Breaking News This Morning ...
HSBC reports: Shares of HSBC jumped 4% Monday after the bank said its main capital ratio rose to 13.9% at the end of the third quarter from 12.1% at the end of June, raising hopes of a dividend increase. Still, it was hardly a great quarter for the bank, as it reported a $204 million net loss versus a $5.23 billion net profit a year earlier. The results included a $1.7 billion charge for selling its Brazil business.
Receiving Wide Coverage ...
Bonuses Cut: Wall Street year-end bonuses are expected to be down 5% to 10% from last year, the third decline in a row, and a 30% drop since 2009, according to the consulting firm Johnson Associates. "If you listen to politicians, you'd think bankers are still making money like it's 2007. They're not," said Alan Johnson, who runs the firm that bears his name. "I don't see it changing for the next year or two, either. The pressures in the industry on profit and fees are going to continue, and I think pay will likely continue to decline in 2017."
Wall Street Journal
Bad behavior: An anonymous letter from a Wells Fargo bank manager obtained by the Wall Street Journal "claims that regional executives who oversaw bank branches in Arizona encouraged bankers to lead customers to open multiple products or to find ways to
Weighing its options: Struggling First NBC Bank said it is considering
Ready to rebound: Bank stocks "could be poised to march higher," the Journal's Heard on the Street column speculates. After falling amid fears of a global economic slowdown at the start of this year and the Brexit panic,
Quotable ...
"The satisfaction of being '#1,