4 Financial Stock Stories to Kick Off an Earnings Week

Goldman Sachs Group (NYSE:GS): Current price $163.02

U.S. District Court Judge Katherine Forrest in Manhattan began the trial of former Goldman Sachs trader Fabrice Tourre on Monday morning with a stern admonition: No financial jargon. Forrest advised the attorneys representing Tourre and the Securities and Exchange Commission, which brought the suit against him, to “have a heart” and to keep language in the case accessible to the nine jurors who will hear the case, remarking, “Do not assume people know what an investment bank does.” Tourre is defending himself against claims that he was part of a conspiracy in 2007 created to mislead investors while selling a mortgage security that ultimately failed.

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GS

Citigroup Inc. (NYSE:C): Current price $51.81

On Monday, Citi reported a $2.41-billion first-half equity deduction from currency swings, nearing analyst Charles Peabody’s forecast for a year of foreign-exchange unpleasantness. Profit growth, which included a 42 percent increase in second-quarter net income, still permitted the firm to increase common equity during the period. Accounting rules mandate that banks deduct unrealized losses on certain assets from shareholder equity, instead of from profit. Peabody leads research at Portales Partners LLC, and forecast in June that a drop in the value of emerging-market currencies would cost Citigroup between $5 billion and $7 billion in regulatory capital in 2013.

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C

Deutsche Bank (NYSE:DB): Current price $44.18

Deutsche Asset & Wealth Management said Monday that Caroline Kitidis will join the Deutsche Bank division as head of Key Client Partners & Wealth Investment Advisory for the Americas, effective in August. In her new position, Kitidis will lead a team that structures customized investment solutions for clients of high net worth in the Americas, including individuals and family offices. Deutsche Asset & Wealth Management is the brand name for the Asset Management & Wealth Management division of Deutsche Bank AG and its subsidiaries.

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DB

PNC Financial Services Group Inc. (NYSE:PNC): Current price $75.30

Analysts are anticipating higher profit for PNC when it posts second-quarter results on Wednesday. The consensus expects a profit of $1.64 per share, marking a sharp rise from $1.26 year-over-year. During the past three months, the consensus has risen from $1.63, and analysts project earnings of $6.70 per share for the fiscal year. Revenue is forecast at $4 billion for the second quarter, which would be 1 percent higher than the 2012 total of $3 billion. For 2013, revenue is predicted at $15 billion.

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PNC

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