Why are the banks hated so much? I think, after reviewing JP Morgan , Citigroup , PNC Financial and Wells Fargo , I come back with the following impressions: The yield curve is hurting them on all fronts.
Bank of America’s Global Wealth and Investment Management business gained 74 financial advisors in the second quarter, even as troubled Wells Fargo lost 173. GWIM now counts 19,350 advisors, including Merrill’s thundering herd, advisors in B of A’s consumer banking business, and those in the U.S. Trust business. Year over year, GWIM’s advisor corps has grown 2%.
Big Bank Mortgage Results Hurt by Spring Real Estate Market
Posted today (15 hours ago)
The impact of high property values and rising mortgage rates that shut some buyers out of the spring real estate market is starting to show up in the quarterly results of some of the nation's banks. Wells Fargo & Company ( WFC), JPMorgan Chase & Co. ( JPM), Citigroup Inc. ( C) and The PNC Financial Services Group, Inc. ( PNC) all reported second quarter results showing signs of weakness in mortgage originations. According to National Mortgage News, the national bank reported income of $770 million in its mortgage banking unit, which is down from $934 million in the first quarter and below the $1.1 billion the unit had in last year's second quarter.
Wells Fargo & Co (NYSE: WFC ) underperformed in its July 13 second-quarter earnings report, but Keefe, Bruyette & Woods saw enough positive signals in the print to raise EPS estimates for the bank. The ...
Second-quarter earnings arrived for big banks in earnest last Friday amid a spate of reports from the financial services sector. Exchange traded funds tracking financial services stocks were tested last ...
US Banks Reported Mixed Profits in the Second Quarter
Posted today (16 hours ago)
JPMorgan Chase (JPM) reported an 18% higher profit than analysts’ expectations in the second quarter to $8.32 billion. According to Barclays analysts, the bank exceeded analysts’ estimates for the 14th straight quarter. The bank’s trading revenues rose 13% to $5.4 billion, while the loan growth rose 4% to $948.4 billion. The bank’s yield on interest-earning assets was at 2.46%.
Embrace Bank of America Stock Despite Its Flattening Yield Curve
Posted today (17 hours ago)
Stocks like Bank of America (NYSE:BAC) have failed to hold a rally more than a few hours. Yes, BAC stock is a good value, but that doesn’t mean it will rally much farther. Unlike Wells Fargo (NYSE:WFC), BAC management delivered quality results, so they did not give the bears reason to sell BAC stock from their executions on plan.
The first batch of second quarter bank earnings failed to inspire buying interest in Friday's session, triggering minor downturns in shares of JPMorgan Chase & Co. ( JPM), Citigroup Inc. ( C) and Wells Fargo & Company ( WFC). The limp reaction despite tax cuts and a booming U.S. economy continues bearish action in place since January, when the stocks in the commercial banking sector topped out and entered intermediate corrections. The November 2016 presidential election finally triggered a breakout, but given the Federal Reserve's aggressive rate hike schedule, it's possible that the sector's multi-year uptrend has run its course.
What Helped the Dow Jones Industrial Average on July 13?
Posted today (19 hours ago)
Considering the movements in the markets in the past few months, the markets usually react to news that’s related to trade conflicts. When President Trump announced that additional tariffs would be levied on $200 billion worth of Chinese imports, China didn’t respond immediately. China might be ready for negotiations.
Today's Research Reports on Stocks to Watch: Wells Fargo and L Brands
Posted today (20 hours ago)
NEW YORK, NY / ACCESSWIRE / July 16, 2018 / Wells Fargo shares dropped as much as 4.28% on Friday after the company reported dismal second quarter results. Shares of L Brands Inc. also saw a drop after ...
Stocks making the biggest moves premarket: BLK, BAC, UPS, FDX, JBHT & more
Posted today (20 hours ago)
The asset management firm reported adjusted quarterly profit of $6.66 per share , 11 cents above estimates. Bank of America BAC – The bank beat estimates by 6 cents a share , with second quarter profit of 63 cents per share. Bank of America’s results were boosted by loan growth, lower expenses, and a smaller tax rate.