Second-quarter profit fell 58% to $1.22 billion, or $3.08 a share, due to steep declines in trading and investment banking and losses related to GreenSky and legacy investments that shaved about $3.95 from earnings a share. Revenue fell 8% to $10.9 billion.
The White House reports that Americans are collectively expending almost $65 billion on concealed fees. These "junk fees," referred to as convenience fees or service fees, have become pervasive across various sectors, such as banking, telecom, entertainment, and hospitality.
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For years the bank provided a safe haven for wealthy American clients to hide assets from the IRS - even when it was arrested and charged with doing the same over a decade ago, according to two former Credit Suisse bankers.
Deutsche Bank is facing investor panic over its stability despite posting 10 quarters of profit and undergoing restructuring. Research firm Autonomous dismissed concerns over its US commercial real estate exposures and derivatives book. JPMorgan identified three causes for Credit Suisse's collapse, including governance failures, challenging market conditions, and liquidity risk, leading to depositor outflows. They emphasized the importance of transparency in liquidity measures and confidence in management.