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On the Bank of Amazon? Wal-Bank, Face-Bank, etc.
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Filed under: Investing | Tagged: Amazon, bank of amazon, Merging Banks and Commerce |
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America’s biggest bank digs cryptocurrency, really!
JPMorgan Chase’s CEO recently called Bitcoin a “fraud.” Whatever his beef, it doesn’t extend to the underlying blockchain tech—because his firm is leading the effort to adapt it for use in finance.
https://www.technologyreview.com/s/609481/why-americas-biggest-bank-digs-anonymous-cryptocurrency/?utm_source=MIT+Technology+Review&utm_source=newsletters&utm_campaign=edc326f0a0-The_Download&utm_campaign=the_download&utm_medium=email&utm_term=0_997ed6f472-edc326f0a0-&utm_content=11-27-2017&utm_source=MIT+Technology+Review&utm_campaign=edc326f0a0-The_Download&utm_medium=email&utm_term=0_997ed6f472-edc326f0a0-154253973
Dr. David Edward Marcinko MBA CMP™
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CFPB Update 2018
https://www.propublica.org/article/consumer-financial-protection-bureau-declaration-of-dependence?utm_source=pardot&utm_medium=email&utm_campaign=dailynewsletter
Dr. David Marcinko MBA
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Banks Stuff Money Under the Mattress
The beginning of earnings season highlighted just how bumpy the road ahead will be for the U.S.’ major banks—let’s hope they peed before getting in the car.
A white glove lineup including JPMorgan, Wells Fargo, Bank of America, Citigroup, and Goldman Sachs disclosed this week that they bolstered their rainy day funds by a combined $20 billion in Q1.
Why? With so many households and businesses on the brink due to COVID-19 layoffs and closures, a deluge of loan defaults looks inevitable. Banks, from their consumer to investment divisions, are doomsday prepping.
And execs think those piles they set aside to account for bad loans could get even bigger next quarter, further proof Wall Street has its doubts that the $2.2 trillion relief package D.C. just doled out is enough to steady everyday Americans’ finances.
With that in mind, BofA, Citi, and Goldman all copped to profit drops north of 40% in Q1 yesterday. Q2 might look tanner, but not much better.
Sanjay
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2021
Two banks and a food giant turned in quarterly report cards you’d be proud to show off to your parents. Here are execs’ most quotable quotes from yesterday’s earnings calls.
1. JPMorgan CEO Jamie Dimon: “Their house value is up. Their stock value is up. Their incomes are up. Their savings are up. Their confidence is up.”
Consumers are “raring” to spend more this summer (great for JPMorgan’s credit card biz), but the company’s trading revenue dropped sharply in Q2 as the economy opened up.
2. Goldman Sachs CEO David Solomon: “Obviously if there was some sort of a disruption or an economic slowdown sometime in the future, that would wear on confidence and slow that, but that doesn’t seem likely.”
Goldman’s net revenue from investment banking jumped 36% annually to $3.6 billion in Q2 thanks to an army of unicorns rushing to go public this year.
3. PepsiCo CFO Hugh Johnston: “This quarter, all of a sudden people started going out.” In food service, “we saw the business double in a relatively short period of time.”
Pepsi sales jumped the most in a decade last quarter as restaurant demand for its drinks returned. However, while people are getting out more, “they are not anywhere near where they were,” Johnston said.
Len
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