Investment banking boost for Bank of America and Morgan Stanley Banking Like other US banks, Morgan Stanley has benefited from a rebound in dealmaking activity, which fell off a cliff last year due to the impact of higher interest rates and economic uncertainty.
Western banks pay £684m in taxes to Vladimir Putin’s regime Banking The largest western banks that still operate in Russia paid more than €800m (£684m) in taxes to the Kremlin last year in a sign that foreign companies remaining in the country are helping Vladimir Putin weather international sanctions.
JP Morgan profit surges on higher rates and First Republic purchase Banks JP Morgan’s profit surged above expectations to $13.4bn in the first quarter of this year, up from $12.6bn a year earlier, thanks to higher interest rates and its takeover of First Republic. Revenue for the bank totalled $42.6bn, above expectations of $41.9bn, while earnings per share sat at $4.44, compared to estimates of $4.11. Significantly, [...]