Topic
Quarterly financial results reported by banks and other large financial institutions, and how markets react to them.
Truist CEO Mike Lyons is directing new investment to checking, mobile and treasury management after consumer deposits rose 1.2% in a year. Wholesale clients drove most of the 3.6% rise in total deposits, PYMNTS reported.
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Regulators penalized Bank of America more than $1.21 billion for AML and sanctions failures, and no executive faced criminal charges. Crypto voices led by Binance's Changpeng Zhao say banks and crypto firms are treated differently.
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Morgan Stanley reported third-quarter earnings of $3.03 a share, 7% above the $2.83 Zacks consensus, on $20.34 billion of net revenue. Equities trading gets credit for the lift, and the outlook for mergers and IPOs under rising rates is still open.
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JPMorgan CFO Jeremy Barnum said customers who give AI agents their banking credentials may be responsible for misuse or unauthorized transactions. He called the deposit threat from agents familiar, in a quarter when net interest income excluding markets reached $24.7 billion.
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JPMorgan missed on both profit and revenue for the first time in nearly three years, booking $50.17 billion against $51.22 billion expected. Goldman beat by $1.97 billion, and three of the six big banks in Fortune's tally missed on revenue.
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Morgan Stanley said more than half of its record $232 billion in third-quarter net new assets was tied to IPO-related flows, including SpaceX. That leaves under $116 billion from all other sources, roughly the total analysts expected if wealthmanagement.com's "doubled" is literal.
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Goldman's David Solomon said no one knows how AI capital demand will evolve, as Morgan Stanley's Ted Pick called its AI financing existential. A Hennessy Funds manager says banks often arrange the debt and distribute the risk, so the demand question lands with buyers.
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Bank of America's third-quarter net income fell 17% to $6.93 billion after a $1.2 billion anti-money-laundering penalty. Excluding the fine, earnings per share rose 4% to $1.08, while net interest income grew by about $1.2 billion.
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JPMorgan reported third-quarter EPS of $5.57 and said it would have been $5.75 without a $658 million securities loss. Quartz cites a Bloomberg consensus of $5.75 and Yahoo Finance $5.90, so the loss explains the miss in full or only in part.
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Bank of America paid a $1.21 billion penalty to three Treasury bureaus in the third quarter, CEO Brian Moynihan said. Regulator-required remediation continues, and Jefferies' David Chiaverini calls the consent order's duration the key debate.
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State Street signed the first client of its wealth-services unit, an unnamed RIA its CEO calls one of the largest in the US, a month after launch. One undisclosed client is thin evidence that rival custody banks are bidding for the same advisors.
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Wall Street's six largest banks booked a combined $22bn in third-quarter equity trading revenue, City AM reported. Goldman Sachs led with a 72% rise to $6.4bn on volatility and hedge-fund borrowing, and its chief executive says the peak is hard to call.
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JPMorgan, Goldman Sachs, Citigroup and Wells Fargo report third-quarter results Tuesday, with Morgan Stanley and Bank of America following Wednesday. Oppenheimer has cut its investment banking revenue estimate by 9.5%, and a bank ETF is down 7.7% in a month, according to The Daily Upside.
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Citi's 'above 11%' full-year return guide is met by a fourth quarter near 6.2% on simple averaging of the 12.6% nine-month figure. Truist's John McDonald calls it caution, so fourth-quarter markets revenue decides which reading holds.
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Wells Fargo earned $5.95 billion in the third quarter with net charge-offs of $983 million, below analyst estimates. Credit is the stronger half of the quarter: the earnings beat was 2 to 3 cents a share and net interest income missed consensus.
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Bitcoin traded near $83,445 at midday Tuesday, up 3.1% from an $80,948 low after a liquidation wave. Wednesday's inflation report is the next test of whether JPMorgan's miss and the chip selloff drove the swing or leveraged positioning did.
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JPMorgan's asset and wealth division grew revenue 14% to $6.9 billion in the third quarter as fixed-income trading fell for the first time in two years. Wealth revenue grew 12% to 15% at three other banks, yet record equities trading and a higher interest-income outlook also offset the bond weakness.
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JPMorganChase opens third-quarter bank earnings on Tuesday, the first results since the Fed's 25-basis-point hike in September. Deposit costs will show how much of that hike banks are handing back to depositors to keep their balances.
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Just 298 financial-sector insiders bought stock in their own companies in the third quarter, the fewest in VerityData's records back to 2004. With bank results close, the evidence best fits executives who think their own shares are expensive at today's prices.
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