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- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
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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%.