Advanced Theory & Practice of Bonds

IBF Recognized Under FTS
1-2 December 2021

Two-day immersive course on bonds designed for private bankers and advisors. 90% funding* available to eligible company-sponsored candidates.

Citigroup and Wells Fargo reported a beat in Q2 earnings while Bank of America (BofA) posted a mixed result:

  • Citi reported net income of $6.2bn in the second quarter, up 5.6x YoY on revenues of $17.5bn. Provisions for credit losses on loans fell 27% to $19.2bn. Investment Banking revenues rose 1% to $1.8bn, equity trading jumped 37% to $1.06bn while fixed income trading revenues dropped 43% to $3.2bn. CET1 ratio stood at 11.9%.

Citi’s 4% Perp was up 0.3 to 104.2, yielding 2.98%

  • Wells reported net income of $6.04bn vs. a loss of $3.8bn in the June quarter, on revenues of $20.3bn. Profits were helped by a $1.6bn decrease in allowance for credit losses. Consumer banking and lending revenue grew 14% to $8.7bn. Commercial and investment banking revenue dropped 6% to $1.2bn, wealth and investment management rose 10% to $3.5bn. On the other hand, average loans fell ~13% to $854bn. CET1 ratio stood at 12.1%.

Wells’ 3.9% Perp was up 0.2 to 103.9, yielding 2.99%

  • BofA reported net income of $9.02bn in Q2, up 2.6x YoY on revenues of $21.5bn. Provision for credit losses decreased $6.7bn, with a reserve release of $2.2bn. Global banking revenues were flat at $5.1bn and its average loans and leases dropped 12% to $281.8bn. Consumer banking revenues rose 4% to $8.2bn, wealth and investment management climbed 14% to $5.1bn. Investment Banking revenues fell 1.7% to $2.1bn, fixed income fell 38% to $2bn, while equity trading jumped 33% to $1.6bn. CET1 ratio stood at 11.5%.

BofA’s 4.3% Perp was up 0.2 to 103.8, yielding 3.15%.

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