Weekly Global News Wrap Up: US banks look beyond trading; JPMorgan launches new payment processing network using blockchain

And find out why Canada's alternative lenders face bigger impact from new mortgage rules.

From Reuters: Wall Street rivals Goldman Sachs Group Inc and Morgan Stanley topped analyst expectations on Tuesday, reporting third-quarter earnings gains from a range of products and services despite an industry-wide decline in bond trading. Goldman’s private equity investments helped fuel its earnings beat, while Morgan Stanley’s wealth management unit delivered record revenue and profit margins. Both reported higher investment banking revenue than the year-ago period and kept a lid on expenses relative to revenue.

From Reuters: JPMorgan Chase & Co said on Monday it launched a new payment processing network that uses blockchain technology, in partnership with Royal Bank of Canada (RY.TO) and Australia and New Zealand Banking Group. Blockchain, a shared ledger of transactions maintained by a network of computers on the internet, is the technology that underpins cryptocurrency bitcoin. The Interbank Information Network will allow payments to reach beneficiaries faster with fewer steps and better security, JPMorgan said on Monday. 

From Bloomberg: Borrowers who don’t meet the lending criteria of Canada’s big banks for home loans may turn to credit unions and private lenders under tougher mortgage rules released by the country’s banking regulator, according to RBC Capital Markets. While the final rules have a “very minor negative impact” to large Canadian banks, the changes are more negative for non-prime lenders such as Home Capital Group Inc. and Equitable Group Inc. due to the stress tests and ban on bundling of mortgages, RBS analysts Darko Mihelic and Geoffrey Kwan wrote in a note to clients.



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