Finance

Chinese smartphone company Honor is trying to shake up traditional device hardware with a new “robot phone.”
The company revealed the device will have a camera that folds out from the back of the phone.
Honor said it plans to release more details next year at the Mobile World Congress in Barcelona.

Chinese smartphone company Honor is developing a smartphone with an AI-connected camera that unfolds from the back of the device.

BEIJING — Chinese smartphone company Honor on Wednesday announced it is developing a smartphone with a camera that folds out of the device using a robotic arm.
The company said it plans to share more details at Mobile World Congress in Barcelona early next year.

The new device would be the latest Chinese consumer electronics product to shake up a decades-old hardware design in an attempt to integrate AI. Earlier this year, Beijing-based Roborock started selling a robot vacuum cleaner with an arm that folds out from the top, and combines AI with sensors to detect obstructions for the arm to remove.
Honor is calling the product a “robot phone” and said it will incorporate artificial intelligence, but did not provide specific details.
The company said it is rolling out AI tools that help its smartphone users scan Chinese e-commerce sites for personalized shopping deals, quickly hail a taxi or get tips on how to better position the camera for a photo. The move is part of Honor’s plan to spend $10 billion over the next five years for a transformation into an AI device company.

Chinese smartphone company Honor is developing a smartphone with an AI-connected camera that unfolds from the back of the device. More

Morgan Stanley on Wednesday posted third-quarter earnings that topped expectations by the largest margin in nearly five years.
The bank said profit surged 45% from a year earlier to $4.61 billion, or $2.80 per share.
Revenue rose 18% to $18.22 billion.

Ted Pick, CEO of Morgan Stanley speaks on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 23, 2025.
Gerry Miller | CNBC

Morgan Stanley on Wednesday posted third-quarter earnings that beat expectations by the largest margin in nearly five years on booming equities trading, investment banking and wealth management results.
Here’s what the company reported:

Earnings per share: $2.80 vs. $2.10 expected, according to LSEG
Revenue: $18.22 billion vs. $16.7 billion, according to LSEG

The bank said profit surged 45% from a year earlier to $4.61 billion, or $2.80 per share. Revenue rose 18% to a record $18.22 billion.
Morgan Stanley shares popped almost 5% in premarket trading. They were up roughly 24% this year as of Tuesday’s close.
Wall Street trading desks have had high levels of activity in the quarter, while investment banking continues to see a resurgence in mergers and initial public offerings. Stocks at or near record highs bolstered Morgan Stanley’s giant wealth management division as well.
Put together, Wall Street-centric banks like Morgan Stanley and peer Goldman Sachs are in an ideal environment.
Morgan Stanley said equities trading revenue jumped 35% to $4.12 billion, or $720 million more than what analysts surveyed by StreetAccount had expected. The company cited increased activity across business lines and regions and record results in its prime brokerage business that caters to hedge funds.

Fixed income trading rose 8% to $2.17 billion, essentially matching the StreetAccount estimate.
Investment banking revenue in the quarter surged 44% from a year earlier to $2.11 billion, about $430 million more than the StreetAccount estimate. The bank cited more completed mergers, more IPOs and more fixed income fundraising as drivers for the quarter.
Wealth management revenue rose 13% to $8.23 billion, about $500 million more than expected, as rising asset levels and transaction fees bolstered results.
On Tuesday, JPMorgan Chase, Goldman, Citigroup and Wells Fargo each posted earnings that topped analysts’ expectations for earnings and revenue.
This story is developing. Please check back for updates. More

Bank of America on Wednesday posted third-quarter results that exceeded analysts’ expectations on stronger-than-expected investment banking revenue.
The second-largest U.S. bank by assets said profit rose 23% from a year earlier to $8.5 billion, or $1.06 per share.
Revenue increased 10.8% to $28.24 billion.

Brian Moynihan, CEO of Bank of America, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of debanking on Thursday, February 13, 2025. 
Tom Williams | Cq-roll Call, Inc. | Getty Images

Bank of America on Wednesday posted third-quarter results that exceeded analysts’ expectations on stronger-than-expected investment banking revenue.
Here’s what the company reported:

Earnings per share: $1.06 vs. 95 cents expected, according to LSEG
Revenue: $28.24 billion vs. $27.5 billion expected, according to LSEG

The second-largest U.S. bank by assets said profit rose 23% from a year earlier to $8.5 billion, or $1.06 per share. Revenue increased 10.8% to $28.24 billion.
Shares of the bank rose almost 5% in premarket trading. They’ve climbed roughly 14% this year before Wednesday.
Like its peers, Bank of America’s Wall Street businesses helped fuel the quarter’s results.
Banks including JPMorgan Chase and Goldman Sachs reported strong gains in trading and investment banking revenue during the third quarter on heightened activity among both institutional investors and corporations looking to acquire companies or raise capital.
Bank of America said investment banking fees surged 43% from a year earlier to $2 billion, about $380 million more than analysts surveyed by StreetAccount had expected.

