SunTrust Banks in Atlanta said its quarterly profit rose 16% as it made more commercial loans.
First quarter earnings results were all over the map for the biggest banks, but for the next tier some distinct trends are emerging. Among them: pockets of strength and an emphasis on cost controls. American Banker editors discuss.
Fifth Third Bancorp said a drop in the value of a payments subsidiary, and higher legal costs, led to a 25% year-over-year drop in its quarterly profit.
Editor's Note: Morning Scan will not publish on Friday, April 18 in observance of the Good Friday holiday. Receiving Wide Coverage ...
Big Investment Bank Earnings: Morgan Stanley's profits rose 18% year-over-year, thanks to a strong performance by its fixed-income division. Meanwhile, Goldman Sachs reported a drop in first-quarter profits, in part due to its fixed-income division. Goldman did, however, beat analyst expectations.
Goldman Sachs, the Wall Street bank with the highest return on equity in 2013, reported earnings that topped analysts' estimates as investment-banking revenue jumped to the highest level since the financial crisis.
Morgan Stanley reported profit that beat analysts' estimates as a surprise jump in fixed-income results helped the firm post the only increase in trading revenue among the six biggest U.S. banks this year.
Bank of America, the second- biggest U.S. lender, swung to a surprise loss as the company booked $6 billion of costs tied to mortgage disputes.
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B of A Earnings, Etc.: Bank of America reported a $276 million loss compared with a $1.48 billion profit a year earlier, largely due to legal expenses. (In case you may have missed it, Bank of America has been on a bit of settlement tear of late. And, the Journal notes this morning that the bank has settled mortgage-backed securities claims with the monoline insurer Financial Guaranty Insurance Co., which is
U.S. Bancorp, the nation's biggest regional lender, posted a first-quarter profit that matched analysts' estimates as mortgage-banking revenue declined.
PNC Financial Services, the second-biggest U.S. regional bank, said profit rose 6.5 percent, beating analysts' estimates, as expenses declined and the company set aside fewer provisions for soured loans.
Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America to a nonbank servicer because of missing documents. The agency is asking the top servicers for an inventory of loans with missing documents.
Fifth Third Bancorp elected James P. Hackett as non-executive chairman to succeed William Isaac, who's retiring.
The wealth management units of Wells Fargo and Bank of the West are looking to expand their asset-management businesses by entering the lucrative and competitive New York market. Both banks are opening new offices in Manhattan this year.
Canada's revenue agency said hackers exploiting the Heartbleed security flaw have gained access to some taxpayer data.
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Second Look at Citi: Don't be fooled by Citi's earnings. General consensus among news outlets is that profits may have bested expectations, but relief more than accolades is in order. "After two preceding quarters, in which Citi failed to meet already lowered expectations, a revelation of fraud in Mexico and a rejection of Citi's capital-return request by the Federal Reserve, discovering the ball hadn't been yanked away this time was