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A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. Saperstein, who leads wealth management, will remain co-president and head of wealth, and take on additional responsibilities overseeing investment management. Simkowitz, head of investment management, will become co-president and head of institutional securities. GORMAN'S LEGACYGorman joined Morgan Stanley in February 2006 and was named co-president the following year. Gorman "guided a traditional, white-shoe investment bank through a transformative and successful evolution into a diversified, dynamic wealth management institution," said Ana Arsov, managing director at Moody's.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, Ted Pick, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, Pick, Brian Mulberry, John Mack, Brian Moynihan, Jamie Dimon, Eaton Vance, Stephen Biggar, Biggar, bachelor's, Ana Arsov, Manya Saini, Niket, Tatiana Bautzer, Lananh Nguyen, Nupur Anand, Saeed Azhar, Megan Davies, Anil D'Silva, Devika Syamnath, Sonali Paul Organizations: New York Stock Exchange, REUTERS, Wall, Zacks Investment Management, Wall Street's, Bank of America, JPMorgan Chase, Trade Financial Corp, Eaton Vance Corp, Argus Research, University of Melbourne, Columbia University, Thomson Locations: New York City, U.S, Wall, Gorman, Australia, Bengaluru, New York

A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. Barclays shares fell nearly 7% in early trading, while shares in rivals Lloyds (LLOY.L) and NatWest (NWG.L) each dipped around 3%. SLUGGISH INVESTMENT BANKThe lender reported pre-tax profit for the July-September period of 1.9 billion pounds ($2.33 billion) on Tuesday, down from 2 billion pounds a year ago but above a consensus analyst forecast of 1.77 billion pounds. Barclays reported a 6% drop in income at its investment bank for the quarter, following a similarly downbeat performance at the half-year results update in July. ($1 = 0.8151 pounds)Reporting By Lawrence White and Iain Withers; Editing by Kirsten Donovan and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Peter Nicholls, Venkatakrishnan, Goldman Sachs, Morgan Stanley's, Venkat, Matt Britzman, Hargreaves Lansdown, Jes Staley, Jeffrey Epstein, Staley, Lawrence White, Iain Withers, Kirsten Donovan, Emelia Organizations: Barclays Bank, REUTERS, Barclays, Lloyds, NatWest, JPMorgan, Reuters, Banking, Jefferies, Revenue, Bank of America, Financial, Authority, Thomson Locations: London, Britain

☆ Wall Street leaders appear at Saudi conference amid conflict
▼ + stars: | 2023-10-24 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. REUTERS/ Ahmed Yosri/File Photo Acquire Licensing RightsRIYADH/LONDON, Oct 24 (Reuters) - Wall Street's top financiers showed up in force at an annual financial conference in Saudi Arabia on Tuesday despite broad concerns over travel in the Middle East in the wake of an escalating conflict between Israel and Hamas militants. Goldman Sachs' (GS.N) David Solomon, JPMorgan's (JPM.N) Jamie Dimon and Citi's (C.N) Jane Fraser were among a group of high-profile bankers and asset managers speaking at the Future Investment Initiative (FII) conference at the Ritz Carlton Hotel in Riyadh. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation. This year, Saudi Telecom Corp took a near 10% stake in Spain's Telefonica.

Persons: Ahmed Yosri, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Hadeel Al Sayegh, Anousha Sakoui, Amanda Cooper Organizations: Future Investment Initiative, REUTERS, Rights, Ritz Carlton Hotel, Saudi Arabia's, Hamas, Saudi Telecom Corp, Spain's Telefonica, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, LONDON, Israel, Davos, Swiss, Spain's

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. The conflict could upset the stability of the Middle East just as regional powerhouse Saudi Arabia pours hundreds of billions of dollars into a vast economic transformation plan. Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war rages between Israel and Hamas. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation.

