JPM Misses Revenues And EPS Due To Another $1 Billion In Legal Costs
Looks like the Jefferies earnings harbinger were right, because with another quarter down, and here is another painful report by JPM, which just launched the Q4 earnings season for financials with a...
View ArticleBank Of America Misses Revenue By $2 Billion As Trading Revenue Collapses;...
Following disappointing results from JPM and Wells Fargo yesterday, it was Bank of America's turn to "surprise" investors with its disclosure just how bad its quarter was. And with the bank reporting a...
View ArticleBank Of America Used Government-Backed Funds For "Reckless, Extremely...
When we recently described in detail the reason, or rather 70.3 trillion reasons, why Citigroup scrambled to make sure the swap push-out provision language remained in the Cronybus government funding...
View ArticleThe Ultimate "Easy Money Paradox": How The ECB’s Previous Actions Are...
Experiments, by their very nature, tend to have unintended consequences and on the eve of Q€, it appears as though the ECB’s previous policy decisions may have caused the central bank to unwittingly...
View ArticleAre Central Banks Creating Deflation?
Last week we noted that with the start of Q€ just around the corner, the ECB finds itself in a rather absurd situation. In what we called the ultimate easy money paradox (or, alternatively, the...
View ArticleZombie Banks Finance Buybacks, Dividends With Preferreds They May Never Redeem
The idea of the “zombie bank” has become rather ubiquitous since 2008 and in a landscape characterized by both multi-billion dollar legal settlements stemming from crisis-era malfeasance (the public...
View ArticleFrontrunning: March 17
Israelis vote as 'King Bibi's' reign hangs in the balance (Reuters), Factbox: Main candidates in Israel's election (Reuters) Iran Can Add Million Barrels a Day of Oil If Sanctions Halt (BBG) Kremlin...
View ArticleChina’s Banks Cut Dividends Amid Rising Bad Loans, Expectations Of Falling NIM
No surprise here: decelerating economic growth and bad debt are taking a toll on profitability at China’s largest banks leading them to slash payouts to shareholders. This comes at a time when rate...
View ArticleWelcome To The Recovery 2015: JP Morgan To Fire 5000
In the latest example of just how strong America’s double-adjusted economic ‘recovery’ truly is, JP Morgan is set to layoff some 5,000 employees. JPM EXPECTED TO LAY OFF MORE THAN 5,000 BY NEXT YEAR:...
View ArticleJPM Fixed Income Revenue Tumbles As Earnings Rise; Over $100 Billion In...
Unlike previous quarters when JPM's earnings release was a jumble of legal addbacks, MBS charge offs and loan-loss reserve releases, this time it was positively tame by comparison. As the table below...
View ArticleBank Of America Earnings Rebound On Expense Drop Even As FICC Revenues Slide 9%
If yesterday's JPM results were largely a story of contracting trading revenues offset by a decline in expenses, then in many ways today's Bank of America results mimicked what Jamie Dimon did in the...
View ArticleCommodity Carnage Contagion Crushes Stocks & Bond Yields
Summing up Mainstream media today... Where to start... Bonds - Good! Stocks - Bad! Commodities - Ugly! * * * Everything was red in equity index land today... Trannies worst day since January...
View ArticleStandard Chartered Profit Collapses, Dividend Halved Amid Commodities Carnage
Standard Chartered’s new CEO Bill Winters thinks the bank is positioned well in "markets which will offer outstanding opportunities for decades to come", and while that may be true, the opportunities...
View ArticlePeak Insanity: Chinese Brokers Now Selling Margin Loan-Backed Securities
One of the reasons why the Chinese dragon quite often appears to be chasing its own tail is that the country is trying to re-leverage and deleverage at the same time. Take China's local government...
View ArticleIs This Why Financial Stocks Are Plunging Again?
But but but... US economy is solid... curve will steepen... NIM... banks... bullish... buy... except that the market's perception of the credit risk in US financials is at 19-month wides. With...
View ArticleBig Bank Pink Slip Pandemonium Continues As Bank Of America To Cut "Hundreds"...
Two weeks ago, Deutsche Bank announced it was set to fire “roughly” 23,000 people, or around a quarter of its workforce as new CEO John Cryan aims to cut costs as part of a reorganization undertaken in...
View Article"They’re Converging To Dire Levels!": SocGen’s Edwards Delivers Critical...
At a certain point, one has to wonder if there will ever be a time when developed market policy makers throw in the towel. When both Japan and Europe slid back into deflation lately, it served notice...
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