DIRS.INFO The most relevant business & tech news

☆ BofA CEO on strong Q2 earnings, health of the consumer and outlook
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA CEO on strong Q2 earnings, health of the consumer and outlookBrian Moynihan, Bank of America CEO, joins CNBC’s Leslie Picker and 'Power Lunch' to discuss earnings.

Persons: Brian Moynihan, Leslie Picker Organizations: Bank of America

☆ Bank of America Reports Big Profit Jump on Higher Interest Rates
▼ + stars: | 2023-07-18 | by ( Stacy Cowley | More About Stacy Cowley | ) www.nytimes.com time to read: +3 min

The NumbersBank of America reported a profit of $7.4 billion last quarter, up nearly 20 percent from the year before. Revenue grew more than 10 percent, to $25.2 billion in the second quarter. Customer spending on credit and debit cards rose 3 percent, to $226 billion, the bank said. Notably, the lender’s investment-banking business rebounded in the second quarter, after a sharp drop in deal-making had cast a chill over the industry. Last week, Bank of America was fined $150 million by two federal regulators for charging its customers improper fees and denying them promised sign-up bonuses.

Persons: Mr, Borthwick, Takeaways Brian Moynihan, “, ”, “ That’s, Alastair Borthwick, “ We’ve, that’s, Wells Fargo, Banks, Goldman Sachs, They’ll Organizations: Bank of America, Revenue, Citigroup, JPMorgan Chase, Federal Deposit Insurance Corporation, Western Alliance Locations: U.S

☆ Bank of America tops analysts’ expectations amid higher interest rates
▼ + stars: | 2023-07-18 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Bank of America on Tuesday posted second-quarter profit and revenue that edged out expectations as the company reaped more interest income amid higher rates. Revenue climbed 11% to $25.33 billion, fueled by a 14% jump in net interest income to $14.2 billion, essentially matching the expectation of analysts surveyed by FactSet. Last week, rival JPMorgan Chase posted a far stronger jump in net interest income that helped fuel a 67% surge in quarterly profit. On Friday, JPMorgan, Citigroup and Wells Fargo each posted earnings that topped analysts' expectations amid higher interest rates. Goldman Sachs wraps up big bank earnings Wednesday.

Persons: Brian Moynihan, hasn't, JPMorgan Chase, Moynihan, Wells Fargo, Morgan Stanley, Goldman Sachs Organizations: Bank of America Corp, Banking, Housing, Urban Affairs Committee, Washington , D.C, Bank of America, Revenue, FactSet, JPMorgan, KBW, Consumer Financial, Bureau, Citigroup Locations: Washington ,, U.S, Charlotte , North Carolina

☆ Watch CNBC’s full interview with Bank of America CEO Brian Moynihan
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Bank of America CEO Brian MoynihanBrian Moynihan, Bank of America CEO, joins CNBC’s Leslie Picker and 'Power Lunch' to discuss earnings, health of the consumer, investment banking and trading.

Persons: Brian Moynihan Brian Moynihan, Leslie Picker Organizations: Bank of America

CNN —Wall Street bankers, investors and economists have for months waffled over whether a US recession is coming. But for some Americans, the unforgiving economic pain typical during recession has already set in. Consumer spending accounts for about two-thirds of economic output, so if more Americans are forced to cut back because they were laid off, that might throw the US economy into a recession. Bank of America Chief Executive Brian Moynihan told CNN last week that he expects a mild recession early next year, rather than the late 2022 recession many have predicted. That means that laid-off Americans were often able to find a new job quickly due to a hot job market.

