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Earnings: Citigroup said it
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Opposite tracks: JPMorgan Chase and Wells Fargo reported wildly different effects from the tax reform law in their fourth-quarter results Friday and they will be traveling down opposite paths going forward, the Heard on the Street column says. Despite a $2.4 billion write-down in the quarter, JPM’s earnings report demonstrates the bank’s “resilience,” while Wells, which reported a $3.4 billion tax benefit, shows its “continued befuddlement.”
“It isn’t hard to look past these one-off items to underlying business trends, which were mostly positive at JPMorgan but not at Wells,” the column said. “The combination of bad past practices and bad past decisions are weighing down Wells Fargo. Investors feeling bullish on the economy and rates have plenty of other banks to bet on, JPMorgan being among the strongest.” Wall Street Journal,
Does JPM chief Jamie Dimon have aspirations beyond the bank? Vanity Fair says “Jamie Dimon’s perfect 2020 candidate sounds a lot like Jamie Dimon. The Democratic Party has a fever and
Wall Street Journal
No autographs, please: Visa is joining the three other major card networks in no longer requiring consumers to sign for debit and credit-card purchases at the point of sale. The change takes effect in April. Mastercard, American Express and Discover had previously announced similar changes. “The companies say improved security features, in particular the chips that in recent years have been embedded in most Americans’ debit and credit cards,
Not gonna take it: South Korea’s government is facing a “fierce public backlash” following its attempts to tighten control over cryptocurrency trading. Nearly 200,000 people signed a petition on the presidential office’s official website protesting the government’s actions, enough to force the government to respond. On Monday, the government delivered what the paper describes as its “strongest statement to date” about the
Regulatory breakthrough: A recent test demonstrates the viability of automatically incorporating regulations into companies’ policies, a development, the paper says, that “would allow businesses to more quickly and more accurately
Making regulations “machine-executable” reduces “the amount of human oversight needed to interpret and implement rules” and “heralds a future far different from the one that exists now, where regulators issue rules, companies take months to figure out what they mean, then more months to configure their systems to conform to the new rules.”
Financial Times
Tipping point: Citigroup has become the first big Wall Street bank to
Alleged: Nine big banks — Bank of America, Deutsche Bank, HSBC and the six largest in Canada — have been sued for
Wider horizon: Victory Park Capital, a Chicago-based investment firm that has been a “vital” source of debt capital to online subprime lenders such as Avant, Elevate and LendUp, is
Quotable
“Citigroup is stepping into a