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News of the Competition (07/16/2014)
  • WASHINGTON (7/16/14)--JPMorgan Chase and Goldman Sachs each reported higher-than-expected profits in the second quarter, with trading revenue for both exceeding analyst expectations. JPMorgan recorded $6 billion in profit in the quarter, or $1.46 a share, while Goldman Sachs recorded $2.04 billion in profit, in addition to a 6% surge in revenue to $9.13 billion for the quarter ( The Wall Street Journal July 15). Shares for each of the banks rose Tuesday, with JPMorgan posting a 3.9% jump in shares after the numbers were released, and Goldman reported a 1.2% increase. In a conference call, JPMorgan Chief Financial Officer Marianne Lake said higher levels of trading activity fueled the June gains, according to The Wall Street Journal. The earnings for JPMorgan also accounted for its legal expenses, which totaled $700 million in the second quarter, which equates to 13 cents per share ...
     
  • WASHINGTON (7/16/14)-- The Federal Deposit Insurance Corp. Tuesday approved a Notice of Proposed Rulemaking (NPR) that would change the agency's risk-based deposit insurance assessment system to reflect changes in regulatory capital rules that are scheduled to go into effect for banks in 2015 and 2018. The NPR would: revise the ratios and ratio thresholds related to capital evaluations; revise the assessment base calculation for custodial banks; and require that all highly complex institutions measure counterparty exposure for assessment purposes using the standardized approach in the regulatory capital rules. According to an FDIC release, the first provision applies to all institutions including those institutions under $1 billion in total assets; the second provision applies to all custodial banks including those institutions under $1 billion in total assets; and the third provision does not apply to institutions under $1 billion in total assets. Comments on the NPR are due 60 days following publication in the Federal Register ...


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