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Goldman Sachs Group Inc said on Monday that media lawyer Kimberley Harris would become its newest board member, a move that means nearly half of the Wall Street bank's board of directors will be women.

Harris is NBCUniversal Media's general counsel and an executive vice president at the Comcast Corporation.


Kimberly Redmond | Equities.com |

JPMorgan Chase & Co (NYSE: JPM) has named Marianne Lake and Jennifer Piepszak to co-head the company’s massive consumer banking business after its long-time manager, Gordon Smith, announced his retirement.

In a press release Tuesday, JPMorgan said Lake, the head of the bank's consumer lending business and chief financial officer for several years until recently, and current chief financial officer Piepszak will become co-chief executive officers of the consumer finance division, effective immediately.


Reuters | Equities.com |

JPMorgan Chase & Co’s first-quarter results on Wednesday laid bare the challenge big banks face in this phase of the pandemic, where stimulus programs have left individuals and businesses in good financial shape but so flush with cash that few of them need loans.

The biggest U.S. bank sailed past Wall Street expectations by reporting a nearly 400% increase in quarterly profit. The gains came from JPMorgan releasing more than $5 billion it had set aside to cover potential coronavirus loan losses that have not materialized, as well as a continued boom in capital-markets activity.


Reuters | Equities.com |

Goldman Sachs Group Inc surged past Wall Street expectations for first-quarter profit on Wednesday, as the U.S. investment banking giant capitalized on record levels of global dealmaking and a coronavirus-driven boom in equity trading.

An unprecedented boom in private firms merging with listed shell companies to go public helped Goldman earn handsome fees from such deals, resulting in a 73% jump in revenue from investment banking to $3.77 billion.


Reuters | Equities.com |

Deutsche Bank AG said on Sunday it began a probe in relation to engagement with some clients after the Financial Times reported earlier that the German lender was investigating the alleged mis-selling of investment banking products.

“We initiated an investigation in relation to our engagement with a limited number of clients. We cannot comment on details of the investigation until it is complete”, a Deutsche Bank spokesman said in an emailed statement late on Sunday.


Reuters | Equities.com |

Morgan Stanley posted an about 57% rise in fourth-quarter profit on Wednesday, as the Wall Street bank’s trading business benefited from coronavirus-induced volatility in financial markets.

Net income applicable to common shareholders rose to $3.27 billion, or $1.81 per share, in the quarter ended Dec. 31, compared with $2.09 billion, or $1.30 per share, a year earlier.

Analysts had expected a profit of $1.27 per share, according to Refinitiv IBES data.


Reuters | Equities.com |

Boutique investment bank Perella Weinberg Partners on Wednesday agreed to go public through a merger with a blank-check firm, or a special purpose acquisition company (SPAC), backed by banking entrepreneur Betsy Cohen in a deal valued at $975 million.

Cohen’s FinTech Acquisition Corporation IV, which had raised $230 million in September through an initial public offering (IPO), will acquire Perella Weinberg in a deal that includes a commitment of $125 million from investors such as Fidelity Management and Wellington Management.