69.70 -0.15 (-0.21%)
Pre-market: 7:15AM EDT
|Bid||69.60 x 29200|
|Ask||69.94 x 1400|
|Day's range||69.22 - 70.25|
|52-week range||64.38 - 80.70|
|PE ratio (TTM)||N/A|
|Earnings date||12 Oct 2018|
|Forward dividend & yield||1.28 (1.92%)|
|1y target est||83.44|
Citigroup Inc. is expanding its Japan prime brokerage business serving global hedge funds by hiring four people from rivals including Deutsche Bank AG. Two of the recruits will take up newly created positions, division head Toshikatsu Furumi said in an interview.
Rising uncertainty in markets didn’t stop the biggest U.S. banks from hauling in record revenue from investment banking. Among the big winners were Morgan Stanley and Bank of America Corp., which both handily beat expectations thanks to their investment banking and consumer businesses, respectively. Wells Fargo & Co. was the lone bank to miss analysts’ earnings estimates as its total loans and deposits both dropped.
The Financial Select Sector SPDR ETF (XLF) is rising today, helped by Bank of America's (BAC) second-quarter earnings, which comes on the heels of JPMorgan Chase's (JPM) report on Friday. BofA's earnings boost is a far cry from the reaction to bank earnings on Friday. Both Citigroup (C) and Wells Fargo (WFC) were lower on Friday following earnings, and even JPMorgan warned that competitive pressures were ramping up, as it followed them lower.
JPMorgan Chase (JPM) reported an 18% higher profit than analysts’ expectations in the second quarter to $8.32 billion. According to Barclays analysts, the bank exceeded analysts’ estimates for the 14th straight quarter. The bank’s trading revenues rose 13% to $5.4 billion, while the loan growth rose 4% to $948.4 billion. The bank’s yield on interest-earning assets was at 2.46%.
Wells Fargo, JPMorgan, Bank of America, Goldman Sachs and Morgan Stanley are part of Zacks Earnings Preview
The Federal Reserve says that it expects low unemployment and rising inflation will keep it on track to raise interest rates at a gradual pace over the next two years. By late 2019, the Fed says its key policy rate should be at a level that will be slightly restrictive for growth. NEW YORK (AP) -- Papa John's is pulling founder John Schnatter's image from marketing materials following reports he used a racial slur.
U.S. bank stocks are hurting after disappointing second-quarter results from Wells Fargo and Citigroup, and as JPMorgan’s earnings beat wasn’t enough to boost investor confidence. The KBW bank index is down as much as 1.9 percent, the most intraday since June 25, led by a decline of as much as 3.3 percent in Citigroup, the most since May 29, and a slide of as much as 4.3 percent in Wells Fargo, the most since March 22. JPMorgan was little changed after dropping as much as 1.6 percent.
JPMorgan Chase (JPM) is the standout among the three bank giants that reported second-quarter earnings today as it exceeded expectations while warning of tougher competitive conditions. JPMorgan shares were up 0.9%, to $106.96. Both Citigroup (C) and Wells Fargo (WFC) are trading lower today as investors react to some company-specific issues, including credit cards at Citigroup and home mortgages at Wells Fargo.
U.S. banks kicked off the second-quarter earnings season with reports from JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Co. Bloomberg's Laura Keller examines the results on "Bloomberg Markets." ...
Consumers like their credit cards, but they’re less willing to get socked by monthly interest charges. While spending on cards increased in the second quarter at JPMorgan Chase & Co. and Citigroup Inc. -- the two biggest U.S. companies in that business -- revenue declined. Americans’ confidence in the economy approached a 17-year high in late June, based on the Bloomberg Consumer Comfort Index.
Big bank shares are dropping in pre-market trading, with Citigroup down about 1.7 percent and Wells Fargo sinking 3.2 percent. Wells Fargo is once again the ugliest of the big banks, after loans and deposits fell as the Federal Reserve’s asset cap started to bite. Citigroup second-quarter EPS beat, helped by a drop in the share count after buybacks, although fixed income markets revenue missed estimates and the cost of credit rose.
Citigroup (C) reported its second-quarter earnings today. The bank beat EPS estimates of $1.56 with EPS of $1.63, helped by a lower-than-expected decline in the global banking business and trading activity sequentially. It managed revenue growth of 2% on a year-over-year basis, mainly due to 2% growth in banking and 3% growth in trading, investment banking, and asset management.
Net income in the institutional clients group was 17 per cent higher at $3.2bn. The global consumer-banking side of Citi’s business was solid across the board, seeing modest rises in revenues across all regions and a 14 per cent rise in net income to $1.3bn. Much of the overall rise in net income came from the big tax-reform package at the end of last year, which cut Citi’s effective tax rate from 32 per cent during the second quarter last year to 24 per cent this time.
Citigroup came out with adjusted earnings per share of $1.62, surpassing the Zacks Consensus Estimate of $1.54. Further, the figure compared favorably with earnings of $1.28 in the prior-year quarter.
Citigroup Inc. shares slid Friday after the bank’s traders underperformed their peers at its biggest rival. The firm cited a “challenging” market environment in the second quarter as fixed-income revenue fell 6 percent, a bigger drop than analysts expected, while JPMorgan Chase & Co. posted an increase. Citigroup reported a 19 percent increase in stock trading that also trailed JPMorgan.
Donald Trump has jumped from one chilly meeting to the next, arriving in the UK after tense Nato negotiations in Brussels. writes in the FT that the very voters who put the president in office will be hurt by his tariffs.
Weakness for financial stocks as the sector kicked off the quarterly earnings season could not keep the main US stock indices from ending the week on a mildly positive note, with the S&P 500 ending at a five-month high and the Nasdaq Composite hitting a record peak. S&P 500 energy stocks were up 0.4 per cent.
on Friday, but struggled to quash investor concerns that the Federal Reserve’s interest rate rises will squeeze profit margins. Shareholders were underwhelmed by the figures, however, extending a sell-off in bank stocks that began after a historic rally propelled them to a post-crisis high in January.
Earnings out of major U.S. banks Friday morning will mark the unofficial start of what will be a busy three weeks of corporate results.