JPMorgan Chase & Co

Morgan Stanley Will Pay $900 Million To Acquire Solium Capital Inc. The Deal Is The Bank’s Largest Acquisition Since The Financial Crisis

Solium’s 3,000 corporate clients employ 1 million workers and include startups such as Stripe Inc. and Instacart Inc., whose employees tend to be younger and have fewer relationships with traditional financial firms. Morgan Stanley said the acquisition wouldn’t have a meaningful impact on its 2019 earnings or reduce its planned stock buybacks.

J.P. Morgan: third-quarter profit jumped 24% as the bank’s consumer business helped it overcome weaker trading.

StockMarketNews.Today – Overall profit at the corporate and investment bank was $2.62 billion, a 3% increase from $2.55 billion in the same period last year. JPMorgan’s commercial bank earned $1.09 billion, a 24% increase from the $881 million it earned in the year-ago quarter, and the bank’s asset and wealth management unit reported profits of $724 million, compared with $674 million in the third quarter of 2017.

JPMorgan issues bleak warning on Brexit damage – The UK economy could suffer such a significant downturn after it leaves the EU that it will have an impact on global growth.

StockMarketNews.Today – JPMorgan Chase’s chief executive has added to the pressure on UK prime minister Theresa May by warning that Brexit could be “tough for the British people”.
Jamie Dimon said the UK economy could suffer such a significant downturn after it leaves the EU that it “will have an impact on global growth, and so Brexit could hurt everybody a bit”.

Many banks plan to boost dividends after passing the Federal Reserve’s latest stringent round of stress tests.

StockMarketNews.Today – Bank stocks have underperformed the S&P 500 index this year and have struggled to stage any kind of a rebound after falling from their previous highs. Bullish investors say that disappointing performance will end soon. The KBW Nasdaq Bank Index is down 0.1% since the beginning of the year, while the S&P 500 is up 4.0%.