US bank News

SVB collapse predicts result in a long funding winter for the Indian startups. Many start-ups at their early and mid-level have been funded by the SVB’s incubation fund like Y-Combinator. Two days after the collapse of the Silicon Valley Bank, another US lender, Signature Bank was shut down on Sunday by the Federal Deposit Insurance Corporation (FDIC).

JPMorgan Chase & Co, the biggest US bank by assets, reported a 6.7 percent drop in quarterly profit as costs to cover possible sour loans to troubled shale oil companies rose and revenue from trading and investment banking declined.

JPMorgan Chase & Co , the biggest US bank by assets, reported a 5.2 percent increase in quarterly profit as expenses declined.

General Electric, refocusing on its industrial roots, is in talks to sell its USD 74 billion commercial lending unit to Wells Fargo, the fourth-largest US bank, The Wall Street Journal reported on Monday.

Citi has been slowly getting its house in order by cutting costs and shedding assets that are not critical to its main businesses. It has sold retail operations in many countries and shrunk its U.S. branch network.

Next steps could include the sale of the custody business, or just terminating it, Citi attorneys at Davis Polk & Wardwell said in the letter.

Citigroup Inc, in the midst of a pullback from consumer banking in a number of international markets, eked out a slim fourth-quarter profit after taking charges of $3.5 billion to settle legal claims and overhaul operations.

In publicly declaring that JPMorgan Chase should raise $22 billion, the Federal Reserve has delivered a hard blow to the largest US bank and shown its preference for traditional banks.

JPMorgan Chase chief executive Jamie Dimon told bank employees Friday that his throat cancer has disappeared after three months of treatment.

JPMorgan retained its crown as the top performing investment bank in the first nine months of the year, having made revenue of $17.1 billion in the year-to-date.

JPMorgan will also eliminate more jobs in its mortgage unit, reducing up to 7,000 positions in that part of the bank, compared with an earlier target of 6,000.

Since 2010, the second-largest U.S. bank has agreed to pay at least $70 billion to resolve disputes linked to home loans, mortgage bonds and other problems stemming from before and during the crisis.

JPMorgan is the only company to have confirmed that information was stolen.

Citi said that Javier Arrigunaga was stepping down "in light of the difficult challenges our franchise in Mexico has faced over the past year."

The bank said that there was no evidence that critical account information such as account numbers, user identities or social security numbers were stolen by the hackers.

JPMorgan, the biggest US bank by assets, said second-quarter earnings slid 7.9 percent from the year-ago period to $5.99 billion

Spokesmen in New York for Citigroup didn't immediately return calls seeking comment on Friday.