Persons: Al Brown, Brown, it’s, ” Brown, That’s, Allison Joyce, haven’t, Nina McCollum, hasn’t, She’s, ” McCollum, ”, Thomas Simons, ” Simons, Eva Marie Uzcategui, —, Timothy A, Clary, Brian Moynihan, frustrates McCollum, Regina Walton, Walton, she’s, “ It’s, I’ve, ” Walton, “, I’m, Richard Murray, Murray, he’s, you’re Organizations: CNN, Wall, Flyers, New, New Hanover NCWorks, Workforce, Bloomberg, Getty, Investors, Jefferies, National Bureau of Economic Research, Traders, New York Stock Exchange, Bank of America, San Francisco Bay Area, Companies, Consolidated Omnibus Budget, Cascade Locations: Concord , North Carolina, America, New Hanover, Wilmington , North Carolina, Cleveland , Ohio, Miami , Florida, AFP, San Francisco Bay, “, Boston

☆ What the stock market is saying about when to expect a recession
▼ + stars: | 2023-07-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

As the economy proved more resilient than expected, and the US has avoided recession so far, the case for a 2023 recession has been crumbling. The stock market, which entered bull market territory just a few weeks ago, has shown little sign this year that the economy could be headed for a downturn. Still, the bond market tells a different story: The New York Federal Reserve’s recession probability model calculates the probability that the US will enter a recession in the next 12 months by tracking the spread of 3-month and 10-year Treasury yields. US stock market closes early at 1 p.m. Tuesday: US stock market closed for July Fourth.

Persons: Brian Moynihan, “ We’re, ”, David Grecsek, Jerome Powell, it’s, “ we’re, Russell, Outflows, Brian Mulberry, Tim Courtney, Courtney ., “, Niño, Samantha Delouya, El Organizations: CNN Business, Bell, New York CNN —, Federal Reserve, Bank of America, CNN, Vanguard, JPMorgan Chase, Investors, Fed, Investment Company Institute, Zacks Investment Management, New, Federal Reserve Bank of San, Exencial Wealth, Oceanic, Atmospheric Administration, NOAA, PMI, Labor Locations: New York, Federal Reserve Bank of San Francisco, El

☆ Americans are growing optimistic about inflation
▼ + stars: | 2023-06-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —With inflation continuing to slow, US consumers are taking notice — and they’re feeling more optimistic. That was due to inflation’s steady retreat in recent months and consumers feeling more cheery about the economy’s future. Consumers’ economic outlook for the year ahead jumped 28% over last month. More action from the Fed is centered on core inflation remaining stubbornly high and not decelerating as fast as the headline number. The optimism reflected in the survey means US consumers have faith that inflation will eventually slow to a sustainable level, which the Fed defines as 2% inflation.

Persons: ”, Joanne Hsu, Brian Moynihan, Joe Biden’s, Jerome Powell, Powell Organizations: DC CNN, University of Michigan, Consumers, Commerce Department, Federal, Bank of America, CNN, European Central Bank, Market Committee, Fed Locations: Washington, April’s, ”

Morgan Stanley co-presidents Ted Pick and Andy Saperstein are widely viewed as the front-runners for the top job, with Pick seen as having a slight edge, the person said. A Morgan Stanley spokesperson declined to comment, as did Gorman, Pick, Saperstein and Simkowitz when contacted directly. SUCCESSION PLANNINGSince taking the helm, Australian-born Gorman, 64, has transformed Morgan Stanley through a series of major deals into a wealth management powerhouse that aims to manage $10 trillion in assets. Pick, 54, heads Morgan Stanley's institutional securities group, overseeing areas including investment banking, equities and fixed income. Saperstein, 56, is in charge of the wealth management unit that has bolstered Morgan Stanley's profits in recent years.

Persons: Morgan Stanley's, James Gorman's, Gorman, Morgan Stanley, Ted Pick, Andy Saperstein, Pick, Dan Simkowitz, Morgan, Merrill Lynch, You've, you've, Peter Orszag, Kenneth Jacobs, JPMorgan Chase, Jamie Dimon, Brian Moynihan, Lananh Nguyen, Paritosh Bansal, Megan Davies, Jamie Freed Organizations: YORK, U.S . Securities, Exchange Commission, U.S, Attorney's, Southern, of, McKinsey, White House, JPMorgan, Bank of America, Thomson Locations: London, New York, of New York, Australian

☆ Americans aren't spending like they used to
▼ + stars: | 2023-06-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

You can also download the app to get notifications about our biggest markets stories. Spending has remained elevated even through the Fed's 10 straight rate hikes, but warning signs of a change have started to surface. That's going to further take the wind out of Americans' brisk spending over the last few years. From David Rosenberg to Rob Arnott, experts are sharing what the disruptive technology can mean for the economy, jobs, and stock market. The biggest companies and banks can't agree on where the stock market is heading next.

