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Bloomberg

The six biggest US banks have never had a US$100 billion year. Until now.
Goldman Sachs Group, JPMorgan Chase and their peers have already reported more than US$111 billion of profit for 2018. Morgan Stanley will only make that number bigger when it releases its fourth-quarter results Thursday.
They have Republican tax cuts to thank, along with rising interest rates, a surge in deal making and a retail-banking boom.
JPMorgan and Bank of America both had record years, while Goldman Sachs and Citigroup had their biggest hauls since the financial crisis. The impressive numbers and upbeat commentary from bank leaders may quell fears that rate hikes and trade wars risk bringing an end to good times for the biggest lenders.
“Is it the end of a cycle? We don’t think so,” JPMorgan Chief Financial Officer Marianne Lake said Tuesday on a call with analysts. “We think the outlook for growth in the economy is still strong. The consumer is still strong and healthy, and we’re expecting to see, maybe slower, but still global growth going forward.”
China running out of options to bolster confidence in slowing economy, analysts said
The KBW Bank Index has gained 11 percent this month, spurred higher by fourth-quarter results. The 24-member index plunged 20 per cent in 2018, the worst performance in seven years.
The record haul may provide fodder for critics of the 2017 US tax overhaul who have argued that it resulted in a bigger boon for major companies than for the nation’s middle class. Jamie Dimon, JPMorgan’s chief executive officer, on Wednesday made the case that the tax cuts fixed an uncompetitive system that had held back small businesses.
China December trade data bad, but likely to get worse this year
Within the banks, the benefits of the tax cuts are flowing more heavily to shareholders than their rank and file. Profit at the five firms jumped 28 per cent from the previous high, while employee compensation expenses climbed just 1.8 per cent from last year.
Washington may be less helpful to the biggest banks going forward. Wall Street critic Alexandria Ocasio-Cortez is headed to the Congressional committee that oversees the industry. “As I’ve said before, it’s People vs Money. We’ve got people, they’ve got money,” the New York Democrat wrote on Twitter a few hours after Goldman and BofA reported their results. “There is work to do.”


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Banking & finance

It’s official: Wall Street topped US$100 billion in profit

The Charging Bull or Wall Street Bull is pictured in New York City on January 16, 2019. Photo: Reuters

Apple’s sales warning is a symptom of what’s ailing the US economy

The world is changing and Apple, a jewel in America’s corporate crown, is feeling the pinch. It is a symptom of the US pricing itself out of world markets. Photo: AFP

Source: New View Economics

Chinese billionaire Guo says 'vibrant' US economy entices him

Fosun Group chairman and chief executive Guo Guangchang, interviewed in New York, said he is not concerned about the slowing economy in China.Photo: Bloomberg

Chinese stocks are regaining their appeal as the US economy comes back down to Earth

An investor monitors stock prices in Shanghai. Although the Shanghai Composite Index is down, the appeal of Chinese stocks is actually growing. Photo: AFP

The Charging Bull sculpture by Arturo Di Modica, in New York's Financial District, is shown in this photo, Wednesday, Feb. 7, 2018. The current bull market is set to turn nine years old in about a month. As of Jan. 26, the date of the last market record, the S&P 500 had more than quadrupled over that time. The market had made big gains over the last year, and many experts felt stocks were overdue for a slump. (AP Photo/Richard Drew)

(180810) -- ANKARA, Aug. 10, 2018 (Xinhua) -- A money changer counts Turkish lira banknotes at a currency exchange office in Ankara, Turkey, on Aug. 10, 2018. The Turkish lira on early Friday hit an all-time low of 6.30 against the U.S. dollar, a day after a deadlock in bilateral talks in Washington which aimed to resolve political crisis between Turkey and the United States. (Xinhua/Mustafa Kaya)(dh)

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Goldman Sachs Group and peers have already reported more than US$111 billion of profit for 2018


Goldman Sachs Group, JPMorgan Chase and their peers have reported more than US$111 billion of profit for 2018. Morgan Stanley will soon make that number bigger.


Apec summit 2015