bank of america
JPMorgan, Citi, Bank of America, Goldman Sachs, Wells Fargo and Morgan Stanley Reap $145,680,000,000 in Profit in One Year
Published
2 months agoon
By
admin
Six of the largest banks in the US recorded exceptional returns in 2024, despite recession fears and geopolitical uncertainty.
JPMorgan Chase, Citi, Bank of America, Goldman Sachs, Wells Fargo and Morgan Stanley printed $145.68 billion in combined profits last year, largely propelled by stellar performances in investment banking and dealmaking.
JPMorgan Chase witnessed a net income of $58.5 billion in 2024, with $14 billion in Q4 alone, due to increased investment and consumer banking activity.
Says JPMorgan CEO Jamie Dimon,
“The US economy has been resilient. Unemployment remains relatively low, and consumer spending stayed healthy, including during the holiday season. Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business.”
Bank of America generated a net income of $27.1 billion last year, driven by strong fee earnings. Wells Fargo had a net income of $19.7 billion in 2024 amid double-digit growth in both trading and investment banking.
Meanwhile, Goldman Sachs recorded $14.28 billion in net earnings last year as the firm ranked among the top across the globe in terms of completing mergers and acquisitions. Morgan Stanley reported $13.4 billion in net income in 2024 behind “strong results” across the firm’s business segments.
As for Citi, the bank posted $12.7 billion in profits last year amid “record years” in the firm’s Services, Wealth and US Personal Banking divisions.
Citing data from market analysis firm FactSet, the Financial Times reports that the combined profits posted by the six banks are a 20% increase from the earnings generated in 2023 and represent the second-highest on record in 17 years.
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Bank of America Insider Helps Criminals and Illicit Businesses Launder Funds in Massive Global Conspiracy: US Department of Justice
Published
2 days agoon
March 15, 2025By
admin
A Bank of America insider is pleading guilty to boosting a global money laundering conspiracy that aided drug traffickers and other illegal businesses, according to the U.S. Department of Justice (DOJ).
The DOJ says former Bank of America employee Rongjian Li was a member of a money laundering and drug trafficking outfit headed by Jin Hua Zhang.
According to prosecutors, Li used his position at the bank from 2021 through 2022 to help the criminal organization open several accounts.
Zhang’s organization then used the BofA accounts, some of which were registered using forged passports, to launder illicit funds.
“As part of his involvement, when the bank’s financial auditing systems flagged or froze accounts for suspicious activity, Li helped Zhang circumvent the bank’s anti-money laundering protocols and move illicit funds elsewhere.
In addition, Li was observed sitting next to Zhang at a dinner in New York, where Zhang discussed the different fee percentages he charged various criminal groups for drug trafficking and scams.”
Zhang’s organization is believed to have laundered millions of dollars in a span of months, according to the DOJ.
“The investigation revealed that, for a fee, Zhang laundered bulk cash for drug dealers and laundered profits from other illegal businesses. In less than a year, Zhang and his organization laundered at least $25 million worth of drug proceeds and funds from other illegal businesses through undercover agents.”
Li has pleaded guilty to the charge of conspiracy to commit money laundering. He faces a monetary fine and a prison sentence.
“The charge of money laundering conspiracy provides for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to $500,000, or twice the amount involved, whichever is greater.”
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Zelle Prepares To Terminate Transactions on Mobile App, Pushing Popular Service Exclusively To Major US Banks and Financial Institutions
Published
2 weeks agoon
March 1, 2025By
admin
The popular payments platform Zelle is preparing to implement a major change to its mobile app services.
The platform says it’s preparing to terminate all transaction capabilities for businesses and consumers on the firm’s standalone mobile app, officially ending all services after March 31st.
The app, which processed approximately $20 billion in transactions in 2024, will still be available for download – but it will only offer educational details about scams and fraud and provide a list of the more than 2,200 banks and credit unions that utilize Zelle.
Customers’ transaction records will also be removed from the app.
The change will particularly affect customers at financial firms like Fidelity, which does not offer Zelle to people with cash management accounts.
Zelle says it’s making the change due to the popularity of Zelle within US banks and financial institutions.
“When Zelle first launched, we also created a standalone Zelle-branded app for consumers whose banks or credit unions had not yet joined the network. With the strong growth of adoption by banks and credit unions, we now see just ~2% of transactions on the standalone app.
As a result of our growth, and because most people are now using Zelle in their financial institution’s mobile app or website, we are making a change to the Zelle standalone app.”
Early Warning Services (EWS), which is owned by seven major US banks including JPMorgan Chase, Bank of America and Wells Fargo, says it’s reaching out “directly and repeatedly” to users of the standalone app to make sure they’re are aware of the pending changes.
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JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Morgan Stanley Examining or Eliminating DEI Language After Trump’s Executive Order: Report
Published
3 weeks agoon
February 23, 2025By
admin
Big banks are quietly scrubbing the public record of their diversity, equity and inclusion (DEI) policies following US President Donald Trump’s upheaval of the controversial practice.
Citing banking executives, lawyers and other insiders familiar with the matter, The Wall Street Journal reports that JPMorgan Chase, Citigroup and Morgan Stanley are all “watering down” their language on DEI, while Wells Fargo and Bank of America are also starting to analyze their language.
It marks the first time that Wall Street has pulled away from DEI since first embracing it in 2020.
The banks’ pivot is in reaction to Trump’s signing of the executive order titled “Ending Radical And Wasteful Government DEI Programs And Preferencing” targeting DEI, plus his rescinding of over 80 executive orders signed by former US President Joe Biden that touch on DEI.
Morgan Stanley has reportedly deactivated a page on its website promoting a scholarship and recruiting program that was advertised as being for people who are “historically underrepresented in the financial services industry.”
If the link is reactivated, WSJ reports that Morgan Stanley will most likely reword it so the program is being advertised to a wider array of applicants.
Certain banks have also been warned by their lawyers that keeping DEI practices in place after erasing public affirmations of them leaves them at risk for criticism or potential litigation if whistleblowers alert federal officials or activists.
FOX News reported that workers and civil rights organizations have begun suing to stop Trump’s executive orders, arguing among other things, that they will negatively affect certain groups of people.
White House spokesman Harrison Fields said the Trump administration was “ready to face them in court.”
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