Vikram Pandit Is Waiting By The Phone
The New York bank reported third quarter earnings rose 74 percent in the third quarter, to $3.8 billion, due to lower losses from loans and an accounting gain. Its international consumer lending...
View ArticleGoldman Still Long-Term Greedy, Which Is Still Okay
You could probably think a few things about GS’s earnings released this morning. If you’re an employee, you might gulp nervously at that $292k comp accrual so far and the 1,300 folks whose mastery of...
View ArticleNow Let Us Say Certain Things About DVA
If you are in the business of selling derivatives you have to value them from time to time, because counterparties want to know what their thing is worth, and regulators want to know how deep in the...
View ArticleStephen Schwarzman’s Crab Claw Funds At Risk
Blackstone reported an unexpected third- quarter loss as an 11 percent drop in the value of its buyout holdings forced the reversal of previously booked fees. Economic net income, a measure of earnings...
View ArticleGoldman Sachs’s War On Plants PAYS OFF
Goldman Sachs said profit dropped 58 percent, beating analysts’ estimates as the company cut compensation in response to falling revenue. Fourth-quarter net income dropped to $1.01 billion, or $1.84 a...
View ArticleGoldman Sachs Now Paying Employees For A Full Year Of Work
I know I’ve said that the Jamie & Doug in the Morning Show is the best call-in program in finance, given Jamie Dimon’s reliably amusing anti-regulation rant, but the true connoisseur should also...
View ArticleJPMorgan Reports Voldemort’s Earnings, Some Other Stuff
JPMorgan had a … quarter, whatever, go read about it. Top and bottom-line beats with revs up and net income down y/o/y. And JPMorgan’s investment bank had a … you’d have to say pretty good quarter,...
View ArticleNice Earnings, Citi, Shame About Your Credit Improvement
I have nothing particularly useful to tell you about Citi’s earnings – they were good, yay, well done Vik, one day maybe you’ll be able to pay a dividend – so let me ask you some useless things. My...
View ArticleGoldman’s Partner Departures In a Year of Shrinking Comp Are Actually a Sign...
You can’t possibly care about GS earnings can you? “Beat Diminished Expectations” is an elegant summary. FICC looks anemic relative to JPM and C but as Glenn Schorr of Nomura pointed out on the call...
View ArticleDeutsche Bank Won’t Let A Little Libor Manipulation Or Earnings Miss Slow It...
Deutsche Bank had two weird little bits of gun-jumping news today, one good(ish), one bad (just bad). The good news is that Deutsche Bank has decided that it wasn’t manipulating Libor too much: A...
View ArticleOtherwise Robust UBS Earnings Dragged Down By Inability To Buy And Sell Stocks
UBS announced earnings today and I tell you, it is hard work to get people to focus on the strong fundamentals of your business when you keep distracting them with enormous screw-ups. Today’s: Due to...
View ArticleBankers And Traders “Legitimately” Expensing Strip Clubs Do Rick’s Cabaret A...
When the financial crisis hit, financial services employees could have easily decided that patronizing strip clubs, alone or with clients, was an expense that had to go. Spent a few more hours on...
View ArticleCiti Has An Excellent 88% Decrease In Profit
I don’t have much insight into Citi’s earnings but I do enjoy the reporting of them. When a car or Facebook company reports earnings you basically ask questions like “how many cars or Facebooks did it...
View ArticleMorgan Stanley Now 23% Safer
A value-at-risk model basically works like this. You have some stuff, which is worth X today. Tomorrow it will be worth X + Y, where Y ranges from more or less negative infinity to positive infinity. Y...
View ArticleBanking Boring Again Even At Credit Suisse
One way to make a lot of money in banking is just to be really good at it. But this is not a very good way! There are lots of people who want to make a lot of money in banking, and all of them1 have at...
View ArticleWells Fargo Mostly Putting Deposits Into Gold Ingots These Days
Bank earnings season kicked off today with Wells Fargo’s announcement, and since I have nothing really to say about Wells Fargo earnings I figured the least I could do was put up some charts instead....
View ArticleGoldman Welcomed New CFO With A Nice Earnings Beat
If you read a lot of media coverage of Goldman Sachs earnings you get the sense that the most important number the firm reports is average compensation per employee, which this year was a nice...
View ArticleCiti CEO Knows This Idea Sounds Crazy But Just Hear Him Out, Okay?
Back in October when Mike Corbat was dragged from bed in the middle of the night to take over the top job at Citigroup after Vikram Pandit’s ouster, he did a hastily assembled damage-control conference...
View ArticleDeutsche Bank Improved Its Balance Sheet By Losing A Lot Of Money
Bank earnings season is always a little surreal, I guess because there’s an inherent surrealism about banking. Deutsche Bank reported earnings today,1 and those earnings had an up-is-down quality that...
View ArticleDeutsche Bank May Have Underestimated How Litigious People Are About The...
Remember Deutsche Bank’s rather poor earnings report a couple of months ago? Well, it turns out that things have gotten worse, because people and regulators continue to sue Frankfurt’s most downtrodden...
View Article