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U.S. Big Banks Earnings Roundup: Most Beat Earnings Expectations and Hope for More Confidence Ahead
@Tiger_Newspress：
The biggest banks in the US released their Q4 earnings over the past few days. Goldman Sachs and Morgan Stanley reported lower earnings as their investment banking practices handled fewer deals. JPMorgan, Wells Fargo, Bank of America and Citi beat earnings expectations, but worries about headwinds remain. Goldman Sachs said its fourth-quarter profit dropped to $1.19 billion, or $3.32 a share, from $3.81 billion, or $10.81 a share in the year-ago quarter. Wall Street analysts expected Goldman Sachs to earn $5.56 a share, according to a survey by FactSet. Goldman's fourth-quarter revenue dropped to $10.59 billion from $12.64 billion. The company fell short of the analysts' estimate of $10.755 billion. Morgan Stanley said its fourth-quarter earnings dropped to $2.11 billion, or $1.26 a share, from $3.59 billion, or $2.01 a share, in the year-ago quarter. Fourth-quarter adjusted profit fell to $1.31 a share from $2.08 a share, when breaking out one-time costs such as $133 million related to a December jobs action. JPMorgan Chase said its fourth-quarter profit rose to $11.01 billion, or $3.57 a share, from $10.4 billion, or $3.33 a share, in the year-ago quarter. Net revenue increased to $35.57 billion from $30.35 billion in the year-ago quarter. JPMorgan Chase beat the Wall Street earnings estimates of $3.08 a share and revenue of $34.35 billion, according to data compiled by FactSet. Bank of America said it earned $7.1 billion, or 85 cents a share, in the fourth quarter, compared with $7 billion, or 82 cents a share, in the year-ago quarter. Revenue, net of interest expense, increased by 11% to $24.5 billion. Wells Fargo & Co. said its fourth-quarter profit fell by about half to $2.59 billion, or 67 cents a share, from $5.47 billion, or $1.38 a share, in the year-ago quarter. That's ahead of the analyst estimate of 60 cents a share. Citi said its fourth-quarter net income fell to $2.5 billion, or $1.16, from $3.2 billion, or $1.46 a share, in the year-ago quarter. Analysts were looking for earnings of $1.14 a share, according to a survey by FactSet. Revenue increased 6% to $18.0 billion, slightly above the analyst estimate of $17.96 billion. $(JPM)$ $(MS)$ $(C)$ $(GS)$ $(WFC)$ $(BAC)$
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