Equities trading also contributed to the quarterly beat; revenue there rose 14% to $2.3 billion, roughly $200 million more than the StreetAccount estimate.
Fixed income trading rose 5% to $3.1 billion, matching expectations.
Bank of America also benefited from an improved outlook around credit losses in the quarter. The company said its provision for credit losses fell about 13% to $1.3 billion, which is below the $1.58 billion StreetAccount estimate.
Net interest income rose 9% to $15.39 billion, about $150 million more than the StreetAccount estimate.
“With continued organic growth, every line of business reported top and bottom-line improvements,” CEO Brian Moynihan said in the earnings release. “Strong loan and deposit growth, coupled with effective balance sheet positioning, resulted in record net interest income.”
This story is developing. Please check back for updates. More

The Economist is looking for a senior producer to help launch a spin-off video podcast from Money Talks, our award-winning weekly business and finance podcast. This is an opportunity to join a growing and innovative team. We are initially able to offer a fixed-term contract of six months. You will:Manage production end-to-end: brainstorm ideas, bid for guests, brief long-form interviews, write scripts, and record and edit video and audioWork collaboratively with editors and hostsPublish and promote the vodcast on-platform and offThe successful candidate will demonstrate a strong journalistic background and a solid understanding of business, finance and economics. You will also have:A track-record producing best-in-class podcastsExperience briefing and producing in-depth, long-form interviewsImpeccable editorial judgement An understanding of the latest developments in podcasting, including video podcastingExcellent writing and communication skillsIntimate knowledge of all the technical aspects of recording, including proficiency in editing tools such as Pro Tools, Audition and Premiere Pro A clear grasp of what makes The Economist distinctive To apply, submit a short cover letter and CV to [email protected]. The deadline is Monday, October 27th 2025.We will only contact those moving forward in the selection process.This job is based in London. All applicants must have the legal right to work in the United Kingdom.The Economist Group values diversity. We are committed to equal opportunities and creating an inclusive environment for all our employees. We welcome applicants regardless of ethnic origin, national origin, gender, race, colour, religious beliefs, disability, sexual orientation or age. More

JPMorgan Chase CEO Jamie Dimon said Tuesday that bankruptcies in the U.S. auto market are a sign that lending standards grew too lax in the past decade-plus.
Dimon, the longtime leader of the largest U.S. bank by assets, was speaking about the recent collapse of auto parts firm First Brands and subprime car lender Tricolor Holdings.
“These are early signs there might be some excess out there,” Dimon said. “If we ever have a downturn, you’re going to see quite a bit more credit issues.”

Jamie Dimon, CEO of JPMorgan Chase & Co., speaks during the 2025 National Retirement Summit in Washington, D.C., on March 12, 2025.
Al Drago | Bloomberg | Getty Images

JPMorgan Chase CEO Jamie Dimon said Tuesday that bankruptcies in the U.S. auto market are a sign that corporate lending standards grew too lax in the past decade-plus.
Dimon, the longtime leader of the largest U.S. bank by assets, was speaking about the recent collapse of auto parts firm First Brands and subprime car lender Tricolor Holdings.

“We’ve had a credit bull market now for the better part of what, since 2010 or 2012? That’s like 14 years,” Dimon told CNBC on a call with reporters.
“These are early signs there might be some excess out there because of it,” Dimon said. “If we ever have a downturn, you’re going to see quite a bit more credit issues.”
Dimon used more colorful language about the Tricolor failure later Tuesday.
“When you see one cockroach, there are probably more,” Dimon told analyst Mike Mayo during the bank’s earnings conference call. “Everyone should be forewarned on this one.”
The pair of bankruptcies have sparked concerns about the hidden risks involved when banks like JPMorgan, Jefferies and Fifth Third provide financing for private companies. In a quarter where JPMorgan handily topped expectations, thanks to booming activity in institutional trading, questions from reporters and analysts around credit losses took center stage.

