http://ift.tt/2gzYxQ1 What you need to know on Wall Street today
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JPMorgan Chase and Citigroup both reported third-quarter earnings on Thursday, and both beat Wall Street estimates.
JPMorgan posted earnings of $1.76 a share, above the $1.65 consensus, with the consumer and community banking and corporate and investment banking units topping forecasts. You can read up on the key numbers here. And here are the key points from the memo JPMorgan’s investment bank chief just sent to staff.
Citigroup handily beat analysts’ expectations, reporting third-quarter earnings of $1.42 per share, a nearly 8% beat. You can read up on the key details here.
Elsewhere on Wall Street, BlackRock is making a killing on the hottest investment product around. Goldman Sachs and JPMorgan are pitching a way to profit from the next financial collapse. HSBC named bank veteran John Flint as its new CEO. And Virtu, the "ultimate play" on volatility on Wall Street, is set for a rough quarter.
We asked dozens of young bankers to name their biggest Wall Street concern — and one answer came up over and over.
In deal news, a small Minnesota-based investment bank you’ve never heard of got in on a $3.6 billion Wall Street deal. Justice Department staff are likely to try and block a potential T-Mobile-Sprint mega deal. And Scott Galloway correctly predicted Amazon would buy Whole Foods — here’s who he thinks Amazon should acquire next.
In markets, President Trump’s claim that he’s given stocks an "unprecedented" boost is dead wrong, according to Business Insider’s Joe Ciolli. And traders are cranking up bets against the nation’s biggest wine company as California wildfires rage.
And in economics, many Federal Reserve officials are concerned that inflation will remain lower for longer, according to minutes of the policy meeting they held in September. Meanwhile, the IMF says the super-wealthy aren’t paying their fair share of taxes — and there could be terrible consequences.
Lastly, a quaint, family-run pub in the UK was just voted the best restaurant in the world by travelers.
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- What you need to know on Wall Street today
- What you need to know on Wall Street today
- What you need to know on Wall Street today
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October 12, 2017 at 01:30PM