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July 14 (Reuters) - JPMorgan Chase (JPM.N) reported a bigger-than-expected jump in second-quarter profit as it earned more from borrowers' interest payments and benefited from the purchase of First Republic Bank. The bank bought a majority of failed First Republic Bank's assets in a government-backed deal in May after weeks of industry turbulence. That bolstered its net interest income (NII), which measures the difference between what banks earn on loans and pay out on deposits. The bank's NII, which has also been gaining from high interest rates, was $21.9 billion, up 44%, or up 38% excluding First Republic. JPMorgan plans to cut around 500 jobs across different divisions, a source familiar with the matter told Reuters in May.

Persons: JPMorgan Chase, Jamie Dimon, Octavio Marenzi, Dimon, Niket Nishant, Noor Zainab Hussain, Nupur Anand, Bansari Mayur, Lananh Nguyen, Saumyadeb Organizations: JPMorgan, First Republic Bank, First Republic, Wall, Investment, Reuters, Thomson Locations: Ukraine, Republic, Federal, Bengaluru, New York

☆ Citigroup profit drops 36% as trading slump casts cloud over earnings
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

July 14 (Reuters) - Citigroup's (C.N) profit tumbled 36% in the second quarter as weakness in the Wall Street bank's trading business blunted gains from its personal banking and wealth management unit. Wall Street traders have hit a rough patch, joining investment bankers whose businesses have been weighed down for months by a slump in dealmaking. While its Wall Street operations dragged, the lender's consumer business helped partly offset some of the weakness. Revenue from its personal banking and wealth management division climbed 6% to $6.4 billion, including an 8% gain for branded cards to $2.4 billion. Net income sank to $2.92 billion, or $1.33 per share, in the three months to June 30, the bank reported on Friday.

Persons: JPMorgan Chase, Wells, Mehnaz Yasmin, Sriraj Kalluvila, Lananh Nguyen Organizations: Wall, JPMorgan, First Republic Bank, Thomson Locations: dealmaking, Bengaluru

☆ Trump a no-show at Iowa evangelical forum, leaving opening for 2024 rivals
▼ + stars: | 2023-07-14 | by ( James Oliphant | ) www.reuters.com time to read: +2 min

[1/2] Former U.S. President and Republican presidential candidate Donald Trump attends a campaign event in Council Bluffs, Iowa, U.S., July 7, 2023. Iowa will hold the first Republican nominating contest on Jan. 15, when voters will select their preferences to take on Democratic President Joe Biden in November 2024. With a national poll lead of around 30 percentage points, Trump appears to want to engage with Iowa voters on his own terms. After he was criticized for skipping the evangelical event, his campaign announced that he will return to Iowa for a town hall next week. Reynolds is expected to appear at the forum on Friday and sign the six-week abortion ban passed this week by the Iowa legislature.

Persons: Donald Trump, Scott Morgan, Joe Biden, Ron DeSantis, Mike Pence, Nikki Haley, Tim Scott, Tucker Carlson, Trump's, Trump, Kim Reynolds, Bob Vander Plaats, Reynolds, Cody Hoefert, James Oliphant, Colleen Jenkins, Alistair Bell Organizations: U.S, Republican, REUTERS, Democratic, United, Fox News Channel, Trump, Iowa, Twitter, Republican Party, Thomson Locations: Bluffs , Iowa, U.S, Iowa, Florida

☆ JPMorgan’s Profit Jumps 67% After First Republic Rescue
▼ + stars: | 2023-07-14 | by ( David Benoit | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ JPMorgan, Wells Fargo prepare for losses on office loans
▼ + stars: | 2023-07-14 | by ( Matt Tracy | ) www.reuters.com time to read: +3 min

July 14 (Reuters) - JPMorgan Chase (JPM.N) and Wells Fargo (WFC.N) said on Friday they set aside more money for expected losses from commercial real estate loans, in the latest sign that stress is building up in the sector. Wells Fargo reported higher losses in CRE due to its office loan portfolio. "While we haven't seen significant losses in our office portfolio to-date, we are reserving for the weakness that we expect to play out in the market over time," Wells Fargo CEO Charlie Scharf said. The bank, which acquired First Republic Bank in May, reported $1.1 billion in credit loss provisions driven by its office portfolio. Some $20 billion of office commercial mortgage-backed securities, which bundle together individual loans, mature in 2023, according to real estate data provider Trepp.