Persons: Ahmed Yosri, Ajay Banga, Banga, Laurence Fink, Fink, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Ray Dalio, Dalio, Noel Quinn, Bill Winters, Barack Obama, Yasser al, Salomon, Hess, Stephen Schwarzman, Schwarzman, Prince Mohammed bin Salman, Joe Biden's, Richard Attias, Rosario, Amanda Cooper, Alun John, Michael Georgy, Anousha, John O'Donnell, Susan Fenton Organizations: Future Investment Initiative, REUTERS, Rights, Saudi Arabia's, Hamas, BlackRock, Bridgewater Associates, HSBC, Former U.S, U.S, Saudi Telecom Corp, Telefonica, Investment Fund, Chevron, Blackstone Group, Investment Initiative, Saudi, FII, Reuters, Jorgelina, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Israel, Davos, Swiss, Gaza, Europe, Asia, London

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2023. The yield on the note touched the July 2007 milestone that it briefly attempted to scale last week. Of the 86 companies in the S&P 500 that have reported earnings so far in the third quarter, 78% have been above analyst estimates, according to the LSEG data. The benchmark stock index is down 8% from late July, when it hit its highest for the year, though still up 10% year-to-date. ET, Dow e-minis were down 224 points, or 0.67%, S&P 500 e-minis were down 31.5 points, or 0.74%, and Nasdaq 100 e-minis were down 129.75 points, or 0.88%.

Persons: Brendan McDermid, Hess, Hadjikyriacos, Benjamin Netanyahu, Jerome Powell, Piper Sandler, Morgan, Shubham Batra, Shashwat Chauhan, Nivedita Bhattacharjee, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Chevron, Walgreens, Dow, Nasdaq, XM, Apple, Microsoft, Nvidia, Intel, Exxon Mobil, General Motors, Federal, Market, Dow e, Walgreens Boots Alliance, Hess Corp, Thomson Locations: New York City, U.S, megacap, Israel, Gaza, Bengaluru

The benchmark S&P 500 index (.SPX) bounced above 4200, a key technical level, after falling almost a percent during the open. Microsoft (MSFT.O), Alphabet (GOOGL.O), Amazon.com (AMZN.O) and Meta Platforms (META.O), which have helped power the S&P 500 (.SPX) higher in 2023 while the other indexes lagged, report later this week. Chipmaker Intel (INTC.O), oil major Exxon Mobil (XOM.N), General Motors (GM.N) are among other major companies set to report results this week. Overall, earnings are expected to grow at 1.2% in the third quarter for S&P 500 companies, as per LSEG data. Seven of the 11 major S&P 500 sub sectors were in the green, with industrials (.SPLRCI) and communication services (.SPLRCL) leading gains.

Persons: Brendan McDermid, Hess, Bill Ackman's, David Bahnsen, Piper Sandler, Morgan, advancers, Shubham Batra, Shashwat Chauhan, Sriraj Kalluvila, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Chevron, Walgreens, Dow, Nasdaq, Capital Management, Microsoft, Intel, Exxon Mobil, General Motors, Dow Jones, Walgreens Boots Alliance, Hess Corp, FMC, NYSE, Thomson Locations: New York City, U.S, East, Israel, Gaza, Lebanon, Bengaluru

☆ JPMorgan settlement with Epstein accusers draws objection from US states
▼ + stars: | 2023-10-23 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

They also said Deutsche Bank's (DBKGn.DE) similar $75 million agreement with Epstein's accusers did not contain the offending language. Lawyers for Epstein's accusers did not immediately respond to similar requests. He ordered JPMorgan and Epstein's accusers to address the states' objection by Nov. 6. Epstein died in August 2019 in a Manhattan jail cell while awaiting trial for sex trafficking. The case is Doe 1 v JPMorgan Chase & Co, U.S. District Court, Southern District of New York, No.

