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RETAIL BANKING | Staff Reporter, Singapore
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Weekly Global News Wrap Up: Big US banks could see 20% profit jump; British banks to close 762 branches this year

And find out why Goldman Sachs will explain its trading strategy.

From Bloomberg: The deregulation winds blowing through Washington could add $27 billion of gross profit at the six largest U.S. banks, lifting their annual pretax income by about 20 percent. JPMorgan Chase & Co. and Morgan Stanley would benefit most from changes to post-crisis banking rules proposed by Donald Trump’s administration, with pretax profit jumping 22 percent, according to estimates by Bloomberg based on discussions with analysts and the banks’ own disclosures. Goldman Sachs Group Inc. would have the smallest percentage increase, about 16 percent.

From Reuters: Banks in Britain are set to close a record 762 branches this year, depriving more customers of access to in-person financial services as lenders cut costs by pushing business online. The number of branches shut or earmarked for closure so far this year is more than the 583 closed in 2016 and is the most on record, according to a Reuters analysis of bank announcements, academic studies and government data.

From Reuters: Goldman Sachs Group Inc will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters. The move is a break from tradition at Wall Street’s pre-eminent bank, which usually gives its investors little information about how it makes money. That was the case last month, when Goldman reported a stunning 40-percent decline in bond-trading revenue, much worse than rivals like Morgan Stanley and JPMorgan Chase & Co.

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