Persons: JPMorgan Chase, Wells, Wells Fargo, Charlie Scharf, Jeremy Barnum, Matt Tracy, Michelle Price, Lananh Nguyen, Nick Zieminski Organizations: JPMorgan, Republic Bank, U.S, Federal, Regulators, McKinsey Global Institute, McKinsey, Thomson Locations: Wells, CRE, U.S

☆ JPMorgan Chase is set to report second-quarter earnings — here’s what the Street expects
▼ + stars: | 2023-07-14 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

JPMorgan Chase is scheduled to report second-quarter results before the opening bell Friday, kicking off the banking industry's earnings season. Here's what Wall Street expects, according to analysts' estimates:Earnings: $4 per share, according to RefinitivRevenue: $38.96 billion, according to RefinitivTrading revenue: Fixed income $4.12 billion, equities $2.41 billion, according to StreetAccountInvestment banking revenue: $1.42 billionNet interest income: $21.21 billionJPMorgan has been a standout recently on several fronts. Last month, several regional banks disclosed lower-than-expected interest revenue, and analysts expect more banks to do the same in coming weeks. In May, JPMorgan said revenue from those Wall Street activities was headed for a 15% decline from a year earlier. Wells Fargo and Citigroup are scheduled to release results later Friday, while Bank of America and Morgan Stanley report Tuesday.

Persons: Jamie Dimon, JPMorgan Chase, That's, Banks, sidestep downturns, Morgan Stanley, Goldman Sachs Organizations: JPMorgan, U.S, Capitol, New Democrat Coalition, Washington , D.C, Refinitiv Revenue, Investment, KBW, Republic, Citigroup, Bank of America Locations: Washington ,, Wells Fargo

☆ Your Guide to Second-Quarter Bank Earnings
▼ + stars: | 2023-07-14 | by ( ) www.wsj.com time to read: 1 min

JPMorgan's profit jumped after it rescued First Republic. (Clarissa Bonet for The Wall Street Journal)Bank earnings have started to roll in, with early-morning reports from JPMorgan, Citigroup and Wells Fargo. The question at the top of everyone's mind: Is Bank Crisis '23 over? Things have calmed down since March, when Silicon Valley Bank and Signature Bank collapsed in spectacular fashion. First Republic's demise, which followed in early May, was supposed to be the finale.

Persons: Clarissa Bonet Organizations: Wall, Bank, JPMorgan, Citigroup, Silicon Valley Bank, Signature Bank Locations: Republic, Wells Fargo

☆ JPMorgan’s Profit Jumps, but Interest Rates Remain a Threat
▼ + stars: | 2023-07-14 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

Why It MattersGiven its size, JPMorgan is a proxy for the banking industry at large. Jamie Dimon, the bank’s chief executive, has deep political connections and his prognostications on the economy are scrutinized in some circles as closely as a central banker’s musings. On Friday, in a statement, Mr. Dimon said the U.S. economy was “resilient,” echoing language he has used repeatedly this year, but listed a litany of risks, including that consumers are burning through their cash buffers and that inflation remains high. BackgroundJPMorgan and Mr. Dimon have been all over the news this year, thanks to their prominent role as an attempted stabilizing force during the spring’s banking crisis that felled three smaller lenders. What’s NextThe next week or so will see a slew of other banks report their quarterly earnings.

Persons: Jamie Dimon, Dimon, Goldman Sachs Organizations: JPMorgan, Treasury, Western Alliance and Comerica Locations: U.S, Republic

UnitedHealth Group (UNH.N) jumped 7.2% after the health insurer's quarterly profit beat analysts' average estimate, as the industry bellwether's expenses came in lower than feared. Wells Fargo (WFC.N) gained 0.8% after reporting a 57% rise in quarterly profit. Citigroup (C.N) fell 2.9% after the lender's quarterly profit tumbled 36% as weakness in its trading business blunted gains in its personal banking and wealth management unit. The S&P 500 banks index (.SPXBK) shed 0.8%, erasing early gains. Of the 30 companies in the S&P 500 index that have reported earnings to date, 80% beat analysts' expectations, as per Refinitiv Data.

