Reuters US Money

By Elizabeth Dilts Marshall and Manya Saini (Reuters) -Bank of America Corp beat analysts’ estimates for second-quarter profit on Monday, with healthy consumer spending and strong demand for loans limiting the hit from its investment banking business. Executives at the second-largest U.S. bank painted an overall positive outlook for consumer spending going forward, saying that …

Bank of America profit beats as consumer unit offsets deals drying up Read More »

By Mehnaz Yasmin and David Henry (Reuters) -Citigroup Inc shares surged more than 10% on Friday after the third-largest U.S. bank posted a smaller-than-expected 27% drop in quarterly profit on unusual strength in its treasury services business and its trading desks cashed in on market volatility, cushioning a slump in investment banking. The Treasury and …

Citigroup shares surge on profit beat, core business strength Read More »

By Manya Saini and Carolina Mandl (Reuters) -BlackRock Inc said on Friday it is tightening its belt and putting off some hirings amid an economic environment that has spooked retail investors and drove its quarterly profit down. The world’s biggest asset manager said total expenses are likely to end 2022 with a growth of 15%, …

BlackRock misses profit estimates, pulls back hiring after market turbulence Read More »

(Reuters) – Wells Fargo & Co reported a 48% drop in quarterly profit on Friday as the bank set aside more funds to cover potential loan losses, while its mortgage lending business came under pressure from higher interest rates. The company bolstered its loan loss reserves by setting aside $580 million in the second quarter, …

Wells Fargo profit slumps on higher loan loss reserves, mortgage weakness Read More »

By Xie Yu and Liangping Gao HONG KONG/BEIJING (Reuters) -Chinese regulators’ assurances of help in delivering property projects on time failed to convince some homebuyers threatening to stop mortgage payments and investors continued to sell shares in embattled developers on Friday. A growing nationwide homebuyers’ boycott has rekindled investor concerns about the China’s slumping property …

Beijing’s assurances on mortgage protests fail to convince investors Read More »

(Reuters) – U.S. equity funds witnessed outflows for the third week in a row in the week ended July 13, on pessimism over economic growth and earnings outlook as companies are hit by higher borrowing costs and lower margins. According to Refinitiv Lipper data, U.S. equity funds faced outflows of $1.41 billion, compared with $5.45 …

U.S. equity funds record third weekly outflow in a row Read More »

(Reuters) – Global equity funds faced a third straight week of outflows in the week to July 12 on concerns over the prospect of further central bank interest rate hikes and the health of economies worldwide. According to Refinitiv Lipper, investors disposed of $4.33 billion worth of global equity funds in a third straight week …

Global equity funds post third weekly outflow on slowdown fears Read More »

By Davide Barbuscia NEW YORK (Reuters) – Rising recessionary concerns are seeing some investors reduce risk in their credit exposure as they brace for an economic slowdown whose magnitude remains highly uncertain. U.S. bonds have been hurt by rising interest rates and unrelentingly high inflation, but over the past few weeks the market focus has …

Analysis: Credit investors see more risk ahead as recession fears rise Read More »

By Pamela Barbaglia LONDON (Reuters) – Bank of America has promoted former Prudential executive James Gill to lead its financial institutions franchise for Europe, the Middle East and Africa as it seeks to win more business from the region’s biggest banks and fintech clients. The move comes as one of the bank’s most senior members …

Bank of America picks ex-Prudential exec for EMEA financial institutions top job Read More »

MADRID (Reuters) – Spanish renewable power group Opdenergy plans to start trading on July 22 following the approval of its initial public offering by the supervisor, the company said in a statement late on Wednesday. Opdenergy’s is planning to set its final price on July 21 after previously determining a price range at between 4.75 …

Spain’s Opdenergy plans market debut on July 22 Read More »