Business

America’s big banks released quarterly earnings. Net profit at JPMorgan Chase rose by 25%, year on year, to $18.1bn. At Morgan Stanley it surged by 41%, to $3.1bn. Goldman Sachs exceeded expectations (for once), more than doubling its profit to $3bn. Citigroup’s net income was up by 10%, but profit fell at Bank of America and Wells Fargo. Excluding Wells Fargo, fees for the other five big banks from investment banking jumped by a combined 40% amid a resurgence in the industry.

Georges Elhedery was named as the new chief executive of HSBC and will take over from Noel Quinn in September. Mr Elhedery joined the bank in 2005 and has been its chief financial officer since early 2023. He grew up in Beirut and studied at the Ecole Polytechnique in Paris.