Stockpile app news8/4/2023 ![]() Shares were higher with JPM up 2.5%, Wells up 3.5%, Bank of America up 2.5% and Citi up 1.8%. Wells Fargo reported that its profit fell 50% as it racked up $3 billion in costs. However, Citi reported a 21% fall in profits, with investment banking taking a hit. Bank of America reported a 2% rise in profits as higher rates boosted income. JPM profit rose 6% on trading strength, and said it would resume share buybacks. "Today’s bank earnings were solid, with net interest income driving earnings, credit reserves significantly increasing year over year, and investment banking fees remaining low – all largely reflecting the interest rate and economic environment," said KPMG US National Sector Leader for Banking and Capital Markets Peter Torrente. Strength in trading helped offset a slump in investment banking, while interest rate hikes by the U.S. JPM, Bank of America, Citigroup Inc (C.N) and Wells Fargo reported profits ranging from up 6% to down 50%. ![]() economy currently remains strong, with consumers still spending excess cash and businesses healthy," said JPM Chief Executive Officer Jamie Dimon, although he said he didn't yet know "the ultimate effect of the headwinds coming." The bank flagged a modest deterioration in its macroeconomic outlook, "reflecting a mild recession in the central case." JPMorgan Chase & Co (JPM.N), Wells Fargo & Co (WFC.N) and Bank of America Corp (BAC.N) gave either disappointing or uncertain outlooks for net interest income (NII), or the money banks bring in from interest payments, which is impacted by the amount they have to pay customers to keep deposits in their banks. Federal Reserve hikes rates have softened demand for mortgages and car loans while raising the cost of deposits for banks. banks has been clouded by the Russia-Ukraine conflict and fading economic stimulus measures. In Friday’s AMA, Huffman addressed moderators’ feedback and said that Reddit respects “when you and your communities take action to highlight the things you need.”īeyond Reddit, Twitter ended free API access earlier this year, in a move that also sparked outrage.NEW YORK, Jan 13 (Reuters) - Wall Street's biggest banks stockpiled more rainy-day funds to prepare for a possible recession, while showing caution about forecasting income growth in an uncertain economy and as higher rates increase competition for deposits. “This isn’t something any of us do lightly: we do what we do because we love Reddit, and we truly believe this change will make it impossible to keep doing what we love,” the post continued. Others said they may boycott for longer, with the possibility of leaving the platform permanently “unless the issue is adequately addressed, since many moderators aren’t able to put in the work they do with the poor tools available through the official app,” one widely-circulated Reddit post about the protest read, per The Verge. Some subreddits participating in this week’s blackout will return to Reddit in 48 hours, organizers said. Gilbert added that API access helps moderators keep communities safe and “more quickly respond to spam, bigotry, and harassment.” Third-party apps are also important for screen readers, she said, as the official Reddit app is not accessible for people who are visually impaired. Subreddit “mods” often use tools outside of the official app to keep their forums free of spam and hateful content, for example, as well as improve accessibility. Organizers of the blackout, which began Monday, say Reddit’s changes threaten to end key ways of historically customizing the platform - which relies heavily on the work of volunteer moderators. The new fees are part of broader changes to Reddit’s API, or application programming interface, that the company announced recently. “Reddit is killing third-party applications (and itself),” other subreddits wrote in posts seen on the platform’s homepage. Participants ranged from small forums to large communities with tens of millions of subscribers - including the r/funny, r/music and r/todayilearned pages seen on the online discussion site. ![]() More than 8,000 subreddits were dark as of Tuesday afternoon, according to a tracker and live Twitch stream of the boycott. WASHINGTON (AP) - Thousands of Reddit discussion forums have gone dark this week to protest a new policy that will charge some third-party apps to access data on the site, leading to worries about content moderation and accessibility. ![]()
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