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’Meanwhile, in the largest US bank by assets…
Mortgage production pretax income was $161 million, a decrease of $392 million, or 71%, from the prior year. Production-related revenue, excluding repurchase losses, was $1.1 billion, a decrease of $269 million,
Spreads and the Citi
Clearly, gaining $1.9bn in revenue from your own credit spreads blowing out must be the trophy asset for the A/W ’11 US bank earnings season…
Citigroup’s Q3 results, out on Monday (total revenue $20.8bn):
DVA under the influence at JPMorgan Chase
It’s a good job no one is sad enough to make drinking games* out of US bank financial results (it’s way too early in the morning, anyway)…
Because if you’d taken a swig every time JPMorgan Chase mentioned “DVA”
JPMorgan’s “alternate” eurozone-free universe
JPMorgan believes a break-up of the eurozone is “very unlikely”.
But it wants you to be prepared.
The bank launched its “Alternate States” series of research notes on Thursday, which attempt to describe the probable course of improbable events.
JPMorgan says BofA may need a capital raise
No, not that it’s about to buy the bank in an earthquake-causing deal.
But in a short note published on Tuesday, JPMorgan did upgrade BofA from underweight to neutral, explaining that the pressures on the bank “may actually increase the chances of a credit-positive development,
JPMorgan on the IEA’s stimulus
Most of the commentary we’ve seen about the IEA’s announcement has understandably focused on the political ramifications (a shot across the bow at Opec) and, more frequently, its effect on oil price forecasts.
A secret Magnetar management deal?
Somewhat lost amongst the JPMorgan/Magnetar news on Tuesday, was a name.
Edward Steffelin.
Steffelin, the SEC says, was in charge of the team at GSCP that helped select the investment portfolio for the Squared 2007-1 synthetic CDO — parts of which were infamously shorted by hedge fund Magnetar.
Microsoft and Skype, for and against
Microsoft’s agreed $8.5bn acquisition of Skype evokes shades of the frenzied dotcom bubble era and M&A tech mania: the deal, unveiled on Tuesday, brings this year’s total of announced tech deals to $94.5bn — a 56 per cent increase from last year – and also marks the highest levels of tech M&A activity since 2000,
Japan, nuclear accident upgrades, economic downgrades
It was a sobering start to Tuesday, after an equally sobering Monday evening punctuated by strong tremors in Tokyo and the northeast, followed by yet another big aftershock and many more nasty tremors throughout much of Tuesday.
Head in the clouds at Autonomy
Autonomy’s idiosyncratic approach to investors relations continues.
The FTSE 100 software company has chosen to respond to a recent scathing note from JPMorgan analyst Daud Khan not with a quiet phone call,
Gold is good to go at JPMorgan repos
JPMorgan, one of two tri-party clearing banks in the US, will now accept your bullion.
From a February press release:
Gold can now be used as collateral to satisfy securities lending, repo, pledge and other obligations with counterparties.
An ill wind — blows some good
Surprise, surprise.
Smiths Group, which makes airport screening and detection equipment among other things including chest drainage catheters, is among the biggest FTSE 100 risers on Monday morning:
The biggest hedge funds in the US…
Out from AR magazine just moments ago is their annual ranking of the biggest hedge fund managers in the US. Unsurprisingly, Bridgewater is still number one. Surprisingly, it has increased its lead by a significant margin.
Ocado (IPO) tombstone
Click on the tombstone for further biographical detail.
FSA fines JP Morgan record £33.2m
On Thursday, Britain’s Financial Services Authority whacked JP Morgan for failing to segregate client money during the merger with Chase — resulting in what regulators trumpeted as the FSA’s ‘largest ever’ fine at £33.32m.
A welcome plunge in rankings for Wall Street’s finest
There is one exclusive ranking in the financial world that Goldman Sachs’ chief executive Lloyd Blankfein and his high-earning counterparts at Citigroup and JPMorgan are very glad to be at the bottom end of — and that is the annual list of the best-paid finance industry CEOs.
An Italian derivatives headache for JP, UBS, Deutsche and Depfa
It would appear Italian prosecutors’ anti-derivatives crusade has stepped up a gear. As Reuters reported Wednesday lunchtime:
An Italian judge ordered on Wednesday four international banks to stand trial on charges four international banks to stand trial on charges stemming from a 2005 derivatives swap for a 1.68 billion euros bond by the city of Milan,
Jamie Dimon? You’re free to go.
Jamie Dimon is no longer on Atlanta’s wanted list.
On Tuesday, CBS Atlanta reported the JP Morgan goldenboy had a warrant out for his arrest, related to an illegal dump at a property in the Georgia capital.
JPMorgan’s incredible shrinking big-fee case
For investment bankers nervous about any debate or accusations about excessive fee-charging, the anticlimax of the month — if not the year to date — might be the self-induced, near-collapse of the case being fought by Australian mining company Consolidated Minerals against JPMorgan Chase’s Australian arm.
JPMorgan’s dust-up Down Under
Investment bankers everywhere might want to keep a watchful eye on a relatively small but highly symbolic legal battle taking place in Australia.
An Australian court on Monday was set to hear the case brought by JPMorgan Chase’s Australian arm against Palmary,
Bonus neurosis, revisited: Mine’s bigger than yours
After all the hoohah and wild reports about $100m pay-outs, Goldman Sachs on Friday made a big move against the backlash over its compensation practices, saying it would award chief executive Lloyd Blankfein a mere $9m stock bonus for 2009,
Volcker rule hits JPM’s Sempra deal
Ah, the Volcker rule: a godsend for non-bank associated market makers and trading houses — including the big physical commodity trading business — but not so good for trading divisions found within commercial banks.
The big boys move out of Tokyo
We’re wondering if it’s something in the Tokyo water — or perhaps it is all about the strange and increasingly vexing twists and turns of Japan’s new(ish) Hatoyama government. Or maybe it comes down to the old motive for just about everything in the big,
UK lobbies foreign banks for funds
The UK government is lobbying top investment banks, including Goldman Sachs, Deutsche Bank, JPMorgan Chase, UBS, Credit Suisse and BNP Paribas to contribute £25m-£35m each to a new “national investment corporation” to lend capital to the small businesses.
JPMorgan sets £1bn Cazenove deal
JPMorgan will on Thursday unveil a £1bn deal to buy Cazenove, the UK broker with which it has had a joint venture for the past five years. The bank will pay about 535p a share in a deal in which David Mayhew,
Hershey, Ferrero plot Cadbury bid
US chocolate giant Hershey is considering launching a bid for Cadbury – possibly in partnership with Italy’s Ferrero – that could help the UK confectioner fend off a hostile takeover by Kraft Foods,