Persons: Wells, JPMorgan Chase, First Republic Bank . Wells Fargo, Banks, They've, Robert Pavlik, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty, Sriraj, Maju Samuel, Vinay Dwivedi Organizations: JPMorgan, Dow, Nasdaq, Wall Street, UnitedHealth, JPMorgan Chase, Rivals, First Republic Bank . Wells, Dakota Wealth, Citigroup, BlackRock, Dow Jones, Microsoft, UBS, Nvidia, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

Jamie Dimon, the bank’s chief executive, has deep political connections, and his prognostications on the economy are scrutinized in some circles as closely as a central banker’s musings. The U.S. economy “continues to perform better than many had expected,” said Charles W. Scharf, the bank’s chief executive. Unlike the other banks, Citigroup reported a fall in second-quarter profit, although the decline was not as severe as analysts had predicted. The U.S. government debt-limit standoff in April and May was also reflected in the banks’ results, with Citi citing anxiety during the negotiations as pushing investment-banking clients to the “sidelines” during the second quarter. What’s NextIn the next week or so, a slew of other banks will report quarterly earnings.

Persons: Jamie Dimon, Dimon, didn’t, ”, Wells, “, Charles W, Scharf, Jane Fraser, Goldman Sachs Organizations: JPMorgan, Treasury, Citigroup, Citi, Western Alliance and Comerica Locations: U.S, Wells Fargo, Republic

☆ What layoffs? JPMorgan Chase is growing headcount in every division despite a dealmaking drought and possible economic slowdown.
▼ + stars: | 2023-07-14 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Wall Street has suffered severe layoffs amid a dealmaking drought and shaky economic outlook. Headcount is up in every division, not including thousands of First Republic employees onboarded in July. Jobs have grown in every division despite the non-stop news about industry layoffs (think Goldman) and consolidation (think Credit Suisse). It has also cut about 40 high-paying investment banking jobs, and about 1,000 jobs from its home lending unit. The bank also beat Wall Street's expectations and has again become a challenger to Goldman Sachs' spot as No.

Persons: JPMorgan Chase, Jobs, Goldman, It's, headcount, Goldman Sachs, Morgan Stanley, May, JPM, Jamie Dimon, JPMorgan's, Jeremy Barnum Organizations: JPMorgan, First Republic, onboarded, Suisse, JPMorgan Headcount, Bank Division, Consumer, Community Bank, Investment Bank, Bank, Wealth Management, First, Republic, Wall, Credit Suisse, UBS, Reuters, Global, Basel III Locations: Louis , Missouri, First Republic, San Francisco, China, Ukraine, Basel

At JPMorgan, the nation's largest bank, average deposits fell 6% in the second quarter to $2.4 trillion from a year earlier. The central bank reported total bank deposits fell 1.2% to $17.26 trillion through the week ended June 28 versus $17.47 trillion at the end of March. For large banks, deposits fell 1.3% to $10.80 trillion from $10.95 trillion during same period, the Fed data showed. And for small banks, deposits fell 0.9% to $5.18 trillion from $5.23 trillion. The declines were notably smaller than the first-quarter drops of 2.4% for large banks and 3.3% for small banks.

Persons: Morgan Chase, Mike Segar, Wells, Mike Santomassimo, Jeremy Barnum, Jamie Dimon, Kenneth Leon, Saeed Azhar, Dan Burns, Nupur Anand, Tatiana Bautzer, Lananh Nguyen, Mark Potter Organizations: Co, New York City, REUTERS, JPMorgan, First Republic Bank, Federal Reserve, Thomson Locations: New York, Wells Fargo

☆ The Key Number to Watch in U.S. Bank Earnings
▼ + stars: | 2023-07-13 | by ( Telis Demos | Nate Rattner | ) www.wsj.com time to read: 1 min

No major bank has collapsed since First Republic Bank at the beginning of May. But that doesn’t mean fears about banks have gone away. As lenders begin reporting their second-quarter performance, attention will turn to how their earnings are holding up in the aftermath of the failures.

Organizations: First, Bank

☆ Top bank analyst Mike Mayo says keep buying JPMorgan at the highs: 'Goliath is winning'
▼ + stars: | 2023-07-13 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Wells Fargo is staying bullish on JPMorgan ahead of its earnings report premarket Friday — even as the stock keeps rising. Analyst Mike Mayo kept his overweight rating on the Jamie Dimon-led bank, calling it his top pick in the group. Wall Street's consensus estimate for 2023 earnings have increased by 13% since the start of the year, while peers have seen theirs fall by an average of 15%, Mayo said. "JPM exemplifies our 'Goliath is Winning' theme," Mayo said in a note to clients on Wednesday. And Mayo said the bank has shown greater resiliency given rising interest rates, the possibility of a recession and increased government regulation.

