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.
Thor 4 CONFIRMED, Taika (Ragnarok Director) Confirmed
We're expected to hear a lot about the fourth phase of the Marvel Cinematic Universe later this week at San Diego Comic-Con. According to several sources, the hope is to have Waititi direct the Akira reboot when he finishes Thor .
NYPD Officer Will Not Face Federal Criminal Charges In Eric Garner's Death
A de Blasio spokeswoman said the police commissioner is expected to decide by August 31 whether Pantaleo will be fired. A NY grand jury in 2014 declined to charge Pantaleo, who has been assigned to desk duty since Garner's death.
Millions flee homes, scores dead as monsoon rains strike
In the Indian state of Assam, officials said floodwaters have killed at least 19 people and brought misery to some 4.5 million. So far 11 people have died in the state and some 83,000 people displaced by flooding.
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.