Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Apple, IBM join forces * Apple is teaming up with former nemesis IBM in an attempt to sell more iPhones and iPads to corporate customers. The exclusive partnership announced Tuesday calls for the companies to work together on about 100 mobile applications designed for a range of industries. The applications, expected to be released this fall, will feature some of the data-crunching tools that IBM sells to companies trying to get a better grasp on main markets while scouring for new money-making opportunities. The companies were once bitter rivals.

Commerce increases 2Q profit * Commerce Bancshares' second- quarter profit increased as the bank holding company's net loan charge-offs dipped and its non-interest income grew. Commerce Bancshares, the parent company of Commerce Bank, on Tuesday reported a $66.5 million profit for the quarter that ended June 30, or 70 cents a share, up from a $65.8 million profit, or 69 cents, a year earlier. The bank, which has dual headquarters in Kansas City and St. Louis, decreased its net loan charge-offs in the quarter to $7.6 million, down from $9.4 million in the second quarter of 2013. Bank card, trust and deposit fees pushed the bank's non-interest income to $6.1 million, a 6 percent increase from a year earlier. Additionally, the bank's outstanding loans increased 9 percent to $265 million, as demand grew for commercial and consumer related loans.

JPMorgan's 2Q net income falls * JPMorgan Chase, the nation's largest bank by assets, said Tuesday its second-quarter earnings fell 9 percent as revenue at its investment banking and mortgage businesses dropped. The bank's net income totaled $5.6 billion, or $1.46 per share, down from $6.1 billion, or $1.60, in the year- earlier period.

Goldman Sachs posts higher profit and revenue * Goldman Sachs said Tuesday that its quarterly profit rose 5 percent, helped by record results from investment banking. Second-quarter net income climbed to $1.95 billion from $1.86 billion a year earlier, the bank said Tuesday. Revenue rose 6 percent to $9.13 billion over the year, much better than the $7.97 billion analysts had expected, according to the data provider FactSet. …

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