In this article BAC-0.09 (-0.27%) GS-0.51 (-0.14%) MS-0.66 (-0.75%) Follow your favorite stocksCREATE FREE ACCOUNT Brian Moynihan, chief executive officer of Bank of America Corp., speaks during a Bloomberg Television interview at the Goldman Sachs Financial Services Conference in New York, on Tuesday, Dec. 6, 2022. Michael Nagle | Bloomberg | Getty Images Brian Moynihan is no stranger to laying off workers — it’s one of the key ways he helped shape Bank of America after the 2008 financial...

Firms set to get $10 billion boost to earnings from tax cuts Tax bill also gives lift to asset management, banking units Republican tax cuts are saving the day for Wall Street banks. The sweeping tax overhaul means billions of dollars in profit will materialize from thin air for the industry, allowing executives the luxury of planning to increase dividends and stock repurchases, invest more in technology and even do some good by extending credit to low-income borrowers. That’s all taking away...

Brexit, rate bets fuel 48% gain in fixed-income business Provision for credit loss in consumer bank jumps $905 million JPMorgan Chase & Co. posted profit that beat analysts’ estimates on a 48 percent surge in fixed-income revenue, fueled by trading of government bonds after the U.K. voted to leave the European Union. Third-quarter net income declined to $6.29 billion, or $1.58 a share, from $6.8 billion, or $1.68, a year earlier, when results got a boost from $2.2 billion in tax benefits, New...

New software does in seconds what took staff 360,000 hours Bank seeking to streamline systems, avoid redundancies At JPMorgan Chase & Co., a learning machine is parsing financial deals that once kept legal teams busy for thousands of hours. The program, called COIN, for Contract Intelligence, does the mind-numbing job of interpreting commercial-loan agreements that, until the project went online in June, consumed 360,000 hours of work each year by lawyers and loan officers. The software...