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- SEC Approves CAT Fee Dispute Resolution Process
- Boston-Area Consultant & Friend Settle SEC Insider Trading Charges
- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
- Goldman to Launch $5bn Fund with China Investment Corp.
- Wells Fargo Launches Robo-Adviser Targeting Millenial Investors
- Barclays Fails to End U.S. 'Dark Pool' Class Action
- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
- Time to Renew FINRA Registrations - B/D, IA, Agent, IA Rep, Branches
- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
- Saudi Arabia's arrest of Prince Alwaleed 'would be like arresting Warren Buffett or Bill Gates' in the US
- Arrest of Billionaire Saudi Prince Touches Sizable Stakes - Citigroup, Twitter, Lyft
- New York Fed President William Dudley set to announce retirement
- FINRA Arbitration Panel Rules Against ex-LPL Broker in $30Mn Lawsuit vs. Firm
- OOPS! Goldman, JPMorgan, BofA Fail in Pricing an IPO
- Former Merrill Broker Pleads Guilty to Fee Fraud, Faces Up To 25 Years
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NEWSLETTERS & ALERTS
Big Bank Earnings Beat Expectations; Outlook Not as Bright
[Photo: Big Banks / CNN Money]
JPMorgan, Wells Fargo and Citigroup are the first big Wall Street banks to report Q2 earnings and the numbers were impressive. However, there were clouds in their forecasts, which has led to a drop in stock prices for financial firms. Here are the reports.
JPMorgan Smashes Wall Street Estimates, But Shares Decline on Outlook. JPMorgan Chase on Friday reported higher than expected earnings and revenue figures for the 2nd quarter, as strong lending results offset declines in trading. The bank earned $1.82 per share on Q2 revenues of $26 billion; expectations were $1.58 per share on estimated Q2 revenues of $25 billion. The bank, however, lowered its net interest income forecast for the year. JPM shares are trading lower as of noon - down 1.61%.
Wells Fargo Earnings Beat Estimates. While Wells Fargo easily beat Wall Street expectations for Q2 earnings, the bank came up short on Q2 revenues. The bank earned $1.07 per share on Q2 revenues of $22.2 billion; expectations were $1.01 per share on estimated Q2 revenues of $2.5 billion. It also didn’t help that Fed Chair Janet Yellen said yesterday that regulators continue to look into the bank's cross-selling scandal and could take further enforcement action. WFC shares are trading lower as of noon - down 1.97%.
Citigroup Earnings Beat Estimates. Citigroup reported better-than-expected Q2 results Friday, despite a slowdown in trading results. The bank earned $1.28 per share on revenues of $17.9 billion; expectations were for $1.21 per share on Q2 revenues of $17.4 billion. However, Citigroup's "Markets and Securities Services" declined year over year by 5%, largely because of an 11% pullback in equity markets sales. Fixed income markets revenues also declined. C shares are trading lower as of noon - down 1.15%.