The numbers: Noisy. Bank of America’s revenue fell by 4% in the second quarter versus the same period last year, while profit sank by 43%, to $2.3 billion, thanks to hefty legal charges. Both numbers were short of analyst estimates, according to FactSet. BofA similarly disappointed last quarter, so the markets weren’t too surprised.
JPMorgan CEO Jamie Dimon acknowledged that he may need to take “take it easy” as he is treated for throat cancer.
The numbers: Not terrible. Goldman reported a profit of roughly $2 billion in the second quarter, compared with $1.9 billion during the same quarter last year. The results beat most analysts’ estimates, which have been trending decidedly weaker given that Goldman’s bread-and-butter trading operations have been less than stellar. Revenues were up 6% at $9.1 billion, compared with $8.6 billion in the same period last year, which indicates that the prominent investment bank is managing to drive revenues in other businesses, despite its squishy trading.
The numbers: Not great. Yes, JPMorgan Chase beat most analysts’ already-depressed estimates by posting a $5.9 billion profit, above the $5.4 billion forecast. But that figure is nearly 8% weaker than its $6.5 billion profit in the second quarter of last year.
It has, of course, been a bumper year in US tech financing, with companies like Airbnb and Uber raising monster funding rounds. But there’s also an interesting shift going on in the kind of financing being doled out, which tells us something about the changing nature of the tech industry. That’s the insight from the latest report on venture-capital (VC) funding from CB Insights.
You’re up next, Bank of America.
US bank earnings for the second quarter probably won’t be pretty. At best, most of the biggest US banks—JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley—are likely to show pretty lackluster results. At worst, they may report more year-over-year declines in revenues.
Box has raised $150 million in capital from private equity firm TPG Capital and hedge fund Coatue Management, the company announced today.
Things aren’t exactly rosy in banking, but they could be a lot worse. And banks such as Goldman Sachs can thank the relatively robust activity in mergers and acquisitions for buoying results that would otherwise look dreadful.
US president Barack Obama sent a clear message to the US banking community today: I’ve got my eyes on you.
It’s official. Goldman has lost its trading mojo.
The news that JPMorgan Chase boss Jamie Dimon has been diagnosed with cancer of the throat has thrown a spotlight on the management bench at the largest bank in the US by assets. According to the internal memo that announced the news, the cancer was caught early and is curable. Here’s what Dimon, 58, said:
The first half of 2014 saw a parade of tech IPOs trying to capitalize on frothy investor sentiment—or at least, frothy until it fizzled in mid-March.
The former top tech banker at Goldman Sachs just became the second-most-powerful executive at Twitter.
As we approach the halfway point of 2014, here’s a quick run-down of some of the biggest ongoing stories that dominated the discussion around financial markets.
Auto lending has been a big part of the US banking industry’s revenues of late, and nowhere more noticeably than at Wells Fargo.
This article has been corrected and its headline has been changed, due to an error that materially affected the article’s central claim.
US regulators have bubbles on the brain.
It’s gotten expensive being a European bank in the US.
Making money just got a little bit tougher on Wall Street. Already ravaged by declines in their core trading operations, banks are facing threats to their moneymaking operations from an arcane segment of the market for financial instruments known as derivatives.
Bitcoins could be coming to an stock exchange near you.
How ready is streaming-music service Spotify for an initial public offering? Well, it’s already conducting practice earnings calls.
Silicon Valley, and the San Francisco Bay Area in general, has been a magnet for technology innovation going back seven decades—to long before Apple was even a wannabe disruptor. And despite aspirations of cities such as Boston and New York, the recent boom in startups and a spate of techy IPOs has only reinforced the Bay Area’s status as the Westeros of the tech universe (in the parlance of Game of Thrones enthusiasts).
It’s getting competitive out there for banks.
