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JPMorgan profits fall on weak mortgage, trading income

JPMorgan Chase Friday reported lower earnings due to a drop in its mortgage and trading businesses as the US banking giant seeks to turn the corner after costly legal settlements. JPMorgan, one of the first major companies to release first-quarter results, said net income was $5.3 billion, down 19 percent from a year ago. Key factors behind the decline included a big drop in mortgage banking income, lower earnings from fixed-income trading and a rise in provisions in case of credit losses.

Blackstone's Gates buyout one of 2014's largest for U.S. M&A

By Michelle Sierra NEW YORK (Reuters) - Private equity firm Blackstone <BX.N> is set to launch a $4.2 billion financing to back its $5.4 billion acquisition of auto parts maker Gates Global. The deal is the second-largest U.S. leveraged buyout financing of the year, according to Thomson Reuters data, and is also the largest private equity buyout of an industrial company in more than four years. The loans are being provided by Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS.

Blackstone's Gates buyout one of 2014's largest for U.S. M&A

By Michelle Sierra NEW YORK (Reuters) - Private equity firm Blackstone <BX.N> is set to launch a $4.2 billion financing to back its $5.4 billion acquisition of auto parts maker Gates Global. The deal is the second-largest U.S. leveraged buyout financing of the year, according to Thomson Reuters data, and is also the largest private equity buyout of an industrial company in more than four years. The loans are being provided by Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS.

Big win offers Wall Street brokers path to clean up records

By Suzanne Barlyn (Reuters) - There is hope for Wall Street brokers whose professional histories are marred by complaints from customers about securities that went sour after their brokerage firms promoted them as safe. Brokers who sold securities that ultimately failed, but which their firms had pushed as cash-like investments, are finding some success in cleaning up their records and their reputations.

Emerging market revival no signal to fill your boots

By Natsuko Waki LONDON (Reuters) - Institutional investors are being selective in their return to emerging markets after a heavy sell-off, as there are too many pitfalls for a long-term portfolio to make a winning strategy out of simply buying cheap. More than $50 billion flowed out of emerging stock and bond funds in the first quarter of 2014 as rising U.S. yields, China's economic slowdown and political uncertainty drove investors away from higher-risk assets. But the tide appears to have turned.

Forget high-speed trading, small investors: 401(k) fees pose much bigger retirement risk

WASHINGTON - It's the silent enemy in our retirement accounts: High fees. And now a new study finds that the typical 401(k) fees — adding up to a modest-sounding 1 per cent a year — would erase $70,000 from an average worker's account over a four-decade career compared with lower-cost options. To compensate for the higher fees, someone would have to work an extra three years before retiring.

Initial public offerings scheduled to debut next week

NEW YORK, N.Y. - The following is a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT (www.renaissancecapital.com) and SEC filings. Week of April 14: Leju Holdings Ltd. - Beijing, China, 17.7 million American depositary shares, each representing one ordinary share, priced $10 to $12, managed by Credit Suisse and J.P. Morgan. Proposed NYSE symbol LEJU. Business: Online-to-offline real estate services and advertising platform. Moelis

What you should know about your 401(k) fees, at a glance

Where to find the fees charged by your 401(k) retirement funds? "Sorry to say there isn't an easy answer to where to find all expenses on retirement accounts, which is definitely part of the problem," says Jennifer Erickson, co-author of a new study of 401(k) fees by the Center for American Progress. Your quarterly statement may not show all the fees and "can be even more confusing," Erickson says.

European stocks sink on tech, banking fears

Europe's stock markets ended the week with sharp declines Friday, part of a global equities sell-off sparked by poor results from the banking sector and fears of over-valuation in tech. London's FTSE 100 was down 1.21 percent compared to Thursday's closing level, at 6,561.70 points. Germany's DAX 30 shed 1.47 percent to stand at 9,315.29 points and the CAC-40 in Paris lost 1.08 percent to finish the week on 4,365.86 points.

Wells Fargo's earnings surge 14 per cent as bank continues to trim loan losses

First-quarter profit for Wells Fargo EARNINGS: Net income after dividends on preferred stock rose to $5.6 billion in the January-March period from $4.9 billion a year earlier, the bank reported early Friday. On a per-share basis, earnings were $1.05, well above the 97 cents forecast by Wall Street analysts. Revenue in the first quarter fell to $20.6 billion from $21.3 billion a year earlier, in line with analysts' estimates.
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