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Search resuls for: "Hugh Son Jesse Pound"


3 mentions found


☆ Silicon Valley Bank drops another 45%, weighing on the bank sector again
  + stars: | 2023-03-10 | by ( John Melloy Hugh Son Jesse Pound | John Melloy | Hugh Son | ) www.cnbc.com   time to read: +3 min
In this photo illustration of the TradingView stock market chart of SVB Financial Group seen displayed on a smartphone with the SVB Financial Group logo in the background. Shares of SVB Financial Group , known as Silicon Valley Bank, tumbled for a second day Friday and weighed on the whole banking sector again on fears more banks would incur heavy losses on their bond portfolios. The SPDR S&P Regional Banking ETF was off another 1.5% Friday following an 8% tumble on Thursday. Signature Bank , which does a lot of business with the crypto sector, was off 4% in premarket trading following a 12% tumble Thursday. On Thursday, the bank was worth $6.3 billion with that value set to drop even more when trading begins Friday.
☆ Bank of America tops expectations as higher rates help offset declines in investment banking
  + stars: | 2023-01-13 | by ( Hugh Son Jesse Pound | Hugh Son | Jesse Pound | ) www.cnbc.com   time to read: +1 min
Bank of America reported fourth-quarter results on Friday that showed higher interest rates helped the Wall Street giant make up for a sharp slowdown in investment banking. Expectations were running high that Bank of America would post gains in interest income thanks to higher rates and loan growth in the fourth quarter. The bank reported $14.7 billion of net interest income, up 29% year over year but slightly below Wall Street expectations of $14.9 billion, according to StreetAccount. Bank of America, led by CEO Brian Moynihan, was supposed to be one of the main beneficiaries of the Federal Reserve's rate-boosting campaign. On the consumer banking front, Bank of America reported that balances were roughly flat, while credit card and debit spending rose 5% year over year.
☆ Citigroup reports 25% decline in third-quarter profits but tops revenue expectations
  + stars: | 2022-10-14 | by ( Hugh Son Jesse Pound | Hugh Son | Jesse Pound | ) www.cnbc.com   time to read: +3 min
The bank reported $18.51 billion in revenue versus the $18.25 billion expected by analysts, according to Refinitiv. On the trading front, Citigroup reported $3.06 billion in fixed income revenue and $1.01 billion in equities revenue. Citigroup reported a $520 million pretax benefit in the third quarter related to the divestiture of its Asia consumer business. Like the rest of the industry, Citigroup is also contending with a sharp decline in investment banking revenue. The bank reported $631 million in investment banking revenue for the third quarter, down more than 60% year over year.
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