Persons: I'm Phil Rosen, You'll, let's, Derek Davis, Patek Pilippe, Audemars, Jerome Powell, Brian Moynihan, Morgan Stanley, Andy Ryan, Pablo Hernández de Cos, David Rosenberg, Rob Arnott, Stocks, Russell, Goldman Sachs, Phil Rosen, Max Adams, Hallam Bullock Organizations: Big Apple, Portland Portland Press, Getty, Rolex, Bloomberg, Bank of America, Bank of Spain, Fed, Wall Street, Royal, Nvidia, Tesla, Morningstar Locations: Madrid, Phoenix, Miami, Royal Caribbean, New York, London

☆ American companies are draining their cash at the dumbest possible time
▼ + stars: | 2023-06-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Companies are sitting on a lot less cash than they were last year, largely because they’re spending it on share buybacks and corporate dividends. What’s happening: A new report from Moody’s Investors Service finds that nonfinancial companies’ corporate cash declined 12% last year to $2 trillion. But debt was flat year over year, meaning that companies didn’t use much of their cash reserves to pay down outstanding loans. Now that it’s more expensive to borrow, companies in the US should reconsider the amount of money they’re spending on buybacks, he added. Preventing companies from repurchasing their own shares, they argue, would free corporate cash to invest in growth and raise wages instead.

Persons: Emile El Nems, ”, Ben Lofthouse, Janus Henderson, ” El Nems, Joe Biden, buybacks, “, Brian Moynihan, Moynihan, CNN’s Poppy Harlow, Nathaniel Meyersohn, That’s Organizations: CNN Business, Bell, New York CNN — Companies, Moody’s Investors Service, Moody’s, Federal Reserve, Bank of America, Corporations, ”, CNN, Commerce Department, UBS Locations: New York, buybacks

☆ Inflation hurts. But White House economists find that it’s even worse in every other G7 nation
▼ + stars: | 2023-06-27 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN Business —The United States is recovering faster than its peers from the historic bout of inflation squeezing families and souring the mood of the nation, according to a new analysis from White House economists. To address that, the White House economists built an apples-to-apples inflation metric that makes certain adjustments to how shelter costs factor into overall inflation. But we are very heartened and happy to see the trend going where it is,” a CEA official told CNN in a phone interview. And here’s the thing about inflation: It is undeniably down in the United States.”Two independent economists that CNN shared the CEA report with support the logic powering the analysis. That is absolutely a painful thing,” the CEA official said.

Persons: Joe Biden’s, “, “ I’m, Mark Zandi, Republican John McCain, Zandi, Joe Brusuelas, ” Brusuelas, Joe Biden, Ronald Reagan, Biden, Brian Moynihan, CNN’s Poppy Harlow, George W, Bush, Piper Sandler, Trump, ” Piper Sandler Organizations: New York CNN Business —, White House, of Economic Advisers, CNN, CEA, White, Republican, RSM, Federal Reserve, Bank of America, Federal, Gallup Locations: United States, Ukraine, Canada, France, Germany, Italy, Japan, United Kingdom, America, Europe, Wall, Middle America

☆ Bank of America CEO: Inflation could hit Fed’s 2% target by 2025
▼ + stars: | 2023-06-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —US inflation could hit the Federal Reserve’s 2% target in 2025, Bank of America CEO Brian Moynihan told CNN in an exclusive interview Tuesday. Already, consumers are cutting back on spending to a level that is consistent with 2% inflation, Moynihan said, citing Bank of America customer data. The mild recession, Moynihan said, would likely come “the first part of next year” and not the latter part of this year, which he previously predicted. He also said he believes the unemployment rate likely won’t exceed 5%. Last month’s jobs report showed the unemployment rate rose to 3.7%, despite impressive job gains.

