BANKS FACE LEAN EARNINGS SEASON FT’s Camill
Post# of 63824
Posted On: 07/07/2014 12:02:40 PM
BANKS FACE LEAN EARNINGS SEASON
FT’s Camilla Hall: “Big US banks are expected to report dismal second-quarter earnings, with weakness in fixed-income trading and mortgage banking overshadowing an increase in lending to companies and consumers. … Wells Fargo will start the earnings season on Friday, followed by Citigroup, Goldman Sachs, JPMorgan Chase, Bank of America, and Morgan Stanley which will report the following week. Of the six big banks, only Morgan Stanley is forecast to post a rise in net income
“Banks including Citi and JPMorgan have already warned of another weak quarter for fixed income trading. Citi’s chief financial officer said at the end of May that trading revenue could drop as much as 25 per cent in the second quarter from a year ago. JPMorgan has said trading revenue could decline about 20 per cent. Trading revenue across the large US banks is expected to be down 20-25 per cent year on year, according to estimates from Deutsche Bank. By contrast, loan growth at large US commercial banks is up 1.5 per cent in the quarter to June 18”
http://on.ft.com/1mYtsy8
FT’s Camilla Hall: “Big US banks are expected to report dismal second-quarter earnings, with weakness in fixed-income trading and mortgage banking overshadowing an increase in lending to companies and consumers. … Wells Fargo will start the earnings season on Friday, followed by Citigroup, Goldman Sachs, JPMorgan Chase, Bank of America, and Morgan Stanley which will report the following week. Of the six big banks, only Morgan Stanley is forecast to post a rise in net income
“Banks including Citi and JPMorgan have already warned of another weak quarter for fixed income trading. Citi’s chief financial officer said at the end of May that trading revenue could drop as much as 25 per cent in the second quarter from a year ago. JPMorgan has said trading revenue could decline about 20 per cent. Trading revenue across the large US banks is expected to be down 20-25 per cent year on year, according to estimates from Deutsche Bank. By contrast, loan growth at large US commercial banks is up 1.5 per cent in the quarter to June 18”
http://on.ft.com/1mYtsy8
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