Commercial banking

It's a challenge Japan's largest lender must overcome as it focuses on growing its corporate banking presence in the US, said Fumitaka Nakahama, the firm's head of global corporate and investment banking. 

At least four of CEO Jane Fraser's senior deputies got new roles in the shakeup, which will result in a number of job cuts.

Mergers and acquisitions are rebounding and equity capital markets are thawing, says C.S. Venkatakrishnan. That's a welcome forecast after a persistent slump sapped investment banking revenue across the industry. 

After a steep sell-off early in 2023, the sector has recovered ground in summer trading as recession worries ease. But investors remain wary because loan demand is light, deposit costs are high, and net interest margins are under pressure.

Chief Executive Rob Holmes, who launched an attempted turnaround shortly after taking the reins of the Dallas-based bank in 2021, is resisting the lure of share buybacks. Some investors may be growing impatient, but Holmes says the investments he's made are starting to pay off.

Protesters gathered outside the New York bank's headquarters last week, demanding restitution for what they allege was mismanagement. The bank did not give ground in its response to the demonstration.

Edward M. Lamont's biography of his grandfather, Thomas W. Lamont, who advised presidents and extended credit to foreign nations as JPMorgan & Co.'s chief executive in the first half of the 20th century, will be rereleased in paperback this fall. Given that more concise, analytical histories of the banker have been published since, this long tome may have been better left collecting dust.

The bank attributed the surge to impairments in the U.S. office loan portfolio and appeared to signal that higher provisions from commercial real estate may persist.

The Canadian bank initially told investors the acquisition would result in more than $350 million in cost savings. But a recent analysis suggests that number could be even higher.

Apollo Global Management, Pagaya Technologies and Sixth Street are said to be working on final offers for Goldman Sachs Group's consumer-lending unit.