Persons: Brian Moynihan, “, ” Moynihan, CNN’s Poppy Harlow, Moynihan Organizations: New, New York CNN, Bank of America, CNN Locations: New York, that’s

[1/6] A general view of the Bank of America financial center in New York City, U.S., June 26, 2023. REUTERS/Brendan McDermidNEW YORK, June 27 (Reuters) - Bank of America Corp (BAC.N) is adding consumer branches in four new U.S. states, it said on Tuesday, bringing its national footprint closer to rival JPMorgan Chase & Co (JPM.N). Bank of America will open new financial centers in Nebraska, Wisconsin, Alabama and Louisiana as part of a four-year expansion across nine markets, including Louisville, Milwaukee and New Orleans. The openings will give BofA a retail presence in 39 states, compared with JPMorgan, the largest U.S. lender, which has branches in 49 states. Holly O'Neill, Bank of America's president of retail banking, said last month that she expects good performance for the unit in the second quarter.

Persons: Brendan McDermid, Brian Moynihan, Moynihan, Aron Levine, Holly O'Neill, Saeed Azhar, Lananh Nguyen, Deepa Babington Organizations: Bank of America, REUTERS, Bank of America Corp, JPMorgan Chase &, JPMorgan, Federal Reserve, Consumer, CNN, Reuters, Bank of, Thomson Locations: New York City, U.S, Nebraska , Wisconsin , Alabama, Louisiana, Louisville, Milwaukee, New Orleans

☆ Pro Take: Forget the SEC, International Climate Reporting Standards Could Become the Global Baseline
▼ + stars: | 2023-06-26 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +8 min

New international sustainability reporting standards could fulfill their ambition in becoming the global baseline as the advantages of using a single standard worldwide may, for many companies, outweigh the disadvantages of being more demanding than the SEC’s coming climate reporting rules. On Monday, the International Sustainability Standards Board released its initial two reporting standards. PREVIEWDespite the strong demand for one standard, U.S. and European Union officials are each developing their own climate reporting regimes. It is now up to individual countries and jurisdictions to decide if and when they will adopt the ISSB standards. Sue Lloyd, vice chair of the International Sustainability Standards Board, at the launch of the inaugural sustainability standards.

Persons: Sue Lloyd, ”, Brian Moynihan, Lloyd, Um, Lysanne Gray, Eelco van der Enden, Jean, Paul Servais, Benoit Doppagne, Iosco, Unilever’s Gray, Rochelle Toplensky, Amplifications Iosco Organizations: Sustainability, Task Force, Sustainable Business, European Union, International Organization of Securities Commissions, Securities, Exchange Commission, U.S, Wall Street, Bank of America, London Stock Exchange, Asian Development Bank, Unilever, Alignment, Global, Initiative, Belgian Financial Services, Markets, FSMA, Zuma Press, Accounting, Rochelle, wsj.com Corrections, Amplifications Locations: EU, Australia, Canada, Japan, Hong Kong, Malaysia, New Zealand, Nigeria, Singapore, Glasgow, Monday’s, Egypt, Africa, Asia, U.S

☆ Premarket stocks: Markets may be overly optimistic about the Fed
▼ + stars: | 2023-06-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Economists say that could mean more rate hikes from the Federal Reserve are coming, but investors appear sanguine. That makes it more difficult for the data-dependent Federal Reserve to justify a pause to interest rate hikes at its June meeting. It has been very strange and certainly our own expectations were that the labor market would deteriorate more than it has. So you have a strong consumer and strong labor market essentially supporting each other for the time being. “That level is more consistent with a 2% growth economy and a 2% inflation economy, not a 4% inflation level economy,” Moynihan added.

