Hugh Son
Hugh Son is a banking reporter at CNBC who has been covering the finance industry since 2018. He has broken news on the intersection of finance and technology at major companies such as Goldman Sachs and JPMorgan, as well as covering the public bailout of AIG during the financial crisis. Before joining CNBC, he worked at Bloomberg News since 2006 and started his journalism career at the New York Daily News, covering real estate and politics.
Biography:
https://www.cnbc.com/hugh-son/
91%
The Daily's Verdict
This author is known for its high journalistic standards. The author strives to maintain neutrality and transparency in its reporting, and avoids conflicts of interest. The author has a reputation for accuracy and rarely gets contradicted on major discrepancies in its reporting.
Bias
95%
Examples:
- The author has a clear bias towards the financial industry and its major players, often reporting on their actions with a positive slant.
Conflicts of Interest
90%
Examples:
- However, this does not seem to have significantly impacted the integrity of their reporting.
- The author has a clear conflict of interest when reporting on companies such as Goldman Sachs and JPMorgan, given their close ties to the financial industry.
Contradictions
88%
Examples:
- However, these instances are relatively rare and not major in nature.
- There are instances of contradictory information in some articles, particularly regarding financial figures and plans.
Deceptions
90%
Examples:
- However, these instances are relatively rare and not major in nature.
- There are instances of deceptive practices in some articles, such as misleading headlines or selective reporting.
Recent Articles
Morgan Stanley Surges Past Expectations with $3.08 Billion Q2 Earnings, Trading and Investment Banking Boost Revenues
Broke On: Tuesday, 16 July 2024Morgan Stanley reported Q2 earnings of $3.08 billion or $1.82 per share, a 41% increase from the previous year, driven by rebounding trading and investment banking activities. Institutional Securities saw net revenues of $6.98 billion, with equity trading revenue up 18% and fixed income trading revenue up 16%. Investment banking revenues rose by 51%, while wealth management division faced a decline in revenue due to lower deposit levels. CEO Ted Pick expressed optimism about the firm's growth prospects, and earnings beat analyst estimates. 
Bank of America Beats Estimates with Strong Investment Banking and Asset Management Performance in Q2 2024
Broke On: Tuesday, 16 July 2024Bank of America's Q2 financial results reveal earnings and revenue surpassing estimates, with investment banking fees up 29% and asset management fees up 14%. Despite a decline in net interest income due to higher interest rates, the strong performance in investment banking and asset management helped offset this. Analysts will closely watch upcoming reports from other major banks for further insights into the financial sector. Goldman Sachs Q2 Earnings Preview: Analysts Expect $8.70 EPS, 16.4% Revenue Growth Amidst Challenges
Broke On: Monday, 15 July 2024Goldman Sachs, an influential investment bank, is projected to report Q2 earnings of $8.70/share and $12.68B revenues on July 15, reflecting a strong performance in investment banking and trading sectors despite challenges like declining Net Interest Income. 
Bank Earnings Season Kicks Off: JPMorgan, Citigroup, and Wells Fargo Preview; Net Interest Margins Expected to Improve in H2 2024
Broke On: Thursday, 11 July 2024JPMorgan Chase, Citigroup, and Wells Fargo kick off bank earnings season with projected net interest margin improvements and increased provisions for credit losses. The Financials sector anticipates over 40% of S&P 500 companies reporting Q2 earnings growth, except for Multi-line Insurance (-16%). The US Treasury's upcoming refunding update will impact bond supply and loan loss reserves. 
Urgent Call from Democratic Senators: Major Investors and Banking Partners of Synapse Urged to Restore Access to Frozen Deposits Following Bankruptcy Filing
Broke On: Tuesday, 02 July 2024A group of Democratic Senators is urging major investors and banking partners of Synapse to collectively pool resources to restore access to frozen deposits for over 100,000 customers following the fintech firm's bankruptcy. The senators criticize these entities for profiting from Synapse's services without ensuring consumer protection. 
Four Wall Street Banks Identified with Derivatives Issues in Regulatory Wind-Down Plans: JPMorgan, Bank of America, Goldman Sachs, and Citigroup
Broke On: Sunday, 23 June 2024Four major Wall Street banks, including JPMorgan Chase, Bank of America, Goldman Sachs, and Citigroup, have been identified by US regulators as having weaknesses in their wind-down plans. The Federal Reserve and FDIC found issues with how each bank handles derivatives. These findings follow similar weaknesses identified in living wills of four other large banks earlier this year. 
New CFPB Regulations for Buy Now, Pay Later: Consumer Protections Extended to BNPL Lenders
Broke On: Wednesday, 22 May 2024The Consumer Financial Protection Bureau (CFPB) has announced new regulations for buy now, pay later (BNPL) lenders, effective in two months. These rules require BNPL providers to offer the same protections as credit card companies, including dispute resolution and refunds for returned purchases. With half of shoppers aged 25 to 44 using BNPL and potential spending reaching $84 billion in 2023, the CFPB aims to ensure fair treatment for consumers amidst growing competition and outstanding consumer credit. 
JPMorgan Chase CEO Jamie Dimon Signals Approaching Retirement, Potential Successors Identified
Broke On: Monday, 20 May 2024JPMorgan Chase CEO Jamie Dimon signaled his retirement is imminent during an investor day event in May 2024, contradicting earlier statements that he would stay for at least five more years. Potential successors include Daniel Pinto, Jennifer Piepszak, Troy Rohrbaugh, Marianne Lake, and Mary Erdoes. 
JPMorgan Chase: Jamie Dimon Indicates Five-Year Tenure as CEO, Succession Uncertainty Impacts Stock
Broke On: Monday, 20 May 2024JPMorgan Chase, the largest US bank by assets and market capitalization, is on the brink of a major leadership change as CEO Jamie Dimon indicated his tenure is less than five years. Potential successors include Marianne Lake and Jennifer Piepszak. Dimon will stay on as chairman. JPMorgan's record profits are driven by tech investments and concerns about regulation persist. NYCB Loses 7% of Deposits in One Month After New Investor Group Infuses $1 Billion
Broke On: Friday, 08 March 2024New York Community Bancorp lost 7% of its deposits over the last month, despite a $1 billion investment from Steve Mnuchin's group. Total deposits dropped to $77.2 billion as of March 5 compared with $83 billion on Feb. 5.
