What you need to know on Wall Street today
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Wall Street is celebrating a bumper quarter in equity trading.
JPMorgan and Citigroup announced first-quarter earnings on Friday, with both beating solidly. The two banks also posted gains in markets revenue, with JPMorgan's markets revenue up 7% on an underlying basis and Citigroup's total markets and securities securities revenue up 3%.Those gains were driven by equities revenue, with JPMorgan posting record equities revenue of $2 billion and Citigroup posting a 38% gain in equities revenue to $1.1 billion. Here's the latest:
- JPMorgan beats, profits jump 35%
- Citi beats, profits jump 13%
- "Investors are eagerly looking for opportunities": Here are the key points from the memo JPMorgan's investment bank chief just sent to staff
- "Kill off work that doesn't have a clear customer outcome": JPMorgan co-president urges staff to have a customer obsession
Elsewhere on Wall Street, Goldman Sachs is on a hiring spree for the tech team at the heart of its new strategy. The investment bank is looking to hire 60 people for Marquee, an API store inspired by the firm's CFO Marty Chavez, people familiar with the matter told Business Insider.
In markets news:
- JPMorgan says stocks are about to shatter a postcrisis record - and most of Wall Street could be caught off guard
- The volatility that rocked stocks was just the beginning - and 2 markets are at the epicenter of impending chaos, SocGen says
- Oil has "one last gush on the horizon"
- 13 stocks will see explosive sales growth that will help them crush earnings season, Goldman Sachs says
Lastly, in tech news:
- Zuckerberg's Congressional appearance went okay, but some on Wall Street still worry the Cambridge Analytica scandal will hurt its business
- A key Dropbox exec quit just weeks after its blockbuster IPO - but experts say it could be good in the long run
- Oracle cancelled a big announcement at the last minute - here are some clues as to what it could be cooking up