Big banks kick off earnings season
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 12 January 2024
⏱️ 7 minutes
🧾️ Download transcript
Summary
Show Notes
Wells Fargo in charts: Corporate and Investment Banking revenue falls most Q/Q
BofA in charts: Revenue declines in most segments amid slower loan expansion
Delta Air Lines falls after profit guidance lands short of long-term target
Dividend Roundup: Proctor & Gamble, Citigroup, Caterpillar, CVS Health, and more
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis. |
| 0:11.1 | Good afternoon. Today is Friday, January 12th, and I'm your host, Kim Khan. Our top story so far. Welcome to earnings season. A raft of results from major banks started things in earnest this morning. |
| 0:22.7 | The market liked what it heard from J.P. Morgan Chase and City, but was less impressed with |
| 0:27.0 | numbers from Wells Fargo and Bank of America. J.P. Morgan, the country's largest bank, said it expects |
| 0:32.8 | 2024 net interest income, excluding its markets business, to stay at about the same level as it was in |
| 0:38.8 | 2023 as it expects loan growth to partly offset lower interest rates. The bank expects full-year |
| 0:45.0 | net interest income of about $90 billion, or $88 billion excluding markets, compared with |
| 0:51.5 | the 86.4 billion forecasts compiled by visible alpha consensus, |
| 0:55.8 | and 89.3 billion in 2020. |
| 0:59.1 | City Group said it expects 2024 revenue to increase to about 80 to 81 billion from 78.5 billion |
| 1:06.0 | in 2023, driven by gains in Treasury and Trade Solutions, Security Services, a rebound in investment |
| 1:12.7 | banking and wealth, and lower partner payments in retail services. CEO Jane Fraser says, |
| 1:19.4 | Given how far we are down the path of our simplification and divestitures, 2024 will be a |
| 1:24.6 | turning point, as we'll be able to completely focus on the performance of |
| 1:28.1 | our five businesses and our transformation. Well, Sfargo's bottom line was impacted by the FDIC's |
| 1:33.9 | special assessment on big banks to replenish its insurance fund after the regional bank turbulence |
| 1:39.4 | last March. A charge for planned staff cuts also hit profit. For 2024, the bank said net interest income could be about 7 to 9% lower than |
| 1:49.2 | 23's $52.4 billion level on lower interest rates and expected decline in average loans |
| 1:54.9 | and further attrition in consumer banking and lending deposits. |
| 1:59.3 | Bank of America posted stronger than expected adjusted Q4 |
| 2:02.2 | earnings, but saw net interest income match consensus and non-interest income fall short of Wall Street |
| 2:07.5 | expectations. Net interest income of $14.1 billion, matching the visible alpha consensus, fell from |
... |
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