Earnings
HSBC plans $6bn in Asia investments as profits slump by 34%
The UK lender is shifting billions to Asia as part of its strategic overhaul
Bankia’s profits drop 58% to €230m
The Spanish bank said it had set aside over €500m to give it 'greater flexibility' in the year ahead as the pandemic continues to cause uncertainty
1 min read
Goldman Sachs revenue surges as investment bank hits record highs
Goldman Sachs posted record revenues for its investment bank and its highest sales and trading earnings for a decade
3 min read
GAM forecasts loss after ‘very challenging’ 2020
The expected net loss comes as GAM said the final three months of 2020 saw its investment management business post net inflows, the first positive flows since the beginning of 2018
1 min read
Citi profits slip 40% as CEO Michael Corbat signs off ‘tumultuous’ year
The bank posted profits of $11.4bn in 2020, as strong investment banking results were offset by a difficult year for its consumer unit
2 min read
JPMorgan’s investment bank profit soars 43% in Covid hit year
Jamie Dimon, JPMorgan’s chairman and chief executive, called the results 'strong' in 'a challenging year'
3 min read
Bankers fret about bonuses despite record pandemic profits: ‘They will find a way to underpay’
Banks are under pressure to keep star performers happy, despite staff cuts and economic woes elsewhere
6 min read
Morgan Stanley’s profit surges 25% on trading and investment banking boom
The lack of a significant consumer and commercial banking operation sheltered the bank from the worst effects of the pandemic. Revenue jumped 16% to $11.7bn
2 min read
The last hurrah for Wall Street’s trading bonanza? Not so fast
In July, Jamie Dimon warned that JPMorgan’s trading revenues might halve in the second half as market conditions returned to more normal levels. That was much too pessimistic, writes David Wighton
4 min read
Goldman Sachs’ 134% surge in equity underwriting helps bank smash earnings targets — again
The bank followed a record second quarter by posting a third-quarter profit of $3.5bn, which was a 94% gain on the previous year
3 min read
Bank of America sets aside a lower-than-expected $1.4bn for soured loans
The bank put aside $1.4bn for credit losses, around $500m less than analysts were expecting, and down from more than $5bn in the second quarter
3 min read
Citigroup set-asides for bad loans plunge, sending profit higher than expected
The US bank unveiled profits of $3.2bn for the third quarter of 2020, well ahead of the analyst consensus of $1.9bn, as provisions for losses related to the pandemic dropped to around $2.1bn
JPMorgan’s bad loan provisions for pandemic plummet as profit beats targets
JPMorgan said the money put aside to cover bad loans — which surged to $10.2bn in the previous quarter — came in at $611m, down 60% on the previous year
