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...
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....
