JPMorgan Misses Profit Estimates as IPO Market Slows
JPMorgan Chase reported its first quarterly profit miss in nearly three years on October 13, as market volatility, economic uncertainty and slowing dealmaking weighed on its investment banking and trading businesses. The banking giant...
Goldman Sachs Executives Set for Over $500 Million in Special Awards
Goldman Sachs Group’s top executives are set to receive special equity awards worth more than $500 million, Bloomberg News reported on Wednesday. The awards, granted in October 2021, were disclosed by Goldman in various...
Banks Warn of AI Shopping Agents’ Fraud and Privacy Risks
Banks including NatWest and Bank of America have warned that the growing use of artificial intelligence (AI) agents for online shopping could increase the risk of scams, fraud and data-privacy breaches. In a report...
Banks Agree to $86.4 Million Settlement in Mexican Bond-Rigging Lawsuit
Mexican banking affiliates of Bank of America, Banco Santander, BBVA, Citigroup, Deutsche Bank and HSBC have agreed to pay $86.4 million to settle a long-running antitrust lawsuit accusing them of manipulating the market for...
Italy to Exit MPS Stake Without Affecting Merger Plans
Italy will manage the sale of its remaining 4.86% stake in Monte dei Paschi di Siena (MPS) in a manner that does not interfere with ongoing merger and acquisition activities involving the bank, Economy...
EU Pushes to Ease Cross-Border Bank Mergers to Boost Global Competitiveness
The European Commission plans to reduce political interference in banking mergers and remove barriers to cross-border consolidation within the European Union, aiming to help European banks compete more effectively with larger U.S. financial institutions....
Fed says it failed to take forceful action on SVB
The Federal Reserve has admitted to not taking strong enough action in overseeing Silicon Valley Bank, which collapsed last month and caused concerns about the banking industry. The Federal Reserve’s investigation found that regulatory...