Author: Lananh Nguyen
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JPMorgan sees $3 billion net interest income boost from First Republic deal
By Nupur Anand, Lananh Nguyen and Mehnaz Yasmin NEW YORK (Reuters) -JPMorgan Chase & Co’s net interest income will rise $3 billion as it brings in more in interest payments from its purchase of failed First Republic Bank this year, executives told investors on Monday. The largest U.S. lender expects its net interest income to…
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Exclusive-First Republic considers downsizing if capital raise fails – sources
By David French and Lananh Nguyen NEW YORK (Reuters) -First Republic Bank, the U.S. regional bank struggling to remain viable following a flight of deposits, is looking at ways it can downsize if its attempts to raise new capital fail, according to three people familiar with the matter. First Republic has been working with JPMorgan…
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Goldman to cut thousands of staff as Wall Street layoffs intensify -source
By Saeed Azhar and Lananh Nguyen NEW YORK (Reuters) -Goldman Sachs Group Inc is planning to cut thousands of employees to navigate a difficult economic environment, a source familiar with the matter said. The layoffs are the latest sign that cuts are accelerating across Wall Street as dealmaking dries up. Investment banking revenues have plunged…
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Wells Fargo profit falls on sales scandal costs, higher reserves
By Lananh Nguyen and Noor Zainab Hussain (Reuters) -Wells Fargo & Co on Friday reported a 31% decline in third-quarter profit as the bank racked up costs related to a fake accounts scandal and boosted its loan loss reserves in preparation for a potential slowdown. The bank posted $2 billion in operating losses related to…
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Bank branch openings in U.S. leave behind minority neighborhoods – study
By Lananh Nguyen NEW YORK (Reuters) – The opening of new U.S. bank branches is leaving behind minority communities despite racial equality pledges from lenders, according to a study released Thursday by the Committee for Better Banks, an advocacy group. The 14 largest U.S. consumer banks opened 4,130 new branches from January 2010 to December…
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Republicans warn bank CEOs to steer clear of social, cultural issues
WASHINGTON • The heads of the nation’s largest banks faced pointed criticism on Thursday from Republicans complaining the firms are inappropriately taking liberal stances on social and cultural issues. Sen. Pat Toomey, the senior Republican on the Senate Banking Committee, urged banks to stop “embracing a liberal ESG (environmental, social and governance) agenda that harms…