The decision follows a surge in retail trading fueled by the COVID-19 pandemic, which led various mobile banking platforms, including the UK's Revolut, to incorporate stock and cryptocurrency trading features. N26 had previously launched crypto trading for some of its users towards the end of 2022. The move comes after the German financial watchdog BaFin…
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The company earned $816 million before tax, with an adjusted income of $831 million. This is a substantial increase from the $689 million income before tax (adjusted to $671 million) reported in the corresponding quarter of the previous year. Diluted earnings per share were reported at $1.48, with an adjusted value of $1.52, showing a…
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BAC’s Global Markets segment, which provides a range of equity and debt-related services, performed well. Sales and Trading revenue rose 3% to $3.6bn while Equities revenue spiked 13% to $1.5bn. However, Fixed, Income, Currencies and Commodities revenue dropped 4% to $2.1bn. The overall report was mixed as BAC’s earnings per share of 70 cents beat…
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The bank has confirmed that Cristina Alba Ochoa will assume the role of interim CFO starting January 15. Meanwhile, the search for a permanent replacement for Hopkinson is underway. Following this news, Metro Bank's shares opened 1.5% lower but later saw a smaller decline of 0.3% by 0910 GMT. The bank’s stock experienced a 69%…
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Bolstered by its acquisition of First Republic and better loan margins, predictions are that JPMorgan’s year-on-year bottom line will be 30% more. This means that the bank will outperform competitor Bank of America (BAC) by more than $20bn. Should these Bloomberg predictions be on target, JPMorgan will also more than double the annual net profits…
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SVB Financial Group has formulated a restructuring plan with principal creditors, gaining the endorsement of a consortium of banks and investment firms. This group, holding over $2.3 billion in SVB Financial's debt and preferred stock, was mentioned in the documents presented to the Manhattan bankruptcy court. Following the collapse of Silicon Valley Bank in March,…
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The growth trajectory is a testament to the company's evolution since its inception in 2019 as a German brokerage firm. Its roots date back to 2015 when it operated under Neon Trading within a startup incubator. Trade Republic's journey began in earnest in 2019 when it opened its platform for commission-free trading to a select…
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The CCIA maintains that supervising the companies that offer digital payment services will choke innovation and progress, and hamstring startups in the industry. This response followed a November 2023 statement by the CFPB, which claimed that financial operations such as smartphone payments and digital wallets emulated traditional payment methods but fell short of user protection.…
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This year, the regional banks and their members are Cleveland’s Loretta Mester, Atlanta’s Raphael Bostic, San Francisco’s Mary Daly and Richmond’s Tom Barkin. Despite raising rates to a 22-year record high in H1 of 2023, Wall Street is still expecting rate cuts to begin in March this year, continuing for six rounds, so the new…
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The firm's ending client equity surged to $426 billion, demonstrating an impressive 39% annual growth. Financially, Interactive Brokers saw positive trends in client assets and transactions. The company reported a 14% annual increase in client margin loan balances, totalling $44.4 billion, and a 10% rise in client credit balances to $104.5 billion. Furthermore, the brokerage…
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