Breaking News This Morning ...
Hot off the presses: Citigroup and Wells Fargo reported Friday morning that they saw second-quarter profits fall from a year earlier, though both either met or exceeded analyst expectations. Citigroup reported $4 billion in profit on $17.55 billion of revenue. Wall Street Journal, New York Times, American Banker, Financial Times
Receiving Wide Coverage ...
Holding steady: JPMorgan took a victory lap Thursday after posting stronger than predicted financial results for the second quarter. The bank's chief financial officer, Marianne Lake, said the Brexit vote is "a political and economic challenge, but not a financial crisis." Wall Street Journal, New York Times, Financial Times
Wall Street Journal
Digital desserts: Banks and merchants are battling for a larger share of consumers' mobile wallets. Even Cheesecake Factory has a phone app for payments – it's called CakePay.
Playing fair: The attack last month on a fund built around the virtual currency Ethereum has sparked a debate about whether the hacker should be allowed to keep the money. "Undoing the theft requires altering the computer code underlying the digital currency and its platform, and some adherents think that would be a bigger sin than losing millions of dollars," the report says.
Banker pay in the spotlight: Regulators are going to have to hustle if they want to finalize a proposal on executive compensation before the November elections – one of the last major provisions of the Dodd-Frank Act that remains unfinished. "But the lobbyists are snarling, saying the new rules could hurt the banks when they're least able to take it," the story says.
New York Times
'Bottom Line Nation': The Times has published the third installment of its investigation into the growing reach of private equity firms, this time looking at their influence in federal and state politics. The story also tracks Fortress Investment Group's involvement in Springleaf Financial Services, a subprime lender.