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US bank

Goldman to launch Marcus UK robo-adviser early next year
Business & Finance

Goldman to launch Marcus UK robo-adviser early next year

  • "We are pivoting more into an investment and wealth provider rather than a full service digital bank," he said.
  • Goldman is shifting the focus of Marcus UK to wealth management to stay within UK banking rules which demand retail deposits totalling more than 25 billion pounds ($35 billion) be ring-fenced.
Published 17 May, 2021 07:39pm
JPMorgan names two new CIOs for tech units
Business & Finance

JPMorgan names two new CIOs for tech units

  • Reid, who was most recently head of corporate technology's engineering and architecture team, becomes the bank's first Black CIO and the first Black member of its technology leadership team.
  • In her role, Goldman will continue to lead a team developing technology for risk, compliance, finance, liquidity, controls and data functions.
Updated 07 May, 2021 08:08pm
Bank of America profit more than doubles on reserve release boost
Business & Finance

Bank of America profit more than doubles on reserve release boost

  • The second-largest US bank by assets unlocked $2.7 billion from its reserves and unveiled a $25 billion stock repurchase plan, betting on a swift economic recovery driven by rapid vaccinations.
  • Consumer banking revenue at the bank, however, fell 12% to $8.1 billion in the quarter ended March. Net interest income, a key measure of how much the bank can make from lending, fell 16% to $10.2 billion in the quarter.
Published 15 Apr, 2021 04:13pm
JPMorgan profit surges on trading, investment banking boost
Business & Finance

JPMorgan profit surges on trading, investment banking boost

  • Net income rose to $14.3 billion, or $4.50 per share, in the quarter ended March 31, from $2.9 billion, or 78 cents per share, a year earlier. During the quarter, JPMorgan released reserves of $5.2 billion.
  • Goldman Sachs, Wall Street's premier investment bank, is expected to report results later on Wednesday, followed by Wells Fargo.
Published 14 Apr, 2021 04:39pm
Wells Fargo expands in precious metals after Scotiabank exit
Business & Finance

Wells Fargo expands in precious metals after Scotiabank exit

  • Scotiabank was for years the biggest global lender to the physical precious metals industry. It decided in 2018 to downsize and last year to exit the sector.
  • Other banks to have taken on Scotia staff since it began to shrink include Canada's Bank of Montreal (BMO) and Royal Bank of Canada (RBC).
Published 01 Mar, 2021 08:15pm
Morgan Stanley profit races past estimates as trading shines
Business & Finance

Morgan Stanley profit races past estimates as trading shines

  • High trading volumes during the quarter, stemming from the US elections and the release of coronavirus vaccines.
  • Morgan Stanley's equity underwriting revenue soared 81% from a year earlier, driven by high profile IPOs and follow-on offerings as clients continued to access capital markets.
Published 20 Jan, 2021 08:40pm