Persons: Mike Segar, JPMorgan Chase's, Jeffrey Epstein's, Epstein, Raul Torrez, Jed Rakoff, Jonathan Stempel, Lisa Shumaker Organizations: JPMorgan Chase, Co, REUTERS, JPMorgan, D.C, Deutsche, New, of, U.S, U.S ., JPMorgan Chase & Co, Court, Southern District of, Thomson Locations: New York, U.S, Manhattan, Washington, New Mexico, Arizona , California , Connecticut, Delaware, of Columbia, Hawaii , Illinois, Maryland, Minnesota , Mississippi , New York , Oregon , Pennsylvania, Tennessee , Utah, Vermont, U.S . Virgin Islands, York, Southern District, Southern District of New York

☆ Cramer on 5 risks facing markets — and why it's not the 'most dangerous time'
▼ + stars: | 2023-10-22 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

It is, however, by all appearances not a great time to be long stocks. But before that could happen, the markets would fall in response to Iran's actions and the U.S. commitment to defend Israel. All three enemies — Iran, Russia and China — are, indeed, being challenged by the U.S. in some capacity. But is it really too much to argue that multiple compression is not on par with "the most dangerous" of times? As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jamie Dimon, JPMorgan Chase, Ben Bernanke, Bernanke, I, Hamas, —, hasn't, bearish parry, Jingoism, Jerome Powell, Janet Yellen, infuses, Powell, We've, Jim Cramer's, Jim Cramer, Jim, Emily Elconin Organizations: JPMorgan, CBS, Israel, Fed, U.S ., Houston Astros, Jim Cramer's Charitable, CNBC, JPMorgan Chase &, Economic, of Detroit, Bloomberg, Getty Locations: Republic, Iran, Russia, China, Gaza, Israel, what's, U.S, East, Ukraine, Taiwan, Detroit , Michigan

☆ Big banks are done reporting earnings. Here’s how our financial names performed against peers
▼ + stars: | 2023-10-22 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

Morgan Stanley vs. Goldman Sachs MS YTD mountain Morgan Stanely YTD Morgan Stanley reported better-than-expected third-quarter results on Wednesday. GS YTD mountain Goldman Sachs YTD As a point of comparison, outside our portfolio, Goldman Sachs on Tuesday also reported stronger-than-expected quarterly revenue and profits . Wells Fargo vs. JPMorgan WFC YTD mountain Wells Fargo (WFC) year-to-date performance On the money center side, Wells Fargo reported stellar quarterly results on Friday, Oct. 13, topping analysts' expectations for both earnings and revenues. Wells Fargo got a boost from better-than-expected net interest income and non-interest income, along with a decline in non-interest expenses. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Morgan Stanley, Goldman Sachs, Jeff Marks, Wells Fargo, Wells, Morgan Stanley's, Morgan Stanely YTD Morgan Stanley, Marks, they've, James Gorman, Goldman, David Solomon, Mike Santomassimo, Jamie Dimon, Jim Cramer's, Jim Cramer, Jim, JPMorgan Organizations: JPMorgan, CNBC, Federal Reserve, Goldman, JPMorgan WFC, JPMorgan Chase, Citibank, Bank of America, Reuters Locations: Wells, Wells Fargo

☆ The top 10 things to watch in the stock market Thursday
▼ + stars: | 2023-10-19 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jerome Powell's, Goldman, Morgan Stanley's Adam Jonas, we've, Morgan Stanley, Crag Jelinek, Ron Vachris, Oppenheimer, Says, downgrades, Jim Cramer's, Jim Cramer, Jim, Mike Blake Organizations: Treasury, Netflix, Vegas, Wynn Resorts, WYNN, Disney, Entertainment, Sports, ESPN, Bloomberg, Devon Energy, Costco, Jefferies, Deutsche Bank, Starbucks, Jim Cramer's Charitable, CNBC, Reuters Locations: Macao, Singapore, Los Angeles , California

☆ JP Morgan, Nomura raise China's 2023 economic growth forecast
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

JP Morgan now expects China's gross domestic product (GDP) to grow 5.2% in 2023, up from their previous forecast and Beijing's official target of a 5% growth. Data on Wednesday showed China's GDP grew 4.9% in July-September from the year earlier, higher than a Reuters poll expectation for a 4.4% increase. Zhu warned, however, of weak links in the economy, such as private investment and a housing market correction. "Weak nominal GDP growth suggests that the earnings and profit outlook remains a hurdle in the path to the recovery in private investment," he noted. JPM sees China's potential growth coming down faster than initially expected in 2024 and 2025 to a range of 4%-4.5% and 3.5%-4%, respectively.

