JPMorgan Chase & Co. reported a bigger-than-expected 24 percent jump in third-quarter profit on Wednesday, boosted by a global dealmaking boom and strength in its wealth management arm. The bank, whose fortunes reflect the health of the U.S. economy, said robust M&A activity offset a slowdown in trading. Its consumer bank also reported a strong…
JPMorgan Smashes Profit Estimates on M&A Boom, Wealth Management Strength
Third Quarter Deals Break All Records in Biggest M&A Boom
Global mergers and acquisitions reached record highs this year with an outstanding third-quarter performance, shattering previous highs, before and after the financial crisis. M&A deals worth $4.33 trillion have been made to-date in 2021, breaking the previous high $4.1 trillion hit in 2007. The third quarter saw deals worth $1.52 trillion. Based on Refinitiv data,…
Boom for Banks as M&A and Pandemic Boost Corporate FX Needs
LONDON—A boom in corporate dealmaking, surging input costs, and a focus on short-term cash flows in the pandemic have sent companies rushing to hedge their currency exposures this year, giving a boost to banks that sell foreign exchange products. Corporate treasurers say the pandemic, which sent revenues tanking in 2020 before this year’s sharp rebound,…
As Big Firms Get Bigger, Managing the Economy Gets More Difficult
Big companies have strengthened their dominance in the economy relative to small businesses amid the pandemic and a rise in mergers and acquisitions (M&A) is afoot.
Battle for Orange County’s CoreLogic Leads to Private Equity Takeover
Commentary Irvine-based CoreLogic Inc. (NYSE: CLGX) is being purchased by two private equity funds for about $7.7 billion, a figure that includes about $6 billion—or $80 per share—buyout for current stakeholders. The purchase price also includes $1.7 billion in debt owed by CoreLogic. The acquisition will be funded with $2.5 billion already invested in the…
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- Mimi Nguyen LyThe U.S. Department of State on Monday said that independent investigators couldn’t clearly conclude the origin of the bullet that killed Al-Jazeera journalist Shireen Abu Akleh. The 51-year-old reporter for Al-Jazeera’s Arabic language channel died… [...]
- The Associated PressCHARLESTON, W.Va.—A federal judge on Monday ruled in favor of three major U.S. drug distributors in a landmark lawsuit that accused them of causing a health crisis by distributing 81… [...]
- Mimi Nguyen LyTwo police officers sustained injuries after they were shot in Philadelphia, Pennsylvania, during fireworks to celebrate the fourth of July, according to reports. The officers were sent to the Jefferson University… [...]
- The Associated PressRICHMOND, Va.—Amber Heard’s lawyers have asked a judge to throw out the $10.35 million verdict against her in the defamation case filed by ex-husband Johnny Depp, arguing that the verdict… [...]
- Masooma HaqNBA free agent Enes Kanter Freedom recently launched the Enes Kanter Freedom Foundation to help fight for religious liberty and human rights around the world. Freedom said it’s time to take… [...]
- Mimi Nguyen LyThe U.S. Coast Guard has rescued seven people after their vessel was struck by lightning off Florida. The incident took place about 100 miles offshore of Clearwater, Pinellas County. A four-person aircrew… [...]
- Caden PearsonCalifornia Gov. Gavin Newsom has granted a pardon to Sara Kruzan who spent 18 years in prison for murdering the man who trafficked her for sex as a teen. In… [...]
- Daniel Y. TengAustralia’s Foreign Minister Penny Wong has reaffirmed the country’s commitment to nuclear non-proliferation after a meeting with the head of the International Atomic Energy Agency (IAEA) on July 4. Rafael… [...]
- Gary BaiThe U.S.-Mexico border has become the world’s “deadliest” land crossing, according to data recently brought to light by a United Nations study. A historic high of 728 recorded immigrant deaths… [...]
- Bill PanThe City of Orlando, Florida, has apologized for its official message about the July 4 holiday that questioned why people would want to celebrate it at all. “A lot of people… [...]