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Earnings: Morgan Stanley reported
Receiving Wide Coverage
A tale of two banks: Despite a $2.9 billion tax-related charge, Bank of America reported its highest annual profit since before the financial crisis, and its shareholders “will be the biggest winners,” the Financial Times reports. “We expect most of the benefits from tax reform to flow to the bottom line through dividends and share buybacks,” chairman and CEO Brian Moynihan said.
It was a different story at Goldman Sachs. Not only did the bank report a $1.93 billion loss, mainly due to a $4.4 billion tax charge, but its future doesn’t look as bright as it used to, the FT says. “Parts of Goldman are in decent shape,” including mergers and acquisitions, securities underwriting and lending. “But the core fixed-income, currency, and commodities (FICC) operation still looks rickety” after revenue dropped 50% compared to the year earlier period and the full-year total fell by 30%. Wall Street Journal
Adding insult to injury, federal prosecutors accused Goldman President and co-COO David Solomon's personal assistant of stealing more than $1.2 million of wine from his boss. The pilfered wine included some of the world’s rarest, a Goldman spokesman said.
But, not all banks took a hit from tax reform. Some of them reported sizeable one-time gains and are
Déjà vu: The Senate Banking Committee voted — for the second time — to
But President Trump has been slow to nominate candidates for the four open seats on the seven-member Fed board. “All of this means the
Look out below: Bitcoin prices plunged again on Wednesday, falling to under $10,000, “marking a stunning round-trip journey in which the cryptocurrency climbed more than 90% and fell more than 50% in less than two months,” the Journal says. “The selloff is one of the steepest in bitcoin’s nine-year history and provides a vivid illustration of the degree to which it remains a highly illiquid and volatile investment.”
Wall Street Journal
Leaving: Wells Fargo said its chief risk officer, Michael Loughlin, is retiring “as the bank continues to face
Financial Times
Charged: The U.S. Department of Justice filed criminal charges against Robert Bogucki, Barclays’ U.S. head of foreign exchange trading, for allegedly defrauding Hewlett-Packard by
Quotable
“We have very fast-moving weather systems in the crypto world. One moment it’s absolute exuberance, and then it’s