Citigroup reported Wednesday it plans to spin off its Mexican retail and small and mid-market banking operations through an initial public offering (IPO) rather than sell the Banamex unit outright. Banamex’s institutional business will remain part of Citi. Citigroup has been on a path of rationalizing it’s business, the Bank reported better than expected first quarter earnings of $2.19 per share for the quarter beating estimates of $1.70 a share last month. Citi divested its consumer business in India and … Continue reading “Citigroup to IPO Banamex Mexico Retail, Resume Buybacks”
Morgan Stanley Wealth Management Revenue Rose 11% While Investment Banking Revenue Fell 24%
Morgan Stanley reported better than expected first quarter earnings before the bell Wednesday despite much lower-than-expected revenue from investment banking. MS posted a profit of $2.98 billion, or $1.70 a share ahead of $1.63 a share estimates. Revenue declined 2% to $14.52 billion in the quarter but beat expectations of $13.97 billion. Shares however fell 3% in premarket trading with concerns about the economy and future deals. Investment banking revenue, including fees from mergers and acquisitions, fell 24% from a … Continue reading “Morgan Stanley Wealth Management Revenue Rose 11% While Investment Banking Revenue Fell 24%”
Goldman Sachs Revenues Miss, Discloses Losses in Marcus and Real Estate
Goldman Sachs, America’s largest investment bank reported worse than expected first quarter earnings Tuesday, hit by the ongoing dealmaking slump and a major loss recognized in the money-losing consumer bank Marcus. GS disclosed a $470 million loss “related to a partial sale of the Marcus loans portfolio”. Goldman also took a $355 million loss related to its real estate investments. Goldman reported net earnings of $3.23 billion, or $8.79 per share in the first quarter, down 18% compared to the … Continue reading “Goldman Sachs Revenues Miss, Discloses Losses in Marcus and Real Estate”
Bank of America Earnings Benefiting from Higher Interest Rates and Solid Loan Growth
Bank of America, America’s second largest investment bank reported better than expected first earnings Tuesday. Three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) reported last Friday. Bank of America said its first-quarter net income increased by 15% to $8.2 billion, or 94 cents a share, from $7.1 billion beating the analyst forecast of 81 cents a share, according to estimates compiled by FactSet. Bank of America said its revenue increased 13% to $26.3 … Continue reading “Bank of America Earnings Benefiting from Higher Interest Rates and Solid Loan Growth”
Wells Fargo Earnings Higher with Net Interest Income Up 45% on Higher Rates
Wells Fargo reported better than expected first quarter earnings before the bell Friday. Wells Fargo reported its net income rose by more than 30% to nearly $5 billion in the first quarter from a year ago as the bank benefited from higher interest rates, despite building up loan loss reserves $1.2 billion after reducing its provisions by $787 million a year ago. The bank said its net interest income increased 45% on the back of soaring interest rates and Revenue … Continue reading “Wells Fargo Earnings Higher with Net Interest Income Up 45% on Higher Rates”
PNC Bank Earnings Beat Expectations but Lowered 2023 Revenue Guidance
PNC Financial Services Group, one of the largest regional banks in the U.S., reported better than expected first quarter earnings before the market Friday along with JPMorgan, Wells Fargo, and Citigroup. Net income was $1.61 billion, up 18% from a year ago. Earnings of $3.98 a share beat analyst expectations. Shares were down 2% in U.S. premarket with concerns about regional banking despite the beat as PNC lowered its 2023 revenue guidance. PNC stock has fallen more than 20% from … Continue reading “PNC Bank Earnings Beat Expectations but Lowered 2023 Revenue Guidance”
What Banking Crisis? JPMorgan Shrugs, Record Lending Income and Revenue
JPMorgan Chase, America’s largest bank kicked off the banking sector’s first quarter earnings season on Friday before the market opened. The past month has seen the most banking turmoil since 2008, despite it JPM posted a 52% increase in first-quarter profit and record revenue of $38.35 billion, up 25%. The bank announced net income of $12.62 billion, or $4.10 per share, up from $8.28 billion, or $2.63 a share, a year ago. That beat the $3.41 per share expected by … Continue reading “What Banking Crisis? JPMorgan Shrugs, Record Lending Income and Revenue”
Citigroup Personal Banking Revenue and Indian Exit Boost Earnings
Citigroup reported better than expected first quarter earnings Friday before the market open along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Wells Fargo (WFC) and PNC (PNC). Citigroup reported earnings of $2.19 per share for the quarter beating estimates of $1.70 a share. Citi divested its consumer business in India and generated a gain on the sale. Like JPMorgan set aside more money for credit losses preparing for a weaker economic backdrop. On the positive side $C … Continue reading “Citigroup Personal Banking Revenue and Indian Exit Boost Earnings”
What to Expect from PNC Bank Earnings Among Regional Banking Crisis
PNC Financial report first quarter earnings before the market Friday along with JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC). PNC fared better than other major regionals in March. Investors will be looking for signs of asset quality deterioration risk for PNC Financial Services Group, Piper Sandler analysts warn. Consensus sees the bank setting aside an additional $308 million in loan-loss provisions in the first quarter, compared to the $208 million released in the same period a year ago. … Continue reading “What to Expect from PNC Bank Earnings Among Regional Banking Crisis”
Big Banks Kick Off First Quarter Earnings Season with Citigroup, JPMorgan, PNC and Wells Fargo
America’s big money center banks kick of first quarter earnings next week. There will be extra attention on them with the recent banking turmoil. Guidance will be keenly watched for from the money center banks. Concerns are rising over the banking sector’s exposure to commercial real estate. JPMorgan Chase (JPM), Citigroup (C), PNC Financial Services Group, Inc. (PNC) and Wells Fargo (WFC) reporting Q1 results on Friday. We got a preview from JPMorgan CEO Dimon saying that banking system is … Continue reading “Big Banks Kick Off First Quarter Earnings Season with Citigroup, JPMorgan, PNC and Wells Fargo”