Under JPMorgan CEO Jamie Dimon's own formula, a financial crisis happens every five to seven years. It's now been a decade since the last crisis.
JPMorgan and rivals in the banking industry are drooling over the billions of dollars they'll save on taxes this year. But whereas rivals like Bank of America and Citigroup want to give a lot of the money back to shareholders, JPMorgan's CEO wants to spend the bank's extra cash or use it to make new loans.
JPMorgan, the biggest U.S. bank, follows competitors Wells Fargo and Bank of America in sharing with workers some of its tax windfall, following a cut in the corporate rate to 21% from 35%.
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The biggest U.S. bank increased CEO Jamie Dimon's pay by 5.3% to $29.5 million for 2017, as profit fell by 1%. That's roughly 240 times what the firm's roughly 250,000 employee make on average, and they got no raise last year.
This year has seen price swings in bonds and has seen other assets drop to unusually low levels, keeping investors on the sidelines and leaving few opportunities for traders at banks to score gains on big market moves. Nowhere has the downturn been felt more keenly than at Goldman Sachs -- and the pressure is now on CEO Lloyd Blankfein to show that it's just a blip.
Morgan Stanley says fourth-quarter profit tumbled 59%, as the firm suffered along with rival Goldman Sachs from a slump in bond markets.
This year has seen price swings in bonds and has seen other assets drop to unusually low levels, keeping investors on the sidelines and leaving few opportunities for traders at banks to score gains on big market moves. And nowhere has the downturn been felt more keenly than at Goldman Sachs.
Bank of America's results include costs to write down so-called deferred tax assets, or DTAs, a type of credit that allow companies to cancel out taxes by deducting past losses against current earnings.
Citigroup posts an $18.3 billion loss in the fourth quarter as it writes down the value of tax credits saved up following the U.S. bank's massive government bailout in 2008.
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