Persons: Thomas Peter, JP Morgan, Nomura, Haibin Zhu, JPM, Zhu, Albee Zhang, Susan Mathew, Christian Schmollinger, Eileen Soreng Organizations: REUTERS, Thomson Locations: Beijing, China

☆ Banks report continued pain on commercial real estate loans
▼ + stars: | 2023-10-18 | by ( Matt Tracy | ) www.reuters.com time to read: +4 min

REUTERS/Amr Alfiky/File photo Acquire Licensing RightsOct 18(Reuters) - A number of U.S. banks saw continued pain in the third quarter on delinquent commercial real estate (CRE) loans in their portfolios, as stress in the sector persists. As a result, banks recorded continued provisions for credit losses and charge-offs from the previous quarter, driven by their non-performing (NPL), or delinquent, CRE loans. Borrowers have struggled to refinance their CRE loans as property values have declined and interest costs have risen. Some $20 billion of office commercial mortgage-backed securities, which bundle together individual loans, mature in 2023, according to real estate data provider Trepp. "While overall credit quality remains strong across our portfolio, the pressures we anticipated within the commercial real estate office sector have begun to materialize," PNC Chief Financial Officer Robert Reilly told analysts.

Persons: Amr Alfiky, Cole, that's, Morgan Stanley, Goldman Sachs, JPMorgan, Mayra Rodriguez Valladares, Wells, Robert Reilly, Matt Tracy, Lananh Nguyen, Jonathan Oatis Organizations: REUTERS, Florida Atlantic University, Bank of America, Trepp, Regulators, JPMorgan, Citigroup, PNC, Thomson Locations: New York City, U.S

☆ Saudi is wild card in Middle East’s new turmoil
▼ + stars: | 2023-10-18 | by ( George Hay | ) www.reuters.com time to read: +8 min

Saudi Crown Prince Mohammed bin Salman attends the 18th consultative meeting of the leaders of the GCC & the Gulf summit with the central Asian countries C5, in Jeddah, Saudi Arabia, July 19, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsLONDON, Oct 18 (Reuters Breakingviews) - Mohammed bin Salman is the wild card in the Middle East’s new conflict. Saudi Arabia also needs prices above $85 a barrel in order to balance its budget. Saudi Arabia also needs to consider the views of international investors, though. For now, Saudi Arabia can count on the support of global bankers and fund managers.

Persons: Prince Mohammed bin Salman, Mohammed bin Salman, Joe Biden, Benjamin Netanyahu, Israel’s, Biden, Netanyahu, International Energy Agency reckons, Jamal Khashoggi, nix, Larry Fink, JPMorgan’s, Jamie Dimon, Israel, Antony Blinken, Jordan, ” Blinken, ”, “, Hossein Amirabdollahian, Al Jazeera, Peter Thal Larsen, Oliver Taslic Organizations: GCC, Saudi Press Agency, Handout, REUTERS Acquire, Reuters, Hamas, Israel . U.S, MbS, United, Gaza, International Energy Agency, Reuters Graphics Reuters, Saudi, kingdom’s Public Investment Fund, U.S, PGA, Foreign Investment, Telefonica, STC, BlackRock’s, Future Investment, United States, Diplomats, don’t, Palestinian, Israeli, United Arab, Iran’s, Thomson Locations: Saudi, Jeddah, Saudi Arabia, Israel, Iran, Palestinian, Israel ., United States, Gaza, OPEC, Russia, Saudi Aramco, Riyadh, Palestine, United, Amman, Jordan, Bahrain, Qatar, United Arab Emirates, Egypt, Lebanon, America

