US Banks Face 75% Revenue Hit from IPO Drought
US investments banks are hit by an IPO slowdown as equity capital markets (ECM) revenues have been impacted. Big investment banks such as Goldman Sachs, Citigroup, BofA and Morgan Stanley have seen ECM fees sharply drop to $645mn vs. $5.3bn for the same period in...
BofA and Morgan Stanley Report Earnings Beat
Bank of America (BofA) reported Q4 2021 earnings that topped estimates. EPS came at $0.82 vs. $0.76 forecasted with net profits of $7bn, up 28% YoY. Revenues rose 10% YoY to $22.17bn. BofA released $851mn in reserves with provision for credit losses improving by...
US Banks Citi, BofA, Morgan Stanley Report Strong Earnings
US banking majors reported earnings yesterday: Citigroup reported net income for the 3Q2021 of $4.6bn, up 48% YoY, driven by a lower credit costs, partially offset by the lower revenues and higher expense. Cost of credit was at -$192mn (a net benefit) vs. incurring...
