Citi confirms quarterly dividend of 60c per share
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Axios
6 minutes ago
- Axios
Big banks say business is humming along
America's big banks sounded a positive note about their businesses Tuesday, striking a theme of resilience despite tariffs and economic uncertainty. The big picture: Investment banking business enjoyed a rebound in the latest quarter, signaling an uptick in activity. Investment banking fees rose 9% year over year for Wells Fargo, 7% for JPMorgan and 13% for Citigroup. Zoom in: All three banks sounded upbeat. JPMorgan Chase CFO Jeremy Barnum said "it's just going to be hard, especially in our portfolio, to see a lot of weakness" among consumers. Citigroup CEO Jane Fraser said the economy has "proven to be more resilient than most of us anticipated," as "the American entrepreneur and a healthy consumer has certainly been exceeding expectations of late." Wells Fargo CEO Charles Scharf said the bank's view on the economy hasn't changed: "Consumers and businesses remain strong as unemployment remains low and inflation remains in check." Yes, but: The big banks are still taking something of a wait-and-see approach. Fraser flagged that Citigroup has noticed "some pauses" in capital expenditures and hiring from its clients. But that said, "I've yet again been impressed by the adaptability of our private sector, aided by the depth and breadth of the American capital markets," she added.
Yahoo
an hour ago
- Yahoo
JPMorgan gets a dealmaking boost as Wall Street recovered from tariff tumult
Second quarter earnings at JPMorgan Chase (JPM) were better than expected Tuesday, as a boost in dealmaking demonstrated how Wall Street recovered from the spring freeze that accompanied President Trump's "Liberation Day" tariffs. Investment banking revenue at JPMorgan rose 8% from last year's second quarter to $2.5 billion due largely to advising on mergers and equity underwriting. Bond underwriting fell 2% but still exceeded analyst expectations. JPMorgan CEO Jamie Dimon said investment banking activity "started slow but gained momentum as market sentiment improved" and "the U.S. economy remained resilient in the quarter." He also offered some notes of caution, however. "Significant risks persist," he added, "including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices." JPMorgan raked in a total of $15 billion of net income over the second quarter, a 17% drop compared to the same period last year. But that drop was largely due to the fact that the comparison was skewed by a one-time gain on its Visa shares recognized in the second quarter of last year. Excluding that one-time gain in addition to a $774 million income tax benefit, JPMorgan's profits rose 9% in the second quarter to $14.2 billion compared with $13.1 billion in the year-ago period. Three months ago, a sense of gloom hovered over the first quarter earnings season as bankers grappled with a halt in dealmaking and the market chaos that followed Trump's April 2 "Liberation Day" tariff announcement, with some warning of "considerable turbulence" and a possible recession. Read more: What Trump's tariffs mean for the economy and your wallet That gloom has been replaced by measured optimism in the lead-up to the start of another earnings season this week. "Essentially every part of the company is firing," JPMorgan CFO Jeremy Barnum said. "We are firing on all cylinders." Some red-hot IPOs and sizable mergers have helped, as have several developments in Washington, D.C., while the Trump administration begins to loosen capital and supervisory rules for big banks. JPMorgan wasn't the only bank to see an investment banking boost. At Wells Fargo (WFC), fees from that work rose 10% from a year ago to $696 million. At Citigroup (C), investment banking fees also climbed 13% in the second quarter. "It certainly seems like volumes are picking up," Wells Fargo CFO Mike Santomassimo told reporters. Citigroup CFO Mark Mason told reporters on a separate call that "we're seeing really momentum across a multitude of sectors across the board, particularly in healthcare and tech." Even the volatility triggered by Trump's tariffs turned out to be a boost for Wall Street trading desks as investors churned through their bets. At JPMorgan, trading revenue rose by 8% to $8.9 billion, with both equities and fixed income markets businesses seeing jumps. Revenue also rose across JPMorgan's sprawling consumer bank as well as its asset and wealth management division. However, revenue fell in its corporate unit. JPMorgan raised its guidance for a key revenue source — net interest income — by $1 billion for the full year, to $95.5 billion. Excluding interest income from its markets business, it now expects to earn $92 billion, or $2 billion more in net interest income than it previously expected. Wells Fargo lowered its guidance for 2025 net interest income to the previous year's $47.7 billion. Previously, management had guided for a 1% to 3% rise from last year's level. That helped push its stock down. JPMorgan's stock was flat in Tuesday morning trading, while Wells Fargo fell more than 4%. Citigroup was up slightly. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. His email is Click here for in-depth analysis of the latest stock market news and events moving stock prices
Yahoo
an hour ago
- Yahoo
Jamie Dimon Says JPMorgan Plans to Get More Involved in Stablecoins
JPMorgan Chase CEO Jamie Dimon said Tuesday that the bank plans to get more involved with stablecoins. Mastercard and Citi also discussed stablecoins in calls with analysts this week. The focus on stablecoins comes as Congress is expected to vote on a bill this week that would allow private companies to issue corporate Chase (JPM) CEO Jamie Dimon said the bank is planning to get more involved with stablecoins—crypto assets with a value pegged to another currency or financial asset such as the U.S. dollar. 'We're going to be involved in both JPMorgan deposit coin and stablecoins to understand it, to be good at it,' Dimon said during the bank's second-quarter earnings call, according to a transcript from AlphaSense. The deposit coin Dimon referred to is JPMD, a stablecoin-like token currently available only to the bank's clients. 'I don't know why you'd want a stablecoin as opposed to just payment,' Dimon said, but added that fintech companies "are trying to figure out a way to create bank accounts and get the payment systems and rewards programs, and we have to be cognizant of that. The way to be cognizant is to be involved." Dimon's comments come as Congress is expected to vote this week on the GENIUS Act, which would establish a framework for private companies to issue stablecoins. Walmart (WMT) and Amazon (AMZN) are reportedly considering doing so, which could potentially reduce the billions of dollars the retail titans pay in credit transaction fees. Citigroup (C) CEO Jane Fraser told analysts Tuesday that the bank also has stablecoin plans, and is 'looking at the issuance of a Citi stablecoin,' according to a transcript provided by AlphaSense. "This is a good opportunity for us," said Fraser, suggesting it could help the bank gain new clients. Executives at Mastercard (MA), which also has stablecoin initiatives, cautioned earlier this week that it could be a while before stablecoins become a viable everyday payment tool, however. 'While the technology powering stablecoins holds tremendous promise, high speed, 24/7 availability, low costs, programmability, immutability, etc., those attributes alone do not suffice to turn stablecoins into a payment tool,' Mastercard Chief Product Officer Jorn Lambert said on a call with analysts Monday, according to a transcript provided by AlphaSense. While Mastercard isn't issuing stablecoins itself, Lambert said the company acts as a bridge for its partners like Circle (CRCL) and others to 'mint, distribute, and redeem stablecoins through trusted issuers seamlessly.' Read the original article on Investopedia
