JPMorgan CEO: ‘Work to Do’ on Controls, Compliance
NEW YORK — JPMorgan Chase, the country’s biggest bank by assets, says its first-quarter earnings soared, even as revenue fell slightly. The bank made $6.1 billion in the first quarter, after stripping out payments to preferred shareholders. That was up 34 percent from the same period a year ago, when it made $4.6 billion. On a per-share basis, that amounted to $1.59. That blew away the estimates of analysts polled by FactSet, who had been expecting $1.39. Revenue and profit fell in its retail banking business, but increased in investment banking. JPMorgan funded $53 billion in mortgages, a jump of 37 percent from a year ago. But profits in the mortgage unit fell 31 percent, and the bank said profit margins were lower. Revenue was $25.8 billion, after stripping out the effect of an accounting charge. That beat analysts’ estimates of $25.7 billion, though it was down 3 percent from the same period a year ago. In many respects, it’s been a difficult year for the New York-based bank. ...
Fed Says It Will Sstick with Aggressive Stimulus
WASHINGTON — The Federal Reserve on Wednesday stood by its efforts to keep borrowing costs at record lows, saying it isn’t yet convinced that the U.S. economy’s growth can accelerate without significant help from the central bank. It wants to see sustained improvement. Fed officials reinforced their plan to keep short-term interest rates at rock-bottom levels at least until unemployment falls to 6.5 percent. An unemployment rate of 6.5 percent is a threshold, not a “trigger,” for a possible rate increase, Chairman Ben Bernanke said. “We are seeing improvement,” he said. “One thing we would need is to see this is not temporary improvement.” The Fed will continue buying $85 billion a month in bonds indefinitely to keep long-term borrowing costs down. Bernanke said the Fed might vary the size of its monthly purchases depending on whether the job market improves and by how much. (MORE: What Happens When the Fed Really Does Run Out of Ammunition?) The unemployment rate has ...
Stocks rise after Fed's announcement
Stocks shot higher Wednesday, adding to their initial gains, shortly after the Federal Reserve's statement that showed the central bank plans to press forward with its aggressive efforts to stimulate the economy.
Found 1 month ago on channel MSNBC
Indications: Stock futures off; Fed speakers, G-7 in spotlight
U.S. stock-market futures drift lower on Tuesday ahead of a barrage of Fed speakers along with a small-business-sentiment index and job-openings data. The dollar stayed firm and gold fell after a G7 statement saying members won’t target exchange rates.
Bernanke Taylors Fed's Approach to Easing
The Fed's move to target the unemployment rate as a threshold for ending its extraordinary stimulus drew the attention on Wednesday. But its statement had an important caveat about inflation.