Persons: Wells, Mike Mayo, Jamie Dimon, Wells Fargo's, Mayo, JPM, JPMorgan's, Michael Bloom Organizations: JPMorgan, Citigroup Locations: Wednesday's, Republic

Mr. Hutchinson’s campaign has been struggling to reach anything like cruising altitude. With the first Republican debate, in Milwaukee, a little more than a month away, he is far from having the 40,000 individual donors required to meet the Republican National Committee’s threshold for a spot on stage. A failure to appear could sink his campaign. He then acknowledged: “We’d like to have more money.”But Mr. Hutchinson’s struggles go beyond fund-raising, to the heart of any politics: appeal. Or just who is looking to buy what he’s selling in a race dominated by far bigger names: a former president, a former vice president, the sitting governor of the third largest state in the nation, the only Black Republican in the Senate, and others.

Persons: “, Hugh Hewitt, we’ve, You’ll, it’s, ”, Hutchinson’s Organizations: Republican, Senate Locations: Milwaukee

☆ Buy 'best-in-class' JPMorgan Chase thanks to strong earnings potential, Jefferies says
▼ + stars: | 2023-07-11 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

JPMorgan Chase has been a winner in the banking sector, and Jefferies expects that trend to continue. On Tuesday, it gained more than 1% before the bell JPM YTD mountain JPMorgan Chase has climbed more than 8% in 2023. "While JPM has been an absolute and relative outperformer in 2023, its combination of balance sheet strength, strong liquidity positioning, and best in-class earnings generation potential continue to position the bank well," analyst Ken Usdin said. He also said the addition of First Republic to JPMorgan's balance sheet could further juice earnings — while higher fees also strengthen the banks position. JPMorgan Chase is slated to report second-quarter earnings Friday before the bell.

Persons: JPMorgan Chase, Jefferies, JPM, Ken Usdin, Usdin, CNBC's Michael Bloom Organizations: JPMorgan, Jefferies, P Bank ETF, First Locations: First Republic

☆ The American banking landscape is on the cusp of a seismic shift. Expect more pain to come
▼ + stars: | 2023-07-10 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

But even as the dust settles from a string of government seizures of failed midsized banks, the forces that sparked the regional banking crisis in March are still at play. What is coming will likely be the most significant shift in the American banking landscape since the 2008 financial crisis. JPMorgan shares are up 7.6% this year, while the KBW Regional Banking Index is down more than 20%. Some of those pressures will be visible as regional banks disclose second-quarter results this month. "The fundamental issue with the regional banking system is the underlying business model is under stress," said incoming Lazard CEO Peter Orszag.

Persons: Jamie Dimon, Brian Graham, Banks, KeyCorp, Matt O'Connor, Peter Orszag, SVB, Chris Wolfe, Wolfe, you've, You've, Goldman Sachs, Lazard's Orszag, Orszag, Janet Yellen, Sen, Elizabeth Warren, Klaros, Graham Organizations: First, JPMorgan, Silicon Valley Bank, CNBC, Klaros, Deutsche Bank, Federal Reserve Bank of New, Justice Department Locations: First Republic, Silicon Valley, SVB, KBW, Federal Reserve Bank of New York, Republic

☆ San Francisco Fed president: Silicon Valley Bank’s failure wasn’t our fault
▼ + stars: | 2023-07-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Silicon Valley Bank failed because regulators were far too slow to take action, San Francisco Federal Reserve Bank President Mary Daly said Monday in her first extended remarks about the collapse. SVB operated in Daly’s district before the regional bank’s stunningly rapid failure in March, but she noted she doesn’t have a supervising role. Daly said the supervisors at the San Francisco Fed simply report issues to the Fed’s Board of Governors, which is ultimately responsible for fixing any regulatory issues. “My job is to support the supervision that the vice chair of supervision has set out, so how do I do that? The possibility of a rate hike in September remains unclear, though Powell said he wouldn’t take consecutive rate hikes off the table.