‘Not our finest moment’

While JPMorgan managed to dodge losses from First Brands, it did lend to Tricolor, causing $170 million in charge-offs in the quarter, said CFO Jeremy Barnum. Charge-offs happen when a bank recognizes it won’t get repaid for loans it made.
“It is not our finest moment,” Dimon said of the Tricolor episode. “When something like that happens, you could assume that we scour every issue. … You can never completely avoid these things, but the discipline is to look at it in cold light and go through every single little thing.”
The credit metrics watched by JPMorgan, including early stage delinquencies, are stable and actually better than expected, Barnum said. The company is closely watching the labor market for signs of weakness that could flow into consumer credit, which hasn’t happened yet, he said.
The automotive company failures, which came amid pressure on international supply chains due in part to President Donald Trump’s tariff escalations, have ensnared a constellation of banks.
This month, the investment bank Jefferies said that funds it runs are owed $715 million from companies that bought First Brand inventory, while UBS said that its funds had about $500 million in exposure.
Last month, regional bank Fifth Third disclosed that it expected up to $200 million in impairments from alleged fraudulent activity at a borrower; the client was Tricolor, Bloomberg reported. More

Citi is seen on the floor of the New York Stock Exchange on March 3, 2025. 

Citigroup posted stronger-than-expected third-quarter earnings on Tuesday before the bell, with every division generating record revenue.
Here’s what the bank reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Adjusted earnings per share: $2.24 vs. $1.90 expected
Revenue: $22.09 billion versus $21.09 billion expected

Shares of the bank climbed about 1% in premarket trading Tuesday following the results.
Citi’s net income rose 15% to $3.8 billion from a year earlier, while revenues were up 9% as every business posted record numbers. Services business enjoyed its best quarter ever with revenues up 7%. Banking revenues surged 34%, while the markets segment delivered its best third quarter with revenues jumping 15%.
“Investments in new products, digital assets and AI are driving innovation and improved capabilities across the franchise,” Citigroup CEO Jane Fraser said in a statement. “The relentless execution of our strategy is delivering stronger business performance quarter after quarter and improving our returns.”
Citigroup is selling a 25% equity stake in its Mexico business, Banamex, ahead of a public stock offer. The costs associated with the sale drove up expenses by 9% last quarter.
Including the Banamex goodwill impairment charge, profit jumped 23% to $1.86 from a year earlier.
The bank stock has risen more than 36% this year, significantly outperforming the S&P 500. More

JPMorgan Chase on Tuesday topped analysts’ estimates for the third quarter as trading and investment banking generated about $700 million more revenue than expected.
The bank said profit jumped 12% to $14.39 billion, or $5.07 per share, from a year earlier.
Revenue rose 9% to $47.12 billion.

JPMorgan Chase on Tuesday topped analysts’ estimates for the third quarter as trading and investment banking generated about $700 million more revenue than expected.
Here’s what the company reported:

Earnings per share: $5.07 vs. expected $4.84, according to LSEG
Revenue: $47.12 billion vs. expected $45.4 billion, according to LSEG

The bank said in a release that profit jumped 12% to $14.39 billion, or $5.07 per share, from a year earlier. Revenue rose 9% to $47.12 billion.
So far this year, the biggest American banks have benefited under the administration of President Donald Trump.
They’ve reaped higher trading revenue as upheaval from his policies has roiled markets around the world, forcing investors to reposition themselves. JPMorgan’s trading haul of $8.9 billion was a record for a third quarter, CEO Jamie Dimon said in the release.
Investment bankers are busier thanks to a more relaxed stance toward mergers, and Trump’s bank regulators have proposed ways to ease capital requirements and stress tests. Stock market indexes that are at or near record levels have helped the wealth management divisions of banks including JPMorgan.
Fixed income trading at JPMorgan jumped 21% in the quarter to $5.6 billion, about $300 million more than the StreetAccount estimate.

Equity trading surged 33% to $3.3 billion, also roughly $300 million more than expected.
Investment banking fees jumped 16% to $2.6 billion, edging out the $2.5 billion StreetAccount estimate.
Dimon said that while each of his major business lines performed well against a good economic backdrop, he was preparing the firm for possible turbulence ahead.
“While there have been some signs of a softening, particularly in job growth, the U.S. economy generally remained resilient,” Dimon said.
“However, there continues to be a heightened degree of uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices and the risk of sticky inflation,” Dimon said. “As always, we hope for the best, but these complex forces reinforce why we prepare the firm for a wide range of scenarios.”
JPMorgan’s provision for credit losses rose 9% to $3.4 billion, exceeding the $3.08 billion estimate, indicating that the firm is preparing for higher loan defaults down the road.
Big banks have outperformed regional lenders so far this year; the KBW Bank Index has climbed nearly 15%, while the KBW Regional Banking Index has dropped roughly 1%.
Goldman Sachs, Citigroup and Wells Fargo also reported earnings Tuesday, with Bank of America and Morgan Stanley releasing results Wednesday.
This story is developing. Please check back for updates. More