Apr. 11, 2014, 10:52 AM
- Overall traffic to branches was strong in Q1 despite the brutal winter weather (JPM's CFO notably blamed the weather for having a role in its weak Q), says Wells Fargo (WFC +2%) CFO Tim Sloan on the earnings call (his last as CFO). The refinance boom now a bust, Sloan expects a strong purchase market to drive originations growth in Q2. Also commenting on housing/mortgages, CEO John Stumpf notes the number of those buying homes for cash is up.
- As for acquisitions, management says Wells is in a position to do a big one, but is going to be picky.
- Wells sits alone among the TBTF banks in the green in morning action. XLF -0.5%, KBE -0.35%
- Earnings call presentation
- Previous earnings coverage
Feb. 3, 2012, 1:57 AM
Banks have been steadily releasing reserves against bad loans, which has boosted their earnings reports. But with loan-loss cushions now heading back to pre-crisis levels, some analysts believe banks will have to slow reserve releases, adding pressure to profits already hit by slower growth and tighter rules.| Feb. 3, 2012, 1:57 AM | 2 Comments
Jul. 14, 2011, 9:42 AM
As analysts weigh the pros and cons of JPMorgan Chase's (JPM) Q2 earnings beat, it's worth noting that the bank's knack for topping Wall Street estimates hasn’t given its share price much of a quick boost in recent years. JPM has beaten forecasts each of the past 10 quarters, but the stock has benefited only once. Today, so far, so good, as shares +2.9% and lifting bank stocks (XLF +0.5%).| Jul. 14, 2011, 9:42 AM | 2 Comments
Jul. 11, 2011, 2:26 PMAnalysts expect more bad news later this week for investment banks, already stinging from Europe contagion, when earnings come in. Research from Credit Suisse suggests 1Q trading revenue could be 25% lower. Banks are mired in red: BAC -3%, JPM -2.8%, C -3.8%, WFC -2.1%, MS -2.8%, GS -1.6%. | Jul. 11, 2011, 2:26 PM | 1 Comment
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