Persons: CME’s FedWatch, Bell, Seema Shah, Powell, It’s, there’s, it’s, Brian Moynihan, “, ”, Moynihan, ” Moynihan, Brent, Mark Thompson, Michelle Toh, ” Prince Abdulaziz bin Salman Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Federal, Reserve, Asset Management, Fed, Bank of America, CBS, Reuters Locations: New York, United States, Europe, Asia, Americas, Saudi Arabia, OPEC, China, Saudi

☆ Bank of America CEO says the Fed’s biggest challenge is power of US consumer
▼ + stars: | 2023-06-04 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

The Fed’s biggest challenge remains “the power of the US consumer,” Moynihan said. Regarding predictions of a mild recession, Moynihan said the Fed’s tightening policies has “had its effects.” Consumer spending for Bank of America customers is slowing down year-to-date. “That level is more consistent with a 2% growth economy and a 2% inflation economy, not a 4% inflation level economy,” Moynihan said. Though Friday’s strong jobs report sends “some confusing and ambiguous messages,” the reality is consumer activity is aligning with the Fed’s goals, Moynihan said. The bank is not laying off, Moynihan said, but the attrition rate slowed and it needs to trim headcount.

Persons: Brian Moynihan, ” Moynihan, “, it’s, ”, Moynihan, – Organizations: New, New York CNN — Bank of America, CBS, Bank of America Locations: New York, United States

☆ From Wall Street to Washington: Which finance execs would make the best public servants?
▼ + stars: | 2023-06-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

There has long been speculation that America's most-famous banker has plans to run for some sort of public office. The path from Wall Street to Washington is well worn, with plenty of high-profile executives taking up positions in the government. When most Wall Street executives were still afraid of the public cloud, she was ready to embrace it with open arms. Jon Gray — Treasury SecretaryBlackstone's president and chief operating officer has already had a brush with public office. The idea of him holding public office doesn't seem far-fetched.

Persons: Dan DeFrancesco, TikTok, I'm, we've, nabbing, Joe Biden's, Kevin McCarthy's, Jamie Dimon, Larry Downing, hasn't shied, Dimon, Dimon's, Bill Ackman, Kenneth Chenault —, Kathy Hochul, she's, Chenault, He's, Larry Fink —, We've, Larry, Fink, Adena Friedman, Friedman, Jon Gray —, Gray, Donald Trump, Gray's, Wall, Sen, Elizabeth Warren, Ken Griffin, Griffin, hasn't, Griffin hasn't, Ron DeSantis, he'll, Brian Moynihan —, Moynihan, Dan Schulman —, PayPal — he's, Taylor Swift, Kevin Mazur, Larry Fink, Franklin Templeton, It's, Rockefeller, Stephen Schwarzman, Warren Buffett, Cliff Asness, that's, Here's, Jeffrey Cane, Nathan Rennolds Organizations: JPMorgan, REUTERS, Bloomberg, American Express, Catalyst, Washington Post, BlackRock, SEC, CFTC, OCC, Nasdaq, Wall, Democrat, GOP, Florida Gov, Commerce, PayPal, Express, Virgin Mobile, Rockefeller Capital Management, Putnam Investments, Blackstone, Credit Suisse, UBS, Reuters, LinkedIn Locations: NYC, Washington, New York, Florida, Chicago, Miami, Ohio, Swiss, London

☆ Bank of America CEO sees investment banking and trading staying flat in Q2
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, June 1 (Reuters) - Bank of America Corp (BAC.N) expects investment banking fees and trading revenues to be broadly flat this quarter, its CEO, Brian Moynihan, told investors at a conference on Thursday. The second-largest U.S. bank posted investment banking fees of $1.1 billon in the second quarter last year. Loan growth will probably remain flat, Moynihan said. Reporting by Saeed Azhar and Lananh Nguyen; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Brian Moynihan, Moynihan, Saeed Azhar, Lananh Nguyen, Leslie Adler Organizations: YORK, Bank of America Corp, U.S, Thomson

