US stock futures were trading flat on Tuesday as investors parsed through the earnings report from JPMorgan Chase and awaited results from Wall Street banks such as Goldman Sachs and Wells Fargo.
FBN's Charlie Gasparino discusses how Goldman Sachs CEO David Solomon addressed the 1MDB scandal and the problems with the company's business model during an earnings call on Wednesday.
Markets have scaled fresh record highs this month on increasing hopes that the Federal Reserve would lower interest rate at its policy meeting, which is two weeks away, to cushion the economy from any slowdown due to trade war.
Investment Management net revenue of $1.59B rose 2% Q/Q, fell 14% Y/Y.
Investment Management decreased 14% to $1.59 billion.
Net revenues of $1.47bn in Fixed Income, Currency and Commodities (FICC) Client Execution were 13% lower compared to a year ago. This is a boost from Goldman Sachs Group's previous quarterly dividend of $0.80.
While investment banking revenues at the lenders suffered due to geopolitical uncertainties as cautious corporate clients pressed hold on deals, other areas proved brighter for the banking giants. Morgan Stanley upgraded shares of Dongfeng Motor Group from an equal weight rating to an overweight rating in a report on Monday, July 1st.
Novak Djokovic wins fifth career Wimbledon men's singles title
You have to keep reminding yourself that you're there for a reason and that you are better than the other guy". But Djokovic survived, broke Federer's serve and won the tiebreak to seal a fifth Wimbledon title.
Former Gonzaga standout Brandon Clarke named MVP of NBA Summer League
This time, he ended up with 19 points (6-14 FG, 3-7 3P, 4-4 FT), five rebounds, and an assist in 24 minutes. Ahead of the championship game, the Summer League MVP , First Team and Second Team were all announced.
Italian Police Seize Air-to-Air Missile, Dozens Of Firearms In Raids On Neo-Nazis
Special Forces of the anti-terrorist police officers inspect the air-to-air missile seized during the operation. According to Reuters , police said the neo-Nazis were communicating with possible customers via WhatsApp.
Shares of Goldman Sachs have gained 27 per cent this year through Monday, putting it on track for its best annual performance in more than five years.
Looking ahead, Goldman Sachs will: "Remain focused on expanding our addressable market and broadening client relationships while investing in automation and platforms to improve efficiency".
While the final strategy is not expected until early next year, the bank has already made moves to expand its consumer division, by growing online bank Marcus and launching a credit card with Apple Inc. Total operating expenses were almost flat at $6.12 billion. Finally, Liberty Wealth Management LLC acquired a new stake in Goldman Sachs Group during the 4th quarter worth approximately $29,000.
It is aiming to generate $5 billion in new revenue by 2020.
However, Goldman saw a 16% year-over-year surge in investing & lending, which checked in at $2.53 billion for the second quarter.
The third major bank to report earnings this week, Goldman reported a quarterly profit of $5.81 per share on $9.46 billion of revenue, compared to the comparable year-ago quarter of $5.98 on $9.40 billion in revenue.