US bank profits surge, Deutsche Bank recovers, Suez Canal officials seize ship
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 15 April 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
Three of the largest US banks beat profits expectations on Wednesday on the back of a strengthening US economy, and Egyptian authorities have seized the container ship that blocked the Suez Canal as they seek compensation of more than $900m from the Ever Given’s owners. Plus, the FT’s deputy editor, Patrick Jenkins, discusses Deutsche Bank’s turnaround after years as the “sick bank of Europe.”
Boom on Wall Street powers US bank profits
https://www.ft.com/content/5cc8f198-345f-4a21-997f-acc841c7b39b
Deutsche Bank dodges bullets and goes mainstream
https://www.ft.com/content/0c478d11-6ed2-4c68-870d-3d0e97f76745?
Ever Given seized as Egyptian authorities seek $900m compensation
https://www.ft.com/content/25b347bc-4c03-464a-b6c3-ed72bacc12e2?
Ponzi mastermind Bernard Madoff dies aged 82
https://www.ft.com/content/e88fdde2-440a-4a77-8a20-d2116309d84a
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Thursday, April 15th. This is your FT News Briefing. |
| 0:08.8 | Wall Street had a bang up first quarter as confidence grew in the U.S. economy, |
| 0:13.1 | and Sue's canal officials want to be compensated for freeing the massive container ship |
| 0:17.6 | that disrupted global shipping last month. Plus, Deutsche Bank was long considered the sick |
| 0:22.8 | bank of Europe, but investors have been showing more enthusiasm for Germany's largest lender. |
| 0:27.9 | The FT's Patrick Jenkins puts Deutsche's turnaround into perspective. I'm Mark Filipino, |
| 0:33.1 | here's the news you need to start your day. |
| 0:40.8 | A slew of big U.S. banks are out with first quarter earnings this week, and three of the biggest |
| 0:46.4 | lenders yesterday reported higher than expected profits. A JP Morgan Chase earnings grew |
| 0:51.8 | bifold, Goldman Sachs, and Wells Fargo also had a strong quarter. They all benefited from the |
| 0:57.4 | boom in investment banking, hot capital markets, and lower credit costs. The FT's U.S. banking |
| 1:03.1 | correspondent Imani Mollies says the stellar earnings were expected. No surprise here. I mean, |
| 1:09.0 | the comparisons were very, very easy for banks this quarter because if you remember, first quarter |
| 1:12.9 | last year was kind of the onset of the pandemic. Super high uncertainty. So no one is really cutting |
| 1:18.5 | deals. So what you saw is a lot of banks reporting like turbocharged growth and deal making an |
| 1:23.8 | M&A investment banking fees at Goldman Sachs. They were up 73% up 57% at JP Morgan, and that's just |
| 1:32.2 | off of the super low lows that we saw last year. And then we also saw trading trading ended up |
| 1:37.3 | growing yet again, even on top of the 30% growth we saw last year. So the higher revenue helped |
| 1:44.3 | banks kind of report higher earnings this quarter. No, Imani, there are some parts of the banking |
| 1:49.0 | business that aren't doing too well. When we spoke earlier this week, you said you would be looking |
| 1:53.7 | at the consumer side of things. And in particular, whether Americans were spending or depositing the |
| 1:59.5 | most recent round of stimulus checks, what did you find? Yeah. So at JP Morgan and Wells Fargo, |
... |
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