US bank

JPMorgan broke anti-money laundering

Washington - Muslimchronicle

JP Morgan Chase's Swiss unit committed serious breaches of anti-money laundering regulations in its dealings with Malaysian sovereign wealth fund 1MDB, the Swiss financial markets watchdog found Thursday, but no fines or other sanctions were imposed. The regulator, FINMA, said the subsidiary of the US bank "seriously breached anti-money laundering regulations by failing to screen adequately transactions and businessRead more

Wells Fargo profits miss estimates on $1 bn litigation costs

NewYork - Muslimchronicle

Wells Fargo (Swiss: WFC-USD.SW - news) reported a sharp decline in third-quarter earnings Friday due to $1 billion in expected legal costs for government mortgage investigations. Results were also hit by additional spending on compliance following a fake accounts scandal that has shadowed the big US bank over the last year. Earnings at the US banking giant fell 20.2 percentRead more

Energy Market Research

Baghdad - Arab Today

Societe Generale analysts cut their forecast for global oil demand growth in 2017 to 1.32 million barrels per day (bpd) from the 1.4 million bpd estimated in mid-March, according to an April 21 report led by Michael Wittner, the head of oil market research at the bank. Societe Generale raised its forecast for non-OPEC supply growth to 810,000 bpd fromRead more

Libya and Nigeria still on slow oil recovery path

London - Arab Today

When Opec reached a deal last year to cut oil output, the decision to exclude Nigeria and Libya from the restrictions was seen as a risk to the group's efforts to curb a global crude glut. An oil price rally has already stumbled since the deal, but Nigeria and Libya are not to blame. Output from both nations has slippedRead more

Goldman Sachs profit soars on bond trading and curtailed costs

New York - Arab Today

Goldman Sachs Group Inc. reported a 58 percent jump in third-quarter profit on Tuesday as bond trading rebounded and the Wall Street bank managed to keep a lid on expenses. Goldman reported nearly $2 billion in revenue from trading fixed income, currency and commodities, making it the biggest contributor to overall revenue. Strong bond issuance and better conditions in creditRead more

JPMorgan buoys itself with loan growth in swamp of low rates

New York - Arab Today

JPMorgan Chase & Co. is lending more and keeping a lid on expenses to combat the scourge of low interest rates, allowing management to stick to financial goals for the year. JPMorgan, the largest US bank by assets, beat subdued expectations in reporting a 1 percent slide in second-quarter earnings, in the face of historically low rates, volatile markets andRead more