☆ WhatsApp clampdown highlights video call compliance threat for finance firms
▼ + stars: | 2023-10-18 | by ( Sinead Cruise | ) www.reuters.com time to read: +7 min

Video calls are broadly considered proxies for face-to-face meetings and therefore are currently subject to little or no formal record-keeping obligations. At least two major global banks are now recording Zoom calls, said sources with knowledge of the matter, who declined to be named because the information is not public. One bank is recording Zoom calls undertaken by certain staff, including traders, while the other is recording all Zoom calls so content can be reviewed later if needed. FINRA declined to comment on how many firms were subject to the rule or whether the rule also extended to video calls. Video calls pose "unique risks" and technology needed to efficiently screen video calls is not widely used, said Matt Smith, CEO of communications surveillance firm SteelEye.

Persons: Dado Ruvic, Brad Levy, Morgan, Goldman Sachs, Matthew Nunan, Gibson, Dunn, Morgan Stanley, Sarah Pritchard, Claire Garrett, Michael Watling, Seward, FINRA, Matt Smith, Ryan, Yonk, Symphony's Levy, Chris Prentice, Michelle Price, Huw Jones, Sharon Singleton Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Finance, Reuters, U.S, EMEA, Microsoft, Britain's, Authority, HSBC, Bloomberg, U.S . Financial Industry Regulatory Authority, Employees, American Institute for Economic Research, Washington D.C, Thomson Locations: Marsh, U.S, New York, Washington, London

☆ Keep your sweetened CD yields going with this maneuver
▼ + stars: | 2023-10-18 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The one-year Treasury bill is yielding 5.47% Wednesday, and one-year CDs at some institutions offer annual percentage yields exceeding 5%. "It always makes sense to look at the landscape," said Danika Waddell, a certified financial planner and founder of Xena Financial Planning. Ally Financial and Bread Financial are among the institutions offering a higher renewal rate for customers who stick around. Consider that about a year ago, the average one-year CD had an APY of less than 1%, according to Bankrate.com . Consider that Synchrony Financial has an 11-month no-penalty CD that offers a 4.5% APY, while its 12-month standard CD yields 5.1%.

Persons: Danika Waddell, Morgan Stanley, Banks, Betsy Graseck, Mark Hamrick, It's, Waddell, Michael Bloom Organizations: Federal Reserve, Treasury, Investors, Xena, PNC, WFC, Bankrate.com, Ally, Federal Deposit Insurance Corp Locations: JPM

REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - Bank of America (BAC.N) reported unrealized losses of $131.6 billion on securities held until maturity in the third quarter, growing from nearly $106 billion in paper losses in the second quarter. Unrealized losses have come under closer scrutiny by investors since March. "All of these are unrealized losses are on government- guaranteed securities," Bank of America's chief financial officer, Alastair Borthwick, told reporters on conference call discussing third-quarter earnings. JPMorgan Chase (JPM.N) had unrealized losses of $40 billion in its HTM portfolio in the third quarter. If banks have intention to hold debt securities until maturity they keep them in held to maturity portfolio.

Persons: Carlo Allegri, Alastair Borthwick, JPMorgan Chase, Saeed Azhar, Nupur Anand, Tatiana Bautzer, Manya Saini, Lananh Nguyen, Megan Davies Organizations: of America, REUTERS, Bank of America, U.S, Silicon Valley Bank, Bank of, JPMorgan, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Banks

☆ Goldman profit tops estimates as dealmaking cushions hit from GreenSky, real estate
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +3 min

The Wall Street giant's net profit slumped 33% to $2.06 billion, or $5.47 per share, it said on Tuesday. Goldman's investment banking fees of $1.55 billion was largely unchanged from last year as debt underwriting activity resumed and the market for initial public offerings picked up. Goldman had taken a charge of $504 million on GreenSky in the second quarter. Solomon has shifted the firm's focus back to its traditional strengths - investment banking and trading, and aims to grow in asset and wealth management. Investment banking results have been mixed for peers, with JPMorgan Chase (JPM.N) reporting a 6% decline in revenue, while Citigroup (C.N) said fees jumped 34%.