Persons: Mary Daly, SVB, ” Daly, Michael Barr, Democratic Sen, Elizabeth Warren, Daly, Jerome Powell, Warren, ”, Barr, it’s, It’s, Powell, Loretta Mester, Mester, “, Raphael Bostic, ” Bostic, ” — CNN’s Elisabeth Buchwald Organizations: DC CNN, Valley Bank, San Francisco Federal Reserve Bank, Brookings Institution, Signature Bank, First Republic Bank, Democratic, San Francisco Fed, Fed’s, of Governors, Fed, San Francisco, Cleveland Fed, University of California, Atlanta Fed, trickling, Cobb County Chamber of Commerce Locations: Washington, Daly’s district, Washington ,, San Francisco Fed, San Diego, Cobb County, Atlanta

☆ Top 10 things to watch in the stock market Friday including a jobs shocker
▼ + stars: | 2023-07-07 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Paramount (PARA) downgraded to underperform from peer perform (sell from hold), with a $14 price target by Wolfe Research. Wells Fargo reiterates Club name Disney (DIS) as a Signature Pick with a $147 price target but cuts its earnings-per-share (EPS) estimates. Morgan Stanley raises its price target on Ford (F) to $16 from $14 and General Motors to $41 from $38 on higher earnings estimates. Ferrari (RACE) remains Morgan Stanley analyst Adam Jonas' Top Pick as he raises his RACE price target to $340 from $310. MoffettNathanson raises its price target on card companies: Mastercard (MA) to $490 from $460 and Visa (V) to $320 from $290.

Persons: Nonfarm, Bond, Leqembi, fave Eli Lilly, donanemab, Eli Lilly, Baird, downgrades Wells, Wolfe, Morgan Stanley, Wells, JPMorgan downgrades, Elon Musk's, Mark Zuckerberg's, Ferrari, Adam Jonas, Jim Cramer's, Jim Cramer, Jim Organizations: FDA, Medicare, Medicaid Services, fave, Costco, Food, U.S, Wolfe Research, downgrades, JPMorgan, WFC, Humana, Dow, Meta, Paramount, Disney, Ford, Motors, Mastercard, Jim Cramer's Charitable, CNBC Locations: United States, downgrades Wells Fargo

☆ Ron DeSantis vows to attend the first debate whether Trump shows or not
▼ + stars: | 2023-07-07 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Ron DeSantis said he will show up to the first GOP debate regardless of what Trump does. Ron DeSantis is vowing to attend the first Republican presidential debate regardless of what Donald Trump does. "I'll be there, regardless," DeSantis told Fox News on Thursday evening. Former Vice President Mike Pence has said he is unafraid to challenge Trump directly, should his former running mate actually show up. Former Vice President Mike Pence, former UN ambassador Nikki Haley, conservative entrepreneur Vivek Ramaswamy, and Sen. Tim Scott of South Carolina follow.

Persons: Ron DeSantis, Trump, DeSantis, goad Trump, —, Donald Trump, Mike Pence, I've, Pence, Hugh Hewitt, Chris Christie, Christie, CNN's Jake Tapper, Tim Scott, Nikki Haley, FiveThirtyEight's, Vivek Ramaswamy, Sen, Tim Scott of Organizations: Trump, reconsidering, Service, Gov, Fox News, PAC, Former New Jersey Gov, Republican National Committee Locations: Florida, Milwaukee, DeSantis, Tim Scott of South Carolina

☆ DeSantis blamed the president of Mexico and the 'corporate media' for his low polling
▼ + stars: | 2023-07-07 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

Ron DeSantis' low polling numbers were brought up in a Fox News Tonight interview. DeSantis pointed to the president of Mexico and the corporate media for his low polling. Ron DeSantis, Republican presidential candidate, blamed the president of Mexico and the 'corporate media' for his tanking polling numbers. In an interview on Fox News Tonight, DeSantis' low polling numbers were brought up as a topic of discussion. —DeSantis War Room 🐊 (@DeSantisWarRoom) July 7, 2023At first, DeSantis blamed the "corporate media," whom his campaign shut out for a time, for his inability to gain traction in Republican polling.

Persons: Ron DeSantis, DeSantis, —, ike, ould, ince, witter, ntire Organizations: Fox News, Service, Republican Locations: Mexico

☆ Marjorie Taylor Greene has reportedly been booted from the House Freedom Caucus after calling Lauren Boebert a 'bitch'
▼ + stars: | 2023-07-06 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Rep. Marjorie Taylor Greene has reportedly been kicked out of the House Freedom Caucus. The vote came shortly after Greene called fellow GOP Rep. Lauren Boebert a "bitch" on the House floor. Historically, the Freedom Caucus has clashed with GOP leaders, most notably former Speaker John Boehner. For her part, Boebert told The Daily Beast that she defended Greene's comments on free speech grounds. A spokesperson for the Freedom Caucus did not immediately respond to a request for comment.

