Business

Following conflicting earnings reports by JPM, Citi and Wells, Bank of America reported a jump in its quarterly profit, announcing EPS of $0.41, above the expected $0.35, as net income rose 40% Y/Y to $4.86 billion, up from $3.47 billion a year ago. Revenue was $22.25 billion, up from $20.79 billion a year ago, with adjusted revenue printing at $22.45 billion compared, beating estimates of $21.61 billion.

The rebound in Q1 profits was led by Global Banking and Global Markets, with Consumer Banking also posting a modest rebound.

European stocks slide as traders returned from a 4-day Easter holidays, Asian equities likewise drop pressured by the ongoing rout in iron ore, while U.S. stock-index futures point to a lower open. British markets were roiled after U.K. Prime Minister Theresa May said she would seek an early election on June 8, in a move aimed at strengthening her hand going into Brexit talks; the FTSE 100 dropped 1.3%, on the news, hitting the lowest since Feb. 24 while 10Y Gilts dropped below 1% for the first time since October.

Authored by Adam Taggart via PeakProsperity.com,

Just how bad is the ongoing fraud in the banking system? Get ready for a mind-bowing expose by a former insider at UBS.

Brad Birkenfield, author of Lucifer's Banker: The Untold Story of How I Destroyed Swiss Bank Secrecy, recounts the efforts he uncovered by his employer to help its clients cheat the US government out of tens of $billions in taxes.

Authored by Mac Slavo via SHTFplan.com,

The world is awash in crisis with wars looming, economies crashing and revolutions brewing. Doomsday bunkers sales are soaring and individuals from coast to coast are getting ready for whatever tomorrow may bring. Moreover, even governments like China and Russia are preparing, having gone so far as to create their own exchange mechanism to trade directly with gold in the event of a global currency crisis or financial meltdown.

We spend a lot of time writing about public pensions because the aggregate underfunding levels, $3 - $5 trillion on the low end, are simply staggering and at some point they will be realized for the ponzi schemes that they are and the systemic risk they represent to the global financial system.  Until then we'll just keep shouting into the abyss.