Major U.S. bank fourth quarter profits fell on Friday as lenders put aside cash to replenish a government insurance fund dented by last year’s bank failures, and as the rising cost of retaining deposits ate into margins.
Morgan Stanley has agreed to pay $249.4 million for making false statements in connection with the bank’s block trading practices, U.S. authorities said on Friday, resolving a years-long government probe.
Citigroup will cut 20,000 jobs over the next two years, its Chief Financial Officer Mark Mason said on Friday, after the bank reported a $1.8 billion loss for the fourth quarter.
Bank of America’s fourth-quarter profit shrank as the lender took $3.7 billion in one-off charges on Friday, and its finance chief expressed optimism about the U.S. economic outlook.
JPMorgan Chase reported its best ever annual profit and forecast higher-than-expected interest income for 2024 even as its quarterly profit fell after it took a nearly $3 billion charge to replenish a government deposit insurance fund.
Wells Fargo’s profit beat fourth-quarter expectations on cost cuts, but the lender warned that 2024 net interest income could be 7% to 9% lower than a year earlier, sending its shares down 1.9% before the bell.
Bank of New York Mellon Corporation on Friday reported a 50% fall in fourth-quarter profit due to some one-time charges, including those tied to the Federal Deposit Insurance Corporation’s (FDIC) deposit insurance fund.
BlackRock said on Friday it would buy Global Infrastructure Partners (GIP) for $12.5 billion in a major bet on alternative assets and announced a shake-up of its top management.
