Amazon.com Inc. AMZN, +2.17% entered into a $8 billion unsecured loan with several lenders, the e-commerce giant said in a U.S. Securities and Exchange Commission filing Tuesday. The Seattle-based online retailer said the funds of the unsecured term loan are set to be used toward general corporate purposes, without providing any further detail. The loan,…
Echoing what gig-company executives have been saying lately, Bank of America Securities analysts wrote in a note Tuesday that the companies could see an upside from a recession and higher unemployment this year: hundreds of thousands more gig workers. “For the ridesharing industry, bookings could see downside with less commute and travel traffic, but a…
Japanese financial stocks rose sharply Tuesday after the Bank of Japan loosened its grip on the yield curve, allowing it to shift higher. Mitsubishi UFJ Financial Group Inc. 8306, +5.98% shares were recently 5.9% higher at 818.0 yen ($5.97) and Dai-ichi Life Holdings Inc. 8750, +9.42% shares were up 8.8% at Y2,869.0. The Bank of…
Bank of America and RBC Capital Markets analysts recently laid out their top picks in payments for the new year, and Mastercard Inc. and Fiserv Inc. cracked both lists. Each analyst highlighted how Mastercard MA, -0.21% is battle-tested for bad times. The company saw 2% year-over-year growth in revenue during fiscal 2009, noted RBC Capital…
Saudi Arabia’s crown prince and a U.S. private-equity firm run by Barclays PLC’s BCS, -0.89% former chief executive are among investors preparing to invest $1 billion or more into Credit Suisse’s CS, +9.39% new investment bank, people familiar with the matter said. Crown Prince Mohammed bin Salman is considering an investment of around $500 million to back the…
During the midterm elections, people’s finances — among other issues including abortion and the Jan. 6 insurrection — were on the ballot. In addition to considering what the array of candidates could do to bring relief to high prices, voters considered ballot measures on everything from millionaire taxes to minimum wage and rent control. The…
It’s a tough time to be selling a home. That’s also true for home builders, who are seeing canceled orders and dwindling interest among would-be buyers. “Mortgage applications have been running down close to 40% year over year. People are clearly in sort of a wait-and-see or pause mode,” John Lovallo, a UBS UBS, +0.54% analyst…
Credit Suisse is bringing back the “First Boston” name after 17 years as the Swiss bank unveiled a sweeping restructuring that includes a big investment from Saudi Arabia, the sale of a unit, and as many as 9,000 job cuts. The revamp was unveiled Thursday alongside a third-quarter loss of 4 billion francs ($4.1 billion),…
Lloyds Banking Group PLC on Thursday reported a 26% fall in third-quarter pretax profit after booking an impairment charge due to the weakening economic outlook, but raised its interest margin forecast. The U.K. bank LLOY, -1.41% LYG, -1.02% reported a pretax profit of 1.51 billion pounds ($1.76 billion) for the quarter, compared with GBP2.03 billion…
UBS Group AG on Tuesday said its third-quarter profit and revenue beat expectations amid a challenging market, as higher interest rates partly offset the impact of lower client activity at its key wealth-management business. The Swiss bank UBS, +1.67% UBSG, +2.92% reported a quarterly net profit of $1.73 billion, above company-compiled consensus expectations of $1.53…
The numbers: U.S. existing-home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million in September, the National Association of Realtors said Wednesday. This is the eighth straight monthly decline, the first since 2007. The decline was in line with economists forecasts, according to a Wall Street Journal survey. The last time existing-home…
JPMorgan Chase & Co. shares rose Friday after the megabank beat analyst targets for third-quarter profit and revenue and said it would top forecasts for its net interest income in the coming quarter. In a busy day for bank earnings, Wells Fargo & Co. WFC, +1.86% fell short of earnings target but its stock rose…
What a difference 25 years can make. The world today is a markedly different place from the world that existed at MarketWatch’s inception in October 1997. JPMorgan Chase & Co. JPM, +2.05% CEO Jamie Dimon expressed it aptly when we reached out to him for his take on the state of the global economy and…
AP U.S. stocks finished with losses on Monday, sending the Nasdaq Composite to its lowest close in more than two years, after investors failed to shake off worries about further Federal Reserve rate hikes and JPMorgan Chase & Co.’s Jamie Dimon warned of a potential 20% decline in the S&P 500. How stocks traded The…
JP Morgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and Morgan Stanley kick off the third-quarter bank earnings reporting season on Friday, Oct. 14 amid some of the most challenging economic times in at least a decade. Despite a plethora of woes facing the big banks from inflation and recession jitters to the…
Credit Suisse Group AG said Friday that it is offering to repurchase debt securities for a total of close to $3 billion as the troubled lender looks to manage its liabilities ahead of a touted restructuring. The Swiss bank CS, +1.66% CSGN, +2.60% is offering to buy back eight euro- or pound sterling-denominated senior debt…
“Stopping new oil and gas funding? ‘That would be the road to hell for America.’” — Jamie Dimon JPMorgan Chase CEO Jamie Dimon resoundingly assured lawmakers that his bank has no intention of stopping the financing of growth in the oil patch. Dimon, who appeared with other top banking executives on Capitol Hill Wednesday, was…
Citigroup has dramatically upped the ante when it comes to luring young bankers in a competitive job market, assigning them to a two-year stint at the Spanish seaside. The Wall Street bank C, -0.68% has set up a new branch for junior investment bankers in Málaga, the capital of the province of the same name…
Investors should brace for a battered housing market and the economy to be “wobbling on the edge of recession” before the Federal Reserve relents on its inflation fight, said David Kelly, chief global strategist at JPMorgan Funds, in a Monday client note. Those were two of Kelly’s key takeaways from Federal Reserve Chairman Jerome Powell’s…
Citigroup Inc. said Thursday that its previously announced plans to scale back its consumer banking operation in Russia will cost about $170 million, mostly over the next 18 months. Citigroup C, +2.31% is also actively pursuing sales of Russian consumer banking portfolios as it scales down its deposits, investments, loans and cards in the country. The…