Persons: Marjorie Taylor Greene, Greene, Lauren Boebert, —, Andy Harris, Harris, Boebert, Kevin McCarthy, John Boehner, Joe Biden, Semafor, Greene's, Justin Amash, Donald Trump, Amash Organizations: Politico, CNN, GOP, Service, Republican, Caucus, Maryland Republican, Georgia Republican, Conservatives, Daily, Colorado Republican, Freedom Caucus Locations: Michigan

☆ Trump’s dominance of GOP field has America bracing for a toxic campaign
▼ + stars: | 2023-07-05 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

But the raucous event in Pickens also showed the enduring power of his personality and feral political appeal to GOP base voters. The state of the raceAs early as it is, some of the big questions that will decide the 2024 GOP primary are beginning to be answered. Even with his support among GOP voters appearing to soften in CNN’s post-indictment poll, there’s little sign it’s affecting his position in the race. While this may reinforce perceptions among GOP primary voters that he’s a victim, it could remind other voters of the possibility of a convicted felon serving as president. Still, Kennedy’s appeal shows that a distrust of Washington institutions, experts and a political system many voters fear has failed them, is no longer exclusively reserved for Republican primary voters.

Persons: Donald Trump, Pickens, ” Trump, Trump, ” Steve Cortes, DeSantis, Mike Pence, Obama, Clinton, Biden, it’s, —, Sen, Lindsey Graham –, –, Chris Christie, Asa Hutchinson, Will Hurd, Lindsey Graham, president’s, — DeSantis, he’s, I’ll, ” Cortes, “, Buttigieg, Still, — Biden, Robert Kennedy’s, didn’t Organizations: CNN, America, Republican, GOP, DeSantis, ”, Trump, NBC, Labor, FBI, Justice Department, New, New Jersey Gov, Arkansas Gov, Texas Rep, PAC, White, Democratic Locations: South Carolina, Florida, Iowa, New Hampshire, New Jersey, Arkansas, Manhattan, Washington

☆ Republicans Have to Sign a Loyalty Pledge to Debate. Who Will and Who Won’t?
▼ + stars: | 2023-07-03 | by ( Maggie Astor | ) www.nytimes.com time to read: +1 min

To participate in the first Republican presidential debate on Aug. 23, candidates must meet challenging new criteria, including having at least 40,000 donors and voter support of at least 1 percent in three approved polls. But the requirement causing the most consternation is a pledge to support the eventual nominee. Former President Donald J. Trump has not said whether he will sign the pledge. He signed the same pledge in 2015 and then reneged on it. Asked last month whether he would support Mr. Trump in a general election, Gov.

Persons: Donald J, Trump, Hugh Hewitt, Ron DeSantis Organizations: Trump, Republican National Committee, Gov Locations: Florida

☆ Focus: UBS goes on hiring spree for wealth managers catering to rich Americans
▼ + stars: | 2023-07-03 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +4 min

Of those, 30 came after the Credit Suisse deal was announced in March. With the Credit Suisse deal, UBS became the world's second-largest wealth manager. “The U.S. is the largest wealth market globally, and in recent years there has been unprecedented growth," Iqbal Khan, UBS' president of global wealth management, told Reuters. Reuters GraphicsUBS' ranks of financial advisers in the U.S. have swelled by more than 25% in the last three years. “Over the next 20 years, we'll see the greatest transfer of wealth in history," said Khan, who joined UBS from Credit Suisse in 2019.

Persons: Bank of America's Merrill Lynch, Iqbal Khan, ”, Khan, Wells, John Mathews, We’ve, Johann Scholtz, we'll, Tatiana Bautzer, Paritosh Bansal, Lananh Nguyen Organizations: YORK, UBS, Credit Suisse, Bank of America's, JPMorgan Chase's, First Republic Bank, Citigroup, BG Group, Merrill, Reuters, Reuters Graphics UBS, Wealth, Thomson Locations: Wells Fargo, Europe, Asia, U.S, California, Americas, New York

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