2021-07-16

Who's doing well, and who is not.

https://www.wsws.org/en/articles/2021/07/16/unem-j16.html

Doing well -

  • Goldman Sachs reported $5.35 billion in profit for the quarter, double last year’s figures.
  • Citigroup’s second-quarter profit jumped to $6.19 billion, up from $1.06 billion during the same period last year. Despite the billions “earned,” shares of the company fell by 0.3 percent on Tuesday. Overall, the bank’s share price has increased by 11 percent through Wednesday.
  • Wells Fargo, which last year agreed to pay $3 billion to settle outstanding civil and criminal charges resulting from a years-long scandal over defrauding customers, posted a second-quarter profit of $6 billion.
  • JPMorgan also saw its second-quarter profits more than double from last year, reporting $11.9 billion this week, compared to $4.7 billion last year.
  • Bank of America, the second largest bank in the US, was the only major bank that missed revenue expectations according to analysts cited by the Wall Street Journal. This did not prevent the bank from nearly tripling profits from a year ago, from $3.53 billion to $9.22 billion.
  • Morgan Stanley reported on Thursday that second-quarter profits rose by 10 percent compared to a year earlier, with a reported profit of $3.51 billion. Investment bank revenue increased by 16 percent to $2.38 billion, while the bank garnered $71 billion in net new assets, triple last year’s second quarter.

Oh and also -

... world’s largest asset manager, BlackRock, reported a second-quarter profit of $1.38 billion on Wednesday, with a net income of $8.92 per share. The company reported $4.82 billion in revenue for the same period. Assets under management by the firm jumped to a record $9.49 trillion, up from $7.32 trillion the year prior. It will soon become the first company with $10 trillion under management.

Who's not -

The DOL reported that 360,000 new unemployment claims were filed for the week ending July 10, only 26,000 less than last week’s revised total of 386,000. In addition to state claims, over 96,000 federal claims were filed under the Pandemic Unemployment Assistance (PUA) program, which is set to expire September 6.

 

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