank hoping to have the new office up and running by the third quarter of 2021. The Birmingham office will initially be a shared space in the city centre, ahead of plans to move to a new and yet to be determined Birmingham [...]
Banks start process to claw back billions from Covid loans April 12, 2021 Some of Britain’s biggest lenders have begun sending letters to customers, warning them that repayments for crisis loans will soon be expected. HSBC, Barclays, NatWest and Lloyds have each begun sending letters to customers, the Mail on Sunday first revealed, with the first set repayments due to start in just two weeks. Banks handed out [...]
The Week Ahead: Tesco, Coinbase IPO, JD Sports, JPMorgan, Goldman Sachs April 12, 2021 Some of the biggest banks are set to report earnings this week, with JPMorgan, Wells Fargo and Goldman Sachs all due on Wednesday. On a macro level, Tuesday’s UK GDP figures and inflation data from the US are undoubtedly going to be important. Meanwhile, the largest US cryptocurrency exchange, Coinbase, goes public. Morning Wire looks at [...]
BlackRock and Mustier’s blank cheque firm eye Credit Suisse fund management arm April 9, 2021 BlackRock and Jean-Pierre Mustier’s blank-check firm are among investors expressing interest in Credit Suisse’s asset management arm, three sources told Reuters, as the Swiss lender explores options for the unit after a run of costly scandals. U.S. investment firm State Street Corp is also eyeing a rival bid for all or part of the Swiss [...]
More money into stocks in the past five months than the last 12 years, BofA says April 9, 2021 Investors have injected more money into equity funds in the last five months than over the last 12 years, according to Bank of America data. An eyewatering $576bn has been invested since December, over the peak of the GameStop surge, and topped the $452bn that had been raised over 12 years. The Bank of America’s [...]
Bank of America to hike salaries for junior bankers amid lifestyle scrutiny April 8, 2021 Bank of America today said it will raise the salaries of its junior investment bankers amid growing scrutiny over working conditions at major banks. The lender said the pay boost, which will come into effect next month, reflects the heightened workload caused by a flurry of dealmaking during the pandemic. “Given our ongoing remote work [...]