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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.

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.

☆ Wells Fargo profit falls on higher loan loss reserves
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah MoonOct 14 (Reuters) - Wells Fargo & Co (WFC.N) on Friday reported a decline in profit for the third quarter as the bank set aside more money in preparation for a hit from a potential economic slowdown. Register now for FREE unlimited access to Reuters.com RegisterThe outlook has been further clouded by the Russia-Ukraine war and fading stimulus measures. Higher borrowing costs have also shackled demand for mortgages and car loans, crimping banks' revenues. The fourth-largest U.S. lender reported a profit of $3.53 billion, or 85 cents per share, for the quarter ended Sept. 30, compared with $5.12 billion, or $1.17 per share, a year earlier.

☆ JPMorgan profit down 17% as sluggish dealmaking, loan loss reserves weigh
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

Oct 14 (Reuters) - JPMorgan Chase & Co (JPM.N) reported a 17% drop in third-quarter profit on Friday, as a worsening economic outlook curbed dealmaking and prompted the largest American bank to boost its reserves for possible defaults. Register now for FREE unlimited access to Reuters.com RegisterDimon, however, cautioned that rising interest rates, inflation and geopolitical turmoil pose significant headwinds. The bank set aside $808 million in reserves, as the Fed's interest rate hikes stoke fears of an economic downturn. By comparison, in the same quarter last year, the bank had released $2.1 billion of reserves that it had kept aside for potential COVID losses. The bank reported $32.72 billion in revenue for the quarter, up from $29.65 billion last year.

An oil slick is seen on Santa Barbara creek, following an oil spill in Nembe, Bayelsa, Nigeria, November 25, 2021. "Hundreds of thousands of people (in Benin) organize their survival around this traffic," Boris Houenou, a Beninois economist said of the smuggling of Nigerian gasoline. NNPC recorded gasoline deliveries of 90 million litres a day in March and 83 million in April, Reuters calculations showed. 'CURIOUS CASE'Although the Nigerian government announced plans to remove the gasoline subsidy last year, it then backtracked in July, citing concerns over potential social unrest. And although gasoline is subsidised, the amount ordinary Nigerians pay at the pump remains higher than the set price.

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