Wednesday, August 10, 2022
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A ‘shakeout’ among mortgage lenders is coming, according to CEO of bank that left the business

A sign hangs from a branch of Banco Santander in London, U.K., on Wednesday, Feb. 3, 2010.Simon Dawson | Bloomberg via Getty ImagesBanks and other mortgage providers have been battered by plunging demand for loans this year, a consequence of the Federal Reserve's interest rate hikes.Some firms will be

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The confusing job market: Tech and finance brace for the worst, retail is mixed, travel can’t hire fast enough

JetBlue Airways passengers in a crowded terminal on April 7, 2022 in the Fort Lauderdale-Hollywood International Airport in Fort Lauderdale, Florida.Robert Nickelsberg | Getty Images News | Getty ImagesIt wasn't long ago that Amazon, Shopify and Peloton doubled their workforces to manage through the pandemic surge, while Morgan Stanley

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JPMorgan hires scientist Charles Lim to help protect financial system from quantum-supremacy threat

Dr. Charles Lim, Global Head of Quantum Communications and Cryptography, JP Morgan ChaseCourtesy: JP Morgan ChaseJPMorgan Chase has hired a Singapore-based quantum-computing expert to be the bank's global head for quantum communications and cryptography, according to a memo obtained by CNBC.Charles Lim, an assistant professor at the National University

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Stocks making the biggest moves midday: IBM, Boeing, Hasbro, Ford & more

IBM CEO Arvind Krishna appears at a panel session at the World Economic Forum in Davos, Switzerland, on May 24, 2022.Hollie Adams | Bloomberg | Getty ImagesCheck out the companies making headlines in midday trading Tuesday.IBM – Shares of IBM slipped 5.25% after the tech company warned of a

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Bank of America tops expectations on revenue as lender benefits from higher interest rates

Bank Of America CEO Brian Moynihan is interviewed by Jack Otter during "Barron's Roundtable" at Fox Business Network Studios on January 09, 2020 in New York City.John Lamparski | Getty ImagesBank of America on Monday posted mixed second-quarter results that included the benefit from rising interest rates and about

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Goldman Sachs is set to report second-quarter earnings —here’s what the Street expects

David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.Adam Galacia | CNBCGoldman Sachs is scheduled to report second-quarter earnings before the opening bell Monday.Here's what Wall Street expects:Earnings: $6.58 per share, according to RefinitivRevenue: $10.86 billion, 29% lower than a year

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Citigroup tops profit estimates as bank benefits from rising interest rates, shares pop 4%

Jane Fraser, CEO of Citi, says she is convinced Europe will fall into recession as it faces the impact of the war in Ukraine and the resultant energy crisis.Patrick T. Fallon | AFP | Getty ImagesCitigroup on Friday posted second-quarter results that beat analysts' expectations for profit and revenue

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Wells Fargo profit falls as the bank sets aside funds for bad loans, company’s shares drop 3%

Charles ScharfQilai Shen | Bloomberg | Getty ImagesWells Fargo said Friday that second-quarter profit declined 48% from a year earlier as the firm set aside funds for bad loans and was stung by declines in its equity holdings.Here's what the company reported compared with what Wall Street was expecting,

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Dimon rips Fed stress test as ‘terrible way to run’ financial system after his bank halts buybacks

Jamie Dimon, CEO of JP Morgan Chase, speaking at the Business Roundtable CEO Innovation Summit in Washington, D.C. on Dec. 6th, 2018. Janvhi Bhojwani | CNBCJPMorgan Chase CEO Jamie Dimon didn't mince words when it came to the regulatory process that forced his bank to suspend its stock buybacks.Asked by veteran

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JPMorgan CEO Dimon sums up U.S. economy in one paragraph — and it sounds bad

Jamie Dimon, chief executive officer of JPMorgan Chase & Co.Christophe Morin | Bloomberg | Getty ImagesJPMorgan Chase CEO Jamie Dimon on Thursday summarized the state of the U.S. economy in one paragraph, and it's not all good.On the one hand, Dimon said the U.S. "economy continues to grow and

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