bank

With much hope placed on bank results, even if yesterday's Morgan Stanley announcement of a cut in IB bonuses hinted not all may be well, moments ago Bank of America said Q4 profit rose 43% as revenue rose less than expected, however offset by rising cost-cuts. Q4 EPS of $0.40, beat expectations of $0.38 despite missing on the top line, reporting revenues of $20.22bn, below consensus of $20.89bn, as trading revenues missed dragged lower by FICC revenue of $1.96bn which missed estimates of $2.12bn.

Preface: Washington's Blog reached out to Dr. Haering after reading several excellent articles on India's cash ban.  Dr. Haering then combined the information into a single article for us. We lightly edited the article for spelling and grammar.

The Lira - officially the world's most volatile currency - has lost 11% of its value since the start of 2017 (down 8 of the last 9 days against the USD).

In fact, the lira headed for its biggest five-day loss since Lehman (Oct 2008) after a pledge by Turkey’s central bank to support the currency failed to convince investors.

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

Wednesday’s post, Donald Trump Has an Enormous and Very Dangerous Wall Street Blind Spot, highlighted the fact that the bank run by Trump’s Treasury Secretary nominee, Steven Mnuchin, was given a pass by California attorney general Kamala Harris, despite the discovery of over a thousand legal violations. Kamala Harris has since been (s)elected to the U.S. Senate.

Let’s recap some of what we learned:

Via The Daily Bell

Chief economist of Bank of England admits errors in Brexit forecasting ... Andrew Haldane says his profession must adapt to regain the trust of the public, claiming narrow models ignored ‘irrational behaviour.’  The Bank of England’s chief economist has admitted his profession is in crisis having failed to foresee the 2008 financial crash and having misjudged the impact of the Brexit vote. -Guardian