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US banking giants reap gains from dealmaking rebound

US banking giants reap gains from dealmaking rebound

Reuters15-07-2025
NEW YORK, July 15 (Reuters) - Large U.S. banks expressed optimism about the investment banking outlook for the rest of the year after dealmaking rebounded in the second quarter, as they reported in earnings on Tuesday.
Yet lenders remained cautious about the uncertain economic environment and U.S. tariff policies.
JPMorgan Chase (JPM.N), opens new tab, Citigroup (C.N), opens new tab and Wells Fargo (WFC.N), opens new tab kickstarted second quarter bank earnings on Tuesday, beating profit expectations as the U.S. economy remained resilient even as U.S. trade policies fuel market turbulence.
"Despite choppy waters at the start of the quarter in the wake of tariff uncertainty, banks weathered the volatility with business outlook improving as the quarter progressed," KPMG's U.S. banking sector leader Peter Torrente said.
JPMorgan's investment banking fees came in higher than their earlier guidance, growing by 7% to $2.5 billion. Troy Rohrbaugh, co-CEO of JPMorgan's commercial and investment bank, had said in May fees could fall by a mid-teens percentage.
Investment banking revenues at the largest U.S. lender were helped by higher debt underwriting and advisory fees, while equity underwriting fees dropped.
Citigroup also reported a 15% jump in investment banking revenues to $981 million. It was buoyed by momentum in mergers and acquisitions, strength in convertibles and initial public offerings.
Wells Fargo reported an 8% uptick in investment banking revenue to $463 million.
"It certainly seems like volumes are picking up," Wells Fargo Chief Financial Officer Mike Santomassimo told reporters on a conference call. "We did see higher advisory fees in the quarter across some deals that flowed in the M&A space," and increased fees in capital markets.
Bank of America (BAC.N), opens new tab, Goldman Sachs (GS.N), opens new tab and Morgan Stanley will report their results on Wednesday.
While mergers and acquisition ground to a halt in April after U.S. President Donald Trump announced plans to impose tariffs on numerous countries, optimism has picked up among investors in U.S. stocks.
"There is, in general, more growing familiarity with how to deal with uncertainty and volatility" and the impact of tariffs, even if uncertainty persists, Citigroup Chief Financial Officer Mark Mason told journalists on a conference call. "The general sentiment has improved a bit."
"We're seeing really momentum across a multitude of sectors across the board, particularly in healthcare and tech," he added. The pipeline looks good for activity in North America with financial sponsors, he said.
While bankers expect stalled deals to come back in the second half of the year, they also expressed caution.
JPMorgan's Chief Financial Officer Jeremy Barnum told reporters things look "a little more upbeat" in investment banking, but added concerns still remain.
Industry executives are also hopeful that they will benefit from lighter regulations under Trump. Lenders recently also performed well at Federal Reserve's stress test and showed they have enough capital to withstand possible adverse scenarios.
"Investors have come back to the reality that the U.S. economy is strong... the stock market's reflecting that," BNY CEO Robin Vince told reporters on a conference call.
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Inter Miami acquire M Rodrigo De Paul from Atletico
Inter Miami acquire M Rodrigo De Paul from Atletico

Reuters

time23 minutes ago

  • Reuters

Inter Miami acquire M Rodrigo De Paul from Atletico

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Why that super-sized shampoo bottle isn't so super-sized after all: We've all long suspected that we're being hoodwinked - so are ANY actually filled to the top? SARAH RAINEY investigates...
Why that super-sized shampoo bottle isn't so super-sized after all: We've all long suspected that we're being hoodwinked - so are ANY actually filled to the top? SARAH RAINEY investigates...

Daily Mail​

time23 minutes ago

  • Daily Mail​

Why that super-sized shampoo bottle isn't so super-sized after all: We've all long suspected that we're being hoodwinked - so are ANY actually filled to the top? SARAH RAINEY investigates...

Have you ever opened a new bottle of shampoo, jar of face cream or tube of suncream only to find it's far from full to the top? You're not alone; tens of thousands of unhappy shoppers have taken to online forums to vent their frustrations about part-empty containers in the beauty world. Toiletries are among the worst offenders, with super-sized packaging often giving customers a misleading impression of just how much they're getting for their money. Some leading brands use opaque bottles or labels, so you can't see what's inside, while others have double-walled sides, large lids or false bases that can make quantities appear bigger than they are. So why do manufacturers put their products in such big containers? And why don't they fill them to the top? 'They use bigger containers so it looks like you're getting more for your money,' says Ariane Young, a celebrity and media make-up artist. 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Dove Body Love Self-Tan Lotion (£3.99) Bottle holds: 450ml Actually contains: 400ml Difference: 50ml Percentage full: 89 per cent This gradual fake tan lotion comes in a tall, sleek bottle, but the beige packaging makes it impossible to see how much is inside. Our experiment showed there's room for another 50ml - or one sixth of the total liquid already in the bottle - in there. Oral B 3D White Luxe Mouthwash (£1.99) Bottle holds: 540ml Actually contains: 500ml Difference: 40ml Percentage full: 93 per cent When I take the cap off and look inside, this bottle of mouthwash looks remarkably full. But the results show there's room for 40ml more liquid (mostly inside the narrow neck) if it were completely full. Nivea 2 in 1 Cleansing Milk and Refreshing Toner (£4.60) Bottle holds: 198ml Contains: 175ml Difference: 23ml Percentage full: 88 per cent Though it's a small bottle, this feels light in my hands, and the product doesn't feel like it's filling the container. 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Allianz Life confirms data breach affecting majority of 1.4M US customers
Allianz Life confirms data breach affecting majority of 1.4M US customers

The Independent

timean hour ago

  • The Independent

Allianz Life confirms data breach affecting majority of 1.4M US customers

Hackers gained access to personal data on the majority of the 1.4 million customers of Allianz Life Insurance Company of North America, the company confirmed Saturday. Minneapolis-based Allianz Life, a subsidiary of Munich, Germany-based Allianz SE, said the data breach happened on July 16 when a 'malicious threat actor' gained access to a third-party, cloud-based system used by the company. 'The threat actor was able to obtain personally identifiable data related to the majority of Allianz Life's customers, financial professionals, and select Allianz Life employees, using a social engineering technique,' Allianz Life said in a statement. "We took immediate action to contain and mitigate the issue and notified the FBI." The company said its own systems were not accessed, just the third-party's platform. Allianz Life said its investigation is ongoing and that the company has begun reaching out to the impacted individuals. It said the incident involves only Allianz Life in the U.S., not other Allianz corporate entities. In the case of data breaches, a 'social engineering technique' usually involves using trickery to gain access. Spokesman Brett Weinberg said he couldn't provide details because they are still investigating. Allianz Life also reported the breach to multiple other authorities, including the Maine Attorney General's Office. A filing on the agency's website said the company discovered the breach the day after it happened, and that it will be offering those affected 24 months of identity theft protection and credit monitoring. Allianz Life was known as North American Life and Casualty until it was acquired by German conglomerate Allianz SE in 1979 and changed its name to Allianz Life Insurance Company of North America. It has nearly 2,000 employees in U.S., with the majority working in Minnesota, according to its website. It is one of five North American subsidiaries of the Munich-based global financial services group Allianz SE, which says it serves more than 125 million customers worldwide.

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