Bank of America, Goldman Sachs and Morgan Stanley report earnings next week. Here’s a look at what might be expected from the three big banks for the second quarter.
Round two of bank earnings kicks off next week. Bank of America (BAC) reports before market open Monday, Goldman Sachs (GS) before the open Tuesday and Morgan Stanley (MS) before the open Wednesday.
This morning brought results from JP Morgan (JPM), Wells Fargo (WFC) and Citigroup (C). JPM topped earnings and revenue estimates, and its trading division revenue rose 13%. C beat earnings estimates and revenue was in line with expectations. Revenue in C’s trading division was pressured as a result of a 6% revenue decline in fixed income trading, which management attributed to “a more challenging market environment.” WFC missed estimates on both the top and bottom line.
All six of the big banks dropped at the open of Friday’s trading session, with BAC, GS and MS mirroring the moves of the three that reported today. They’ve all since recovered from their morning lows, although performance remains mixed halfway through the day, with some still in the red and some slightly positive.
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