Banking News
The latest developments, earnings reports, and strategic shifts across global banking.
Bank of America Reports Q1 2024 Net Income of $6.7 Billion, Beating Estimates as Investment Banking Fees Jump 35%
Bank of America posted first-quarter net income of $6.7 billion, with adjusted EPS of $0.83 beating the $0.76 LSEG consensus and investment banking fees rising 35% year-on-year.
Goldman Sachs Posts Q1 2024 Net Revenues of $14.21 Billion, Up 16%
Goldman Sachs reported net revenues of $14.21 billion and EPS of $11.58 for Q1 2024, with investment banking fees rising 32% year-on-year.
JPMorgan Chase Reports Q1 2024 Net Income of $13.4 Billion on Managed Revenue of $42.5 Billion
JPMorgan Chase posted Q1 2024 net income of $13.4 billion, up 6% year-on-year, on managed revenue of $42.5 billion, achieving a return on tangible common equity of 21%.
Citigroup Posts Q1 2024 Net Income of $3.4 Billion as Banking Revenues Surge 49%
Citigroup reported Q1 2024 net income of $3.4 billion, with EPS of $1.58, or $1.86 adjusted, beating the LSEG consensus of $1.23, as banking revenues rose 49% year-on-year during CEO Jane Fraser's restructuring.
Wells Fargo Q1 2024 Net Income of $4.6 Billion as Net Interest Income Falls 8% Year-on-Year
Wells Fargo posted Q1 2024 net income of $4.6 billion on revenue of $20.9 billion, with net interest income down 8% year-on-year to $12.2 billion on higher funding costs.
New York Community Bancorp Closes Over $1 Billion Equity Investment Led by Liberty Strategic Capital
NYCB secured approximately $1.05 billion in fresh equity from a consortium including Liberty Strategic Capital, Hudson Bay Capital, and Reverence Capital, alongside the appointment of four new directors, including former Treasury Secretary Steven Mnuchin and incoming CEO Joseph Otting.
New York Community Bancorp Discloses $2.4 Billion Goodwill Impairment and CEO Resignation Amid Control Failures
NYCB booked a $2.4 billion goodwill impairment and disclosed material weaknesses in loan-review controls as its CEO resigned and shares fell over 20% after hours.
Barclays Unveils Three-Year Strategic Plan Targeting RoTE Above 12% and £10 Billion in Shareholder Returns
Barclays has announced a three-year strategic plan aimed at achieving a return on tangible equity above 12% and returning at least £10 billion to shareholders by 2026.
DBS posts record SGD10.3 billion net profit for 2023 as total income tops SGD20 billion
Singapore's largest bank lifted full-year net profit by 26% on a wider net interest margin and higher fee income, and proposed a one-for-ten bonus share issue.
DBS Bank Merges Equity Capital Markets, Brokerage, and Digital Exchange into New Global Financial Markets Group
DBS Bank is to combine its equity capital markets, brokerage, Digital Exchange, and treasury markets units into a single Global Financial Markets group.
Banorte Reports 13% Rise in Q4 2023 Net Profit and Guides Approximately 10% Revenue Growth for 2024
Grupo Financiero Banorte posted Q4 2023 net profit of 13.04 billion pesos, up 13%, and full-year profit of 52.42 billion pesos, with CEO guiding ~10% revenue growth for 2024.
Citigroup Plans to Cut 20,000 Jobs and Reduce Management Layers from 13 to 8 in Restructuring
Citigroup announced plans to eliminate roughly 20,000 roles — around 10% of its global workforce — and cut management layers from 13 to 8, targeting $2 billion to $2.5 billion in annualised run-rate savings over the medium term.