Financials: Big Bank Earnings Recap – Winners and Losers

Industry Focus

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4.6 • 854 Ratings

🗓️ 16 July 2018

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

The “big four” U.S. banks – JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC), and Citigroup (NYSE: C) – have all reported their second-quarter earnings. In this episode of Industry Focus: Financials, host Michael Douglass and Fool.com contributor Matt Frankel discuss the winners and losers, as well as some sector trends investors should be aware of.

Transcript

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0:12.0	Welcome to industry focus, the podcast that dives into a different sector of the stock market
0:17.3	every day.
0:18.3	It's Monday, July 16th, financials, and we are covering big bank earnings.
0:22.8	The big four, that is Bank of America, Wells Fargo,
0:25.4	JP Morgan, and Citigroup have all reported earnings
0:28.7	and we are here to talk through each company
0:31.3	and then kind of give some summation to the kick off of traditional earnings
0:38.7	season.
0:39.7	So Matt, it's great to have you back on the show.
0:41.6	Let's start by talking about, well, arguably the
0:44.9	loser of the bunch, which folks who've been listening to industry focus for a while now, that's going to be Wells Fargo.
0:52.0	Yeah, and this shouldn't become as too much of a surprise to anybody.
0:55.0	Well, first of all, Wells Fargo is not allowed to grow right now.
0:59.8	They have a big Federal Reserve penalty kind of hanging over them and it's indefinite in time frame.
1:04.1	This says they're not allowed to get any bigger than how big their assets were at the end of 2017.
1:09.4	So while some of the other banks we saw really impressive loan growth, deposit growth, which we'll get to in a minute.
	...

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