US banks post solid third quarter loan growth
Major US banks reported solid loan and deposit growth in the third quarter, but lenders are paying a premium to retain customer funds in a fiercely competitive, high-interest-rate environment. JPMorgan Chase, Citigroup and Wells Fargo all posted higher net interest incomes on Tuesday, defying concerns that soaring bond yields and elevated borrowing costs would stifle loan demand and trigger a flight in deposits. "The consumer remains one of the economy's most important sources of resilience though higher prices continue to weigh on consumer sentiment," a Wells Fargo executive said in a post-earnings call. Citigroup reported an 11 percent increase in average deposits and a 12 percent jump in average loans. Wells Fargo saw average deposits rise 10.7 percent, alongside an 11 percent jump in average loans buoyed by its consumer banking division. Meanwhile, JPMorgan, the largest US lender, reported a 4 percent rise in average deposits and a 2 percent increase in loans from a year ago. Despite resilient metrics, banks face mounting funding pressures. As US Treasury yields hit record highs in the third quarter, customers sought better returns elsewhere, forcing lenders to raise deposit rates to prevent outflows and squeezing their margins. This was exemplified by JPMorgan's deposit margin that fell to 2.78 percent...
Read full articleMORE NEWS
Rising Interest Rates Bite Some Wall St. Banks
JPMorgan released surprisingly spotty earnings results for the third quarter, while Goldman Sachs and Citi posted better-than-expected results, reflecting a choppy trading environment.
Burbank airport's new $1.3-billion terminal opens — bigger and sleeker than ever
On Tuesday, travelers found themselves in a space with high ceilings, contemporary art, twinkling terrazzo floors and landscaping full of succulents.
How Climate Change Is Causing ‘the Gentrification of Seafood’
As environmental forces make fishing and harvesting more costly, the price of once-everyday fish has ballooned.
How Two Crypto Billionaires Are Making British Politics More American
A pair of low-profile entrepreneurs gave $100 million to Nigel Farage’s Reform U.K. Party. The system may never be the same.
Bumble bought for $1.3bn in 'bet on the future of humanity'
The dating app which recently ditched its "women-first" chat rule has been bought by an investment firm.
Wie Marken wie Ibis unsere Vorstellung von Airport-Hotels unauffällig beeinflussen
Warum Markenhotels am Flughafen gern gesehen sind? Wer fürs Business reist, hat weder Zeit noch Nerven, sich Stunden mit der Wahl des richtigen Hotels zu befassen. Stattdessen muss es effizient sein: Das fängt bei der Buchung an, die heute bei Big Playern wie Accor über eigene KI-Tools wie den „ALL Concierge“ unkompliziert von statten geht. Danach folgen Kriterien wie Anbindung und Lage, Professionalität vom Check-In bis zur Abreise, gleichbleibende Qualität, verlässliche Ausstattung und Verpflegung. The post Wie Marken wie Ibis unsere Vorstellung von Airport-Hotels unauffällig beeinflussen appeared first on Business Traveller.
NI company in talks to save Poundland from administration
Poundland says Martin Property Group from Londonderry is the management team's "preferred partner"
10 of Europe's warmest beaches for a last-minute October half-term holiday - with temperatures topping 23C
Families hoping to escape the autumn chill can still find sunny European beach breaks perfect for October half-term.
The Sabrina Carpenter clip which helped a 22-year-old make £120,000 a year
Social media "clippers" make short, vertical videos that appear on the likes of Instagram and TikTok.
5 Horror Movie Locations to Get You in the Halloween Spirit
Here’s one fan’s guide to visiting some of the genre’s fabled filming locations, from “The Shining” to “Friday the 13th.”
Forget the Costa del Sol! Spain's best retirement towns revealed - with low living costs and relaxed lifestyle
From charming whitewashed villages to picturesque coastal gems, these beautiful Spanish towns offer retirees a slower pace of life, stunning scenery and lower living costs.
Want to bag a break but save some cash? Here's our pick of the best travel deals available this week - from savings on all-inclusive Egypt stays to affordable city breaks
The Daily Mail's travel desk brings you a selection of the best deals currently available - so you can bag a bargain break.