U.S. Banks: 4Q Earnings Recap
I survived earnings season for the largest U.S. banks! The results confirmed what analysts had predicted: big declines for fixed-income, currencies and commodities trading. Here's a recap of the main stories from my new colleagues on Bloomberg's finance team:
Citigroup kicked off the week with its worst quarter for bond trading in 7 years https://bloom.bg/2FwcNGN by @jennysurane. It was also the first big U.S. bank to report an unadjusted pay gap figure - women earn 29% less than men there https://bloom.bg/2ANxzyH by @rzgreenfield
Then JPMorgan said its FICC traders had their worst quarter since the financial crisis https://bloom.bg/2Db3vOO by @MichelleF_Davis, who later got a scoop on management changes at the investment bank https://bloom.bg/2CqumFi
Wells Fargo’s revenue fell and its CEO said the bank now plans to operate under a Federal Reserve asset cap through the end of 2019 https://bloom.bg/2SYgRDz by @hannahlevitt
But it wasn’t all bad news: Hannah and @maxabelson also reported on Wall Street’s best year ever, topping $100 billion in profit for the first time https://bloom.bg/2QRT1Yr
And Main Street beat Wall Street as Bank of America’s results showed retail bankers saved the day for their bond-trading colleagues https://bloom.bg/2FtXejH by yours truly
Goldman Sachs's FICC trading division turned in the worst performance since before the financial crisis https://bloom.bg/2FtXejH by @sridinats. He also covered the bank's apology to the Malaysian people for a banker’s role in the 1MDB scandal https://bloom.bg/2TUNOB0
And Morgan Stanley rounded out the bunch with the worst FICC slump on the street https://bloom.bg/2Cvrdnl by @sonalibasak. Sonali also broke a story about woman who was fired from MS after maternity leave who's asking to be released from arbitration https://bloom.bg/2Hh2zfX
I’d love to showcase some more great stories on bank stocks, European lenders and asset management from this week, but this list is getting long. Let's do it all again next quarter!