By Saeed Azhar and Niket Nishant NEW YORK (Reuters) – JPMorgan Chase & Co and Bank of America Corp continued to add staff as the economy softens, even after the ranks of the five biggest U.S. lenders swelled by 100,000 since the start of 2020. The chief financial officers of the two biggest U.S. banks…
By Mehnaz Yasmin and Carolina Mandl (Reuters) – Citigroup Inc reported a 21% fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity. Fears of a potential recession prompted Citi to add $640…
By Shariq Khan NEW YORK (Reuters) -Oil prices rose by about a dollar a barrel on Friday, set for their biggest weekly gains since October, as the U.S. dollar dropped to a seven-month low and more indicators pointed toward growing demand from top oil importer China. Brent crude futures rose by 93 cents, or 1.1%,…
By Manya Saini and Lananh Nguyen (Reuters) -Bank of America Corp reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. The ‘higher-for-longer’ rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting…
By Erwin Seba (Reuters) -Exxon Mobil Corp in coming days will sharply boost gasoline and diesel production at its Beaumont, Texas, refinery, people familiar with the matter said, completing a $1.2 billion expansion first considered nine years ago. Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd…
By Angelo Amante and Giuseppe Fonte ROME (Reuters) – A bid from German carrier Lufthansa for ITA Airways could come early next week, three sources familiar with the matter said on Friday, in a crucial step to speeding up the full privatisation of Italy’s state-owned company. The privatisation of ITA, which officially replaced loss-making Alitalia…
NEW YORK (Reuters) – Wall Street’s biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. The outlook for big U.S. banks has been clouded by the Russia-Ukraine conflict and fading economic stimulus measures. Higher borrowing…
By Noor Zainab Hussain and Hannah Lang (Reuters) -Wells Fargo & Co on Friday reported a 50% decline in profit for the fourth quarter, missing analysts’ estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. The…
By Medha Singh (Reuters) – An army of retail traders drove up shares of meme stocks this week, led by a surge in Bed Bath & Beyond, as growing signs that inflation has peaked encouraged them to pick up shares at relatively “cheap” prices after the 2022 market slump. The struggling home good retailer’s shares…
(Reuters) -UnitedHealth Group Inc on Friday reported a quarterly profit that beat Wall Street estimates, helped by lower medical costs and a boost from its Optum health services unit, which operates the company’s pharmacy benefit management business. Health insurers’ costs have been in flux during the pandemic, but have eased over the past year as…
