Profits of large US banks soar, but there are warning signs
The surge of investment banking fees and capital gains compensated for the lower margin of traditional business and the increase in costs
Gary Stevenson: ‘Economists have been all wrong about almost everything for 15 years now’
After growing up in poverty he became a millionaire as a highly successful trader at Citibank, then quit at 26, feeling exhausted. These days Stevenson is an activist trying to stop the global economic system from collapsing due to rising inequality
The payment of more interest on deposits hurts the bottom line of large US banks
The profit of the six main entities falls 3% in the first quarter despite the improvement in the investment banking business
Large US banks grow their profits due to rise in interest rates
JPMorgan, Bank of America, Wells Fargo, Citi and Goldman Sachs earn 20% more in the third quarter of the year
Big banks create $30 billion rescue package for First Republic
The effort seeks to stop the California-based bank from becoming the third bank to fail in less than a week. Shares of First Republic had fallen sharply this week, dropping 60% on Monday alone
Tesla: Elon Musk’s carriage turns into a pumpkin
The electric car company has lost more than 70% of its value on the stock market and analysts doubt that it can maintain its market share in the long term