Big Banks, Airlines, March Retail Report

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🗓️ 15 April 2020

⏱️ 21 minutes

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Summary

1^st-quarter profits for both Bank of America and Goldman Sachs fall more than 40%. Several major airlines reach an agreement with Uncle Sam on payroll grant funding. Retail in March fell a record-setting 8.7%. Andy Cross analyzes those stories, and weighs in on Comcast’s soft launch of its new video streaming service: Peacock.

Transcript

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0:00.0	It's Wednesday, April 15th.
0:04.0	Welcome to Mark Flury.
0:05.0	I'm Chris Hale with me today, the one and only, Andy Cross.
0:09.0	Good to see you, my friend.
0:10.0	Hey Chris, how you doing?
0:11.0	Hanging in there.
0:12.6	I got coffee, I'm good.
0:13.8	Good, yeah, me too.
0:15.4	We got a lot going on.
0:17.0	We got retail, we've got airlines, we've got entertainment,
0:20.1	but we're going to start today with the big banks because it's earning season and as an
0:25.2	industry the big banks sort of lead the way Goldman Sachs and Bank of America both out with
0:30.7	first quarter reports Goldman Sachs profits down 49%. Bank of America can take some small
0:38.4	solace in the fact that their first quarter profits were only down 45%.
0:43.7	Yeah, it's the real headline I think from the banks, Chris,
0:48.3	is just the reserve, the loan loss reserves they are taking now in this quarter.
0:53.0	So when you look across almost all the banks,
0:55.2	that's been the biggest hit to their profit picture.
0:57.5	The revenues were somewhere in the flat picture.
0:59.6	For example, Goldman revenues were flat. J.P. Morgan's revenues were down like 3%.
1:05.8	Wells Fargo is down about 18%.
1:08.2	So the revenue lines weren't such the concern.
	...

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