The earnings prepare continues on with Goldman Sachs, Financial institution of America, and Wells Fargo checking in right this moment.
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Usually, financial institution earnings calls aren’t essentially the most thrilling occasions.
It is an opportunity for analysts to ask why a sure quantity wasn’t greater or decrease, or what *insert some obscure regulation* will imply for the way forward for the financial institution’s stability sheet.
That was not the case, nonetheless, throughout Citi’s third-quarter earnings call on Tuesday.
Citigroup CEO Mike Corbat and chief monetary officer Mark Mason needed to field a barrage of pointed questions from analysts. That included asking in regards to the standing of Corbat’s succession plan, steps the financial institution took previous to the $400 million superb it confronted from regulators, and Citi’s strategy for cleansing up its danger, compliance, and infrastructure points.
Reed Alexander has the full rundown from what was a memorable earnings name.
Talking of earnings, Rebecca Ungarino has a great wrap up of feedback made on JPMorgan and BlackRock’s earnings calls about consolidation in wealth- and asset-management industries. It is the newest chapter in what has been an interesting time for cash managers. Click here for the full story.
Casey Sullivan and Alex Morrell with a really nice story looking into investors’ push to get into deals for struggling and distressed companies. Whereas there’s loads of cash raised for such transactions, the market is tight. Read all about the current status quo.
Smaller banks have been at an obstacle in comparison with the largest gamers. And the coronavirus pandemic has accelerated those pressures as prospects have averted bodily branches, the lifeblood of native banks. Shannen Balogh and Reed Alexander have an ideal have a look at what the monetary establishments are doing to evolve. Read more here.
Nice scoop here from Alex Morrell. Morgan Stanley’s credit score buying and selling has been absolutely booming this year. Discover out who’s main the cost, and what has worked so well. Read the whole story here.