, Europe

Weekly Global News Wrap: US banks’ profits to fall; Crypto lender Celsius goes bankrupt

And UBS appoints Iqbal Khan as head of its wealth management division.

From Reuters:
The second quarter profits of US banks are expected to fall sharply compared to Q2 2021 on increased loan loss reserves, as banks brace for the possibility of a recession.

Analysts expect JPMorgan Chase & Co will report a 25% drop in profit on Thursday, and Citigroup and Wells Fargo to show 38% and 42% profit declines, respectively on Friday, according to Refinitiv I/B/E/S data.

Bank of America Corp, which like its peers has big consumer and business lending franchises, is expected to show a 29% drop in profit when it reports on July 18.
From Bloomberg:
Crypto lender Celsius Network filed for Chapter 11 bankruptcy in New York, a month after it froze customer withdrawals.

In a statement, the embattled crypto firm said that it initiated proceedings voluntarily to get the opportunity “to stabilize its business and consummate a comprehensive restructuring transaction that maximizes value for all stakeholders."From

From Reuters:
Swiss bank UBS has named Iqbal Khan as the sole head of its global wealth management division.

Khan will take over when co-president Tom Naratil steps down in October.

Naureen Hassan, the second-ranking officer at the New York Federal Reserve, will replace Naratil in his second role as president of UBS Americas.

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