Citi, Wells Report Earnings Beat; BofA Mixed
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....
US Banking Majors’ Outlook Revised Up by S&P
S&P has revised the outlook on various US banking majors including JPMorgan, BofA and Morgan Stanley on the back of improving bank regulatory track record, good financial performance prior to and during the pandemic and better funding. JPMorgan was revised to...
BofA Smashes Bank Issuance Record Raising $15 Billion via Six-Trancher
Bank of America raised $15bn via a six-part offering, overtaking JPMorgan’s $13bn issuance just a day prior to set the record for the largest bank bond issuance ever. Two of the six tranches, the 0.976% 2025s and 0.98% 2027s are floaters linked to the SOFR. The SEC...
