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May 08, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►

US bank

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