Goldman Sachs says credit card issuers to beat loss forecasts

Major U.S. banks have seen significant declines from their summer peaks, with Goldman Sachs down 24%, Capital One down 25%, and others ranging from 11% to 19%. JPMorgan missed earnings estimates, reporting $5.57 per share versus the expected $5.85, due to a slowdown in investment banking and trading revenue. Executives cited market volatility and geopolitical risks as factors affecting business.

The Office of the Comptroller of the Currency (OCC) released a report stating that nine major U.S. banks may have denied or limited services to customers based on political or religious beliefs. The banks reviewed include JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO. The OCC found that these banks had risk policies lacking clear standards, potentially disadvantaging certain customers.

A federal review found that JPMorgan Chase's payment subsidiary WePay screened merchants for political and religious terms like 'MAGA' and 'America First' before reviewing accounts. The OCC's report examined nine major banks and their policies from 2020 to 2025. The CFPB has launched an investigation into potential violations of federal consumer financial laws by these banks.

The OCC's report names nine major banks, including JPMorgan Chase, Bank of America, and Citibank, for politically driven account closures. The review, spanning 2020-2025, found banks denied services to sectors like oil, firearms, and cryptocurrency. The OCC may refer cases to the attorney general, and a DOJ probe is ongoing. Banks defend their actions, while lawsuits from Trump-related entities are pending.

The OCC reviewed debanking practices at nine major US banks, finding policies that restricted services based on political, religious, or lawful business activities. The banks included JPMorgan Chase, Bank of America, and Citibank. The OCC cited broad reputation risk policies lacking objective criteria, affecting sectors like oil, firearms, and digital assets. The regulator is considering further action to prevent discrimination in banking decisions.

Shares of SoFi, BNY Mellon, Bread Financial, Perella Weinberg, and Morgan Stanley fell after September consumer price inflation data showed a 3.7% annual increase, raising Fed rate hike concerns. SoFi dropped 6.9%, BNY Mellon 3%, Bread Financial 3%, Perella Weinberg 4.2%, and Morgan Stanley 3.3%. SoFi reported Q1 revenue of $1.1B, up 42.8% YoY, but guidance missed estimates, leading to a 13.5% drop six months ago.