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

☆ Bank CEOs to huddle with Schumer on the debt ceilin
▼ + stars: | 2023-05-17 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

During Wednesday’s meeting, Schumer plans to raise the threat of default with the bank leaders, one of the sources told CNN. After leaving a Tuesday meeting at the White House with congressional leaders, Schumer said, “Default is disaster. Given that the trade group’s board includes regional bank CEOs, other issues including the banking crisis are likely to be discussed during Wednesday’s meeting. In addition to Schumer, bank CEOs are expected to meet with other lawmakers and officials. The meetings come as the White House and congressional Republicans struggle to reach a compromise on how to avoid the debt ceiling and avoid what economists warn would be a disastrous debt default.

☆ Yellen to meet with Jamie Dimon and other bank CEOs on Thursday as debt ceiling crisis looms
▼ + stars: | 2023-05-16 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —With time running out to reach a deal on the debt ceiling, Treasury Secretary Janet Yellen plans to meet with bank CEOs on Thursday afternoon in Washington, sources tell CNN. JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser plan to attend the Yellen meeting, which will very likely include a focus on the debt ceiling as well as the banking crisis, people familiar with the matter told CNN. As the White House and Republican leaders struggle to reach a deal on the debt ceiling, Yellen has stepped up her warnings about the economic stakes. The debt ceiling is not necessarily the focus of the meeting, which will also include regional bank CEOs at a time when that industry is in turmoil. Yellen is also likely not the only figure from Washington who will speak before the bank CEOs this week.

☆ Jamie Dimon bails out First Republic – and FDIC
▼ + stars: | 2023-05-01 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

In the wee hours of Monday morning, however, he agreed to take mid-sized First Republic Bank (FRC.N) out of receivership from the Federal Deposit Insurance Corp. The bank acquires nearly $229 billion of assets and absorbs some $173 billion in loans at a roughly 13% discount to book values. After taxes and paying the FDIC $10.6 billion, JPMorgan should get a $2.6 billion boost before integration costs. The agency will share losses of up to 80% on the large majority of First Republic’s loan book. There’s also a $50 billion loan from the FDIC at specific terms that have not been disclosed so far.

☆ First Republic may not survive, even after two multibillion-dollar bailouts
▼ + stars: | 2023-04-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —First Republic Bank is in a fight for its survival. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday. First Republic said in its latest earnings call that is exploring its strategic options, Wall Street code for searching for a white knight. First Republic CEO Michael Roffler attempted to assure investors in an earnings call Monday that the bank had enough liquidity to do that. That’s what happened to Silicon Valley Bank on March 10 when the California Department of Financial Protection and Innovation took possession of and closed Silicon Valley Bank and on March 12 Signature Bank was closed by the New York State Department of Financial Services.

☆ Jim Cramer: This is what I learned from the real first week of earnings season
▼ + stars: | 2023-04-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

"Simply stated we're in a freight recession." That line, uttered last Monday by Shelley Simpson, president of J.B. Hunt (JBHT), the fourth-largest trucking company in the United States, was the most memorable of the real first week of earnings season. If so, it would know that we're dealing with much more than a freight recession. It's not enough to offset the immense deflationary pressure emanating from the regional banks and the freight recession described by J.B. Hunt. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Organizations: & $

☆ From cooling inflation to a looming recession, here's what CEOs of the 5 largest US banks are predicting for the economy through 2023
▼ + stars: | 2023-04-22 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

The world's largest banks reported earnings over the past week. Here is what some top bank CEOs are saying about the US economy during their earnings calls this season. JPMorgan CEO Jamie DimonThe Wall Street vet warned investors of looming "storm clouds" ahead. Bank of America CEO Brian MoynihanDuring an earnings call, Moynihan warned of a US recession but said inflation has showed signs of cooling. He allayed fears of a full-blown banking crisis, addressing the turmoil sparked by collapse of specialist banks like SVB last month.

Search resuls for: "Brian Moynihan"

25 mentions found