Persons: Goldman Sachs, Brendan McDermid, Solomon, Goldman, SoftBank Group's, Morgan Stanley, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Lananh Nguyen, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Arm Holdings, Sixth Street Partners, Investment, JPMorgan Chase, Citigroup, U.S . Federal, Thomson Locations: New York, U.S, Bengaluru

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. BofA's investment banking and trading units managed to outperform Wall Street expectations as they reported higher revenue, bucking an industry-wide slump. Total investment banking fees rose 2% to $1.2 billion, while sales and trading revenue was up 8% to $4.4 billion in the third quarter. BofA's net interest income (NII) rose 4% in the third quarter to $14.4 billion. BofA's revenue, net of interest expense, increased 3% in the quarter to $25.2 billion.

Persons: Carlo Allegri, Brian Moynihan, BofA, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Revenue at BofA's consumer banking unit rose 6% to $10.5 billion in the third quarter. BofA's investment banking and trading units outperformed. Total investment banking fees rose 2% to $1.2 billion, bucking an industry-wide slump. Sales and trading revenue was up 8% to $4.4 billion in the third quarter to its highest in more than a decade.

Persons: Carlo Allegri, Brian Moynihan, BofA, Alastair Borthwick, Borthwick, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, U.S, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

☆ David Solomon’s Goldman remix is audibly off-key
▼ + stars: | 2023-10-17 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, Oct 17 (Reuters Breakingviews) - Having given up a side-gig in DJ-ing, Goldman Sachs (GS.N) boss David Solomon has one less distraction. Goldman reported a one-third year-on-year drop in earnings on Tuesday, in a quarter riddled with one-off charges. Those included a hit related to buy-now-pay-later lender GreenSky, which Goldman bought only two years ago, and is selling. Absent all that, Goldman would have made a return on equity of just over 10%. Goldman made a 7.1% return on equity in the quarter, on an annualized basis, which would have been 10.2% without one-off charges.

Persons: Goldman Sachs, David Solomon, Goldman, GreenSky, Morgan Stanley, Solomon, Marc Nachmann, Nachmann, Jonathan Guilford, Sharon Lam Organizations: Reuters, JPMorgan, Thomson Locations: tomorrow’s, Basel, GreenSky

☆ BNY Mellon beats profit estimates on boost from higher interest rates
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district March 11, 2015. Last week, JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) beat analysts' estimates for the latest quarter and raised FY23 interest income forecasts. BNY Mellon's net interest revenue for the reported quarter jumped nearly 10% to $1.02 billion, compared with $926 million a year earlier. While higher interest rates have benefited banks, they have also deepened fears of more loan defaults, prompting lenders to maintain reserves on the sidelines. New York-based BNY Mellon kept aside $3 million in provision for credit losses for the quarter.

Persons: Brendan McDermid, Banks, BNY Mellon, Jaiveer Singh, Shinjini Organizations: of New York Mellon Corp, REUTERS, Bank of New York Mellon Corp, U.S . Federal Reserve, JPMorgan, Citigroup, Thomson Locations: Wells Fargo, New York, Bengaluru

☆ CNBC Daily Open: JPMorgan's big profit growth isn’t likely to persist
▼ + stars: | 2023-10-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

What you need to know todayThe bottom lineGoing into this earnings season, analysts feared big banks' income wouldn't hold up from the previous quarters. Net interest income, in particular, was higher than expected. interest rate on their savings, and charge borrowers a high interest rate, usually pegged to the federal funds rate. On the contrary, net interest income rose from a year ago at JPMorgan and Wells Fargo , and beat expectations at Citigroup . Dimon acknowledged that his bank's "over-earning" on net interest income, a benefit that will vanish eventually.

