SWIFT backs Blockchain Ledger

SWIFT is adding a blockchain ledger to its infrastructure stack. 

It is developing this ledger with 30 financial institutions from 16 countries, including Absa, Banco Santander, Bank of America, BBVA, Citi, Deutsche Bank, BNP Paribas, Emirates NBD, Societe Generale-FORGE, Wells Fargo and Royal Bank of Canada, taking part.

SWIFT CEO Javier Pérez-Tasso (CEO since 2019) remarked: "We...are moving at a rapid pace... to create the infrastructure stack of the future".

"US Consumer" credited for JP's 8.3bn USD Q2 2018 Profits

This is an 18% increase from 2017 and just shy of its record $8.7bn profit in Q1. Dimon said "consumer and business sentiment is high" in the US. There are concerns about "flattening of the yield curve", with the Fed raising short-term rates, but keeping long-term rates more or less stable, which could be a precursor to economic slowdown. Citi also posted strong results but Wells Fargo came in below expectations.