Corporate

JPMorgan reported earnings per share of $1.58 on adjusted revenue of $24.67 billion in third-quarter, beating estimates. Analysts were expecting adjusted earnings per share of $1.39 on revenue of $24.25 billion, according to Bloomberg.

"We delivered strong results this quarter with each of our businesses performing well," CEO Jamie Dimon said in a statement. JPMorgan’s stock rose 1.4 percent in pre-market trading. The surprising result was propelled by investment bank; revenue in the unit came in at $9.46 billion due to the bank’s bond trading desks, where revenue rose 48% from a year earlier. Lending revenue was $283 million, down 15%.

Societe Generale Private Banking Suisse intends to cut 80 jobs in Geneva sites, Lausanne and Zurich, it said in a statement on Thursday, confirming a commercial broadcaster news released La Télé.
"The private banking activity of Societe Generale in Switzerland is considering reducing its workforce and has just started a consultation period so as to support its employees through this development", explained the statement.

Google, Facebook and telecom and undersea infrastructure developer TE SubCom and PLDC (Pacific Light Data Communication Co. Ltd.) are teaming up to build a 120 Terabits per second (Tbps) submarine cable that will connect Los Angeles with Hong Kong.

The new 12,800 km cable, called the Pacific Light Cable Network (PLCN), will be the highest-capacity trans-Pacific cable yet. The companies did not say how much they will invest in the new ultra high-speed link.

Deutsche Bank plans hiring freeze in order to cut costs and face the growing legal fees after the US Justice asked for $ 14 billion to close the dispute linked to the story of subprime mortgages.

The measure – writes the agency Bloomberg citing sources inside the German bank – would take effect immediately and covers all divisions, with the exception of some control functions.

Investors burned off $20-billion of Samsung Electronics’ market value on Tuesday as its shares closed down 8%, the biggest single-day decline since 2008.

"This is the first time that I have seen a product recall go this badly wrong," financial analyst Richard Windsor said in a note to clients. “When it comes to the damage that it will do to Samsung’s brand, we are in uncharted territory”.

UBS will launch a new robo-advisor service in the UK on November 21. The launch is part of a $1bn initiative to attract younger clients, with the firm’s wealth management business planning a follow-up advertising campaign in 2017. The Swiss bank will keep the minimum investment required for the new service to £15,000, while it usually requirs £2m to open a private bank account.

Deutsche Bank CEO John Cryan didn’t find an agreement with the US Justice Department to close the investigation opened on subprime mortgages in the United States during a meeting in Washington, as Bild Sunday edition reported.

The report noted that German lender and U.S. authorities haven’t broken off their talks. Concerns about the bank’s ability to pay a $14 billion opening settlement bid from the Justice Department sent the company’s stock to a record low last month. Cryan has reportedly said he expects U.S. authorities to scale back the initial request.

Ford Australia will close its production line in Broadmeadows on Friday, 91 years on, the final Ford Falcon will roll off the production line. On the same day, Ford’s rival Holden will close Cruze production in Adelaide, and Ford will shutter its engine plant in Geelong. In the course of the next year, Australia’s three car makers, Toyota too, will shut down completely.

In all, more than 5,000 production jobs, plus many more white collar and supplier positions, will be lost. Ford will reportedly continue operations in Australia, with product development, research and parts sales to carry on.