Morgan Stanley says first-quarter profit falls 9% from a year earlier as revenue tumbles in the New York-based investment bank's trading business. But the results still exceed the expectations of Wall Street analysts.
Bank of America says that lending income would grow just 3% this year, down from about 6% in 2018, as the economy slows and the Federal Reserve halts its three-year campaign to boost official U.S. interest rates.
Citigroup posts better-than-expected results for the first quarter as a cut in the U.S. bank's effective corporate tax rate helps to offset a fall in stock-trading revenue.
Citigroup, the giant U.S. bank, is expected to report first-quarter earnings roughly equivalent to those from a year earlier, even after rival JPMorgan Chase posted a 5% increase. Citigroup CEO Michael Corbat, who this week announced major changes in his senior leadership team, is expected to provide commentary on how the bank is faring amid a slowdown in global economic growth.
The central bank says the U.S. jobs market remains strong, but overall economic growth has slowed from 'its solid rate in the fourth quarter.'
Goldman Sachs is paying top-of-the-market interest rates on regular savings accounts via its online bank. So CEO David Solomon used his testimony at a U.S. House of Representatives hearing to tout the offering -- with the CEOs of low-paying JPMorgan Chase and Bank of America sitting close by.
The U.S. Labor Department says the consumer price index rose 1.9% over the past 12 months, faster than the 1.5% pace of the prior month and economists' estimates for a 1.8% increase. But excluding volatile energy and food prices, the index rose just 0.1% during the month, less than economists estimated.
Bitcoin-trading companies aren't waiting for a rebound in prices for the cryptocurrency to set up shop. They're applying at a rapid pace for regulatory approval from New York State officials - with a new license just announced for London-based Bitstamp.
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