Goldman Sachs Group, JPMorgan Chase and their peers have already reported more than $111 billion of profit for 2018. AP
Goldman Sachs Group, JPMorgan Chase and their peers have already reported more than $111 billion of profit for 2018. AP
Goldman Sachs Group, JPMorgan Chase and their peers have already reported more than $111 billion of profit for 2018. AP
Goldman Sachs Group, JPMorgan Chase and their peers have already reported more than $111 billion of profit for 2018. AP

Six biggest US banks made more than $100 billion in profit in 2018


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  • Arabic

The six biggest US banks have never had a $100 billion year. Until now.

Goldman Sachs Group, JPMorgan Chase and their peers have already reported more than $111 billion of profit for 2018. Morgan Stanley will only make that number bigger when it releases its fourth-quarter results Thursday.

They have Republican tax cuts to thank, along with rising interest rates, a surge in dealmaking and a retail-banking boom.

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Read more:

JPMorgan to increase bonuses for bankers and traders

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JPMorgan and Bank of America both had record years, while Goldman Sachs and Citigroup had their biggest hauls since the financial crisis. The impressive numbers and upbeat commentary from bank leaders may quell fears that rate hikes and trade wars risk bringing an end to good times for the biggest lenders.

“Is it the end of a cycle? We don’t think so,” JPMorgan Chief Financial Officer Marianne Lake said Tuesday on a call with analysts. “We think the outlook for growth in the economy is still strong. The consumer is still strong and healthy, and we’re expecting to see, maybe slower, but still global growth going forward.”

The KBW Bank Index has gained 11 percent this month, spurred higher by fourth-quarter results. The 24-member index plunged 20 percent in 2018, the worst performance in seven years.

The record haul may provide fodder for critics of the 2017 US tax overhaul who have argued that it resulted in a bigger boon for major companies than for the nation’s middle class. Jamie Dimon, JPMorgan’s chief executive officer, on Wednesday made the case that the tax cuts fixed an uncompetitive system that had held back small businesses.

Within the banks, the benefits of the tax cuts are flowing more heavily to shareholders than their rank and file. Profit at the five firms jumped 28 percent from the previous high, while employee compensation expenses climbed just 1.8 percent from last year.

Washington may be less helpful to the biggest banks going forward. Wall Street critic Alexandria Ocasio-Cortez is headed to the Congressional committee that oversees the industry. “As I’ve said before, it’s People vs Money. We’ve got people, they’ve got money,” the New York Democrat wrote on Twitter a few hours after Goldman and BofA reported their results. “There is work to do.”

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

'Of Love & War'
Lynsey Addario, Penguin Press

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

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RESULT

Aston Villa 1
Samatta (41')
Manchester City 2
Aguero (20')
Rodri (30')

GROUPS

Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)

Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)

Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day. 

Leading all-time NBA scorers

Kareem Abdul-Jabbar 38,387
Karl Malone 36,928
Kobe Bryant 33,643
Michael Jordan 32,292
LeBron James 31,425
Wilt Chamberlain 31,419

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Score

Third Test, Day 1

New Zealand 229-7 (90 ov)
Pakistan

New Zealand won the toss and elected to bat

Spare

Profile

Company name: Spare

Started: March 2018

Co-founders: Dalal Alrayes and Saurabh Shah

Based: UAE

Sector: FinTech

Investment: Own savings. Going for first round of fund-raising in March 2019

Two-step truce

The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.

By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National. 

The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.

The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.

The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.