Persons: Michael Nagle, Wells, Jamie Dimon isn't, Dimon, Larry Fink, that's Organizations: JPMorgan Chase &, Bloomberg, Getty, CNBC, . Treasury, JPMorgan, Citigroup, Nasdaq, Dow Jones Industrial, University of Michigan's Locations: New York, Wells Fargo, Ukraine, Israel

☆ These AI 'enablers, adopters and adapters' are seeing earnings grow and their stocks outperform, Evercore ISI says
▼ + stars: | 2023-10-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

But companies with upward earnings per share revisions that mention artificial intelligence could be positioned to outperform, according to Evercore ISI. Evercore ISI estimates that the search giant has a 44% exposure to generative AI. The power management company, up nearly 34% this year, is well-situated to benefit as AI revolutionizes the industrial sector, Evercore ISI said. "ETN's electrical business is the driver of its stock at 70%-75% of total company sales and earnings," Emanuel wrote. Evercore ISI also highlighted Booking Holdings , Arista Networks , CarMax and Pure Storage on its screen of AI winners.

Persons: JPM, Julian Emanuel, Emanuel, financials, Eaton, — CNBC's Michael Bloom Organizations: ISI, Nvidia, Google, JPMorgan Chase, JPMorgan, Holdings, Arista Networks

☆ In the Market: Inside a startup’s struggle in a higher-for-longer world
▼ + stars: | 2023-10-16 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

Marvel, a unit of Walt Disney (DIS.N), initially planned to use Tractiv's software in a post-production process, documents show. They provide rare, sometimes blow-by-blow insight into the hardship facing startups, key drivers of American innovation. In February 2021, Tractiv got a major break when it gave a demonstration of the software to venture capital firms. The next few months Tractiv had a series of conversations with major financial services companies, including banks such as JPMorgan Chase (JPM.N). Several showed interest in Tractiv's software but did not buy it.

Persons: Beresford Hodge, Walt Disney, Drew Orsinger, Tractiv's, they're, Mark Almeida, Tractiv, Orsinger, Hans Morris, Morris, JPMorgan Chase, Jan, Nyca, Nyca's Morris, Paritosh Bansal, Anna Driver Organizations: Walt Disney Studios, REUTERS, Tractiv, Marvel Studios, Marvel, Walt, Disney, Hollywood, Venture, Reuters, SpaceX, CME Group, Honeywell, Nyca Partners, JPMorgan, Thomson Locations: London, Britain, Tractiv, headwinds

☆ Morning Bid: MidEast tension keeps markets on edge
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAlthough price moves remain contained in the absence of a dramatic weekend escalation, world markets are still on edge as Middle East tension builds without obvious resolution. Disputed reports of a temporary ceasefire in southern Gaza partly stabilised jittery macro prices first thing on Monday. Yet the extent to which the backup in oil prices over recent months can impact wider economic sentiment was clear from the University of Michigan's household survey on Friday. That appeared to be the case last week as oil prices, gold, the dollar and Treasuries gained into the close while stocks fell back.

Persons: Brendan McDermid, Israel, Treasuries, Goldman Sachs, Morgan Stanley, Jerome Powell, Poland's, Patrick Harker, Christine Lagarde, Fabio Panetta, Mike Dolan, Ed Osmond Organizations: New York Stock Exchange, REUTERS, University of Michigan's, U.S, Treasury, Wall, JPMorgan, Citigroup, Bank of America, Netflix, Federal Reserve, European Union ., York Fed, Bank of Canada, Philadelphia Federal, European Central Bank, ECB, Global, Thomson, Reuters Locations: New York City, U.S, Gaza, Wells Fargo, Luxembourg, LSEG, CHINA

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