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Financial Services and Banking

Reuters | Equities.com |

NEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on Tuesday that he expects the bank will boost its credit reserves again in the second quarter by an amount “roughly equivalent” to the $7 billion it added in the first quarter to protect the bank from a potential wave of loan defaults.Dimon said that it was still early, but he expects most banks will add to cash reserves because economists now estimate the U.S. unemployment rate will rise to 18% by June 30...


Reuters | Equities.com |

NEW YORK (Reuters) - New York Governor Andrew Cuomo donned a face mask and rang the opening bell at the New York Stock Exchange on Tuesday, marking the partial reopening of the trading floor at the iconic 11 Wall Street building, which had been closed since March 23 due to the coronavirus. While some traders were back, it was not business as usual on Intercontinental Exchange Inc’s NYSE floor.“When we paused for the past two months,...


Reuters | Equities.com |

HONG KONG (Reuters) - Chinese technology company NetEase plans to carry out a secondary listing on the Hong Kong Stock Exchange on June 11, which will be followed one week later by web retailer JD.com, four sources with direct knowledge of the matter said.The two transactions could raise a combined $5 billion, separate sources said, and the deals would be the largest for Hong Kong’s equity capital markets so far this year.The sources could not be named because the information has not yet been ...


Reuters | Equities.com |

By Julie Zhu, Zhang Yan HONG KONG/BEIJING (Reuters) - Chinese search engine giant Baidu Inc is considering delisting from the U.S. Nasdaq and moving to an exchange closer to home to boost its valuation amid rising tension between the United States and China over investments, three sources said. Baidu, one of China’s earliest U.S. listings, is reaching out to some trusted advisers to see how it could best be done if it were to proceed, including looking at issues around funding and any regula...


Reuters | Equities.com |

(Reuters) - JPMorgan Chase & Co has given out more than $30 billion in loans to over 250,000 businesses as part of the United States’ coronavirus aid program for small businesses, Chief Executive Officer Jamie Dimon said in a memo on Tuesday. JPMorgan, the largest U.S. bank, approved more than $45 billion in new credit for its clients impacted by the COVID-19 pandemic in March and April, Dimon said in a memo to stakeholders. Dimon said the size of the average loan under the Paycheck ...


Reuters | Equities.com |

By Echo Wang NEW YORK (Reuters) - Nasdaq Inc is set to unveil new restrictions on initial public offerings (IPOs), a move that will make it harder for some Chinese companies to debut on its stock exchange, people familiar with the matter said on Monday. While Nasdaq will not cite Chinese companies specifically in the changes, the move is being driven largely by concerns about some of the Chinese IPO hopefuls’ lack of accounting transparency and close ties to powerful insiders, the source...


Matt Bird | Equities.com |

Mark Makepeace, Chief Executive of FTSE Russell interview with David Nelson at Sustainable Stock Exchange Initiative (NYSE)HIGHLIGHTSFTSE joined the SSE in 2014The FTSE companies report annually, the long-term viewSmaller companies are quickly embracing sustainability FULL COVERAGEWatch complete coverage of the UNCTAD Sustainable Stock Exchange InitiativeINTERVIEW TRANSCRIPTS: Mark Makepeace, Chief Executive of FTSE Russell and David NelsonDavid Nelson – Show Host, Traders Network Show: 00:00W...


AP News | Equities.com |

Wall Street rallied back from a sharp morning drop on Thursday, led by a resurgence for some of the year’s most beaten-down stocks.The S&P 500 climbed 1.2% in another scattershot day of trading, with many stocks flipping from the bottom of the leaderboard to the top following a few sharp reversals in momentum. The zig-zag trading followed up on earlier losses for Asian and European stocks, wh...


Reuters | Equities.com |

NEW YORK (Reuters) - Credit card spending among some of JP Morgan Chase & Co’s U.S. customers fell 40% during March and early April compared to last year, as Americans stayed home to protect against the novel coronavirus, according to a new report on Thursday. Spending on non-essential goods and services, like retail, restaurants, and entertainment, fell sharply across income brackets accounting for nearly all of the drop in spending during that period, the JP M...


Reuters | Equities.com |

WASHINGTON/TOKYO (Reuters) - Central bankers who have spent a generation researching how their words influence the economy and honing the craft of “forward guidance” are now effectively tongue-tied by a health crisis that has no clear destination yet toward which to guide households and investors. With everything from depression to a sharpish recovery possible over the next six months, the language from Washington to Tokyo has included broad pledges of central bank...



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