By Peter Rudegeair, Orla McCaffrey and Ben Eisen A stock-market boom fueled by Reddit-reading individual investors and a burst of companies entering the public markets produced record quarterly profits at Wall Street s biggest banks. Goldman Sachs Group Inc. posted records in quarterly revenue and profit. JPMorgan Chase & Co. notched its highest quarterly profit on record, driven by record revenue from trading stocks. Even Wells Fargo & Co., a minnow on Wall Street, enjoyed its best-ever quarterly profit in corporate and investment banking. The party showed no signs of ending soon. Even after reporting a 73% increase in investment-banking fees, Goldman said the volume of coming transactions in that business at the end of the first quarter stood at a record level.
Provided by Dow Jones
By Orla McCaffrey Citigroup Inc. on Thursday reported sharply higher first-quarter profit and said it is shutting down most of its consumer-banking operations in Asia, Europe and the Middle East. The bank posted a profit of $7.9 billion, or $3.62 per share, well above the $2.60 per share forecast by analysts polled by FactSet. A year earlier, Citigroup had reported a quarterly profit of about $2.5 billion, or $1.05 a share. Citigroup also said it would exit its consumer operations in 13 countries, mostly across Asia, to focus on wealth management and other businesses. Jane Fraser, who took over as chief executive officer last month, said in a statement that those consumer banks were excellent businesses, but we don t have the scale we need to compete. She said Citigroup would continue to invest in wealth management and in the businesses that work with corporate clients in Asia.
Citigroup Reports Higher Earnings — Update morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
POLITICO
Get the Morning Money newsletter
Email
Sign Up
By signing up you agree to receive email newsletters or updates from POLITICO and you agree to our privacy policy and terms of service. You can unsubscribe at any time and you can contact us here. This sign-up form is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
04/15/2021 08:00 AM EDT
Editor’s Note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 6 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day’s biggest stories. Act on the news with POLITICO Pro.
Provided by Dow Jones
By Orla McCaffrey Citigroup Inc. is shutting down most of its consumer-banking operations in Asia, Europe and the Middle East, the latest sign that the original financial supermarket is rethinking how to do business. The bank on Thursday also reported a sharply higher first-quarter profit, though that was largely because its year-ago results were hammered by pandemic preparations. Citigroup posted a profit of $7.9 billion, or $3.62 a share, well above the $2.60 a share forecast by analysts polled by FactSet. A year earlier, Citigroup had reported a quarterly profit of about $2.5 billion, or $1.05 a share. The New York bank also said it would exit its consumer operations in 13 countries, mostly across Asia, to focus on wealth management and other businesses.