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Search resuls for: "Saeed Azhar Noor Zainab Hussain"


3 mentions found


☆ U.S. banks warn of recession as inflation hurts consumers; shares fall
  + stars: | 2022-12-06 | by ( Saeed Azhar Noor Zainab Hussain | Saeed Azhar | Noor Zainab Hussain | ) www.reuters.com   time to read: +3 min
NEW YORK, Dec 6 (Reuters) - The biggest U.S. banks are bracing for a worsening economy next year as inflation threatens consumer demand, according to executives Tuesday. "Those things might very well derail the economy and cause this mild to hard recession that people are worried about," he said. Consumers have $1.5 trillion in excess savings from pandemic stimulus programs, but it may run out some time in mid-2023, he told CNBC. Major banks' shares fell sharply on the day after a lineup of top bankers outlined the risks for the economy. "Economic growth is slowing," Goldman Sachs CEO David Solomon said at the same conference.
☆ Wall Street banks' profits slide, brace for weaker economy
  + stars: | 2022-10-14 | by ( Saeed Azhar Noor Zainab Hussain Niket Nishant | Saeed Azhar | Noor Zainab Hussain | ) www.reuters.com   time to read: +3 min
JPMorgan reported a 17% drop in third-quarter profit to $9.74 billion, although that was less than had been feared. Banks set aside more money in preparation for a hit from a potential economic slowdown. While investment banking and investment management were impacted by the market environment, he said fixed income and equity divisions "navigated challenging markets well." Morgan Stanley's earnings showed that investment banking revenue more than halved to $1.23 billion with declines across the bank's advisory, equity and fixed income segments. Corporations' interest in mergers, acquisitions and initial public offerings dried up, particularly hitting banks strong in investment banking.
☆ Wall Street banks' profits slide as economic clouds loom, some beat forecasts
  + stars: | 2022-10-14 | by ( Saeed Azhar Noor Zainab Hussain Niket Nishant | Saeed Azhar | Noor Zainab Hussain | ) www.reuters.com   time to read: +6 min
REUTERS/Andrew KellyOct 14 (Reuters) - Profits slid at Wall Street's biggest banks in the third quarter as they braced for a weaker economy while investment banking was hit hard, but investors saw a silver lining with some banks beating estimates. Banks set aside more money in preparation for a hit from a potential economic slowdown. Marinac said investors would want to see banks build reserves at this point in the economic cycle. Morgan Stanley's earnings showed that investment banking revenue more than halved to $1.3 billion with declines across the bank's advisory, equity and fixed income segments. Corporations' interest in mergers, acquisitions and initial public offerings dried up, particularly hitting banks strong in investment banking.
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