Your Cheat Sheet to Bank Earnings for January 19th
Last year was called a recovery as markets stabilized and bank stocks rebounded. Will banks continue to remain strong as earnings are released?
Here is your Cheat Sheet to today’s bank earnings:
1) Goldman Sachs. (NYSE:GS): Shares are currently trading down 3% this morning as Goldman reports a jaw dropping 53% decline in quarterly profits. Although the bailed out bank reported a decline of 14% for employee compensation in 2010, the average pay per employee was still $431,000.
2) Wells Fargo. (NYSE:WFC): The Buffett endorsed bank says it earned $3.2 billion (61 cents per share), which meets expectations. The company also wrote off 29% fewer bad loans in the prior year quarter. Shares are up almost 1% Wednesday morning.
3) Citigroup. (NYSE:C): One day after reporting worse than expected 4Q results, Citigroup names John Havens president and chief operating officer. Despite the Fed’s QE1 and QE2, 4Q results were blamed on poor bond revenue.
4) Bank of New York Mellon. (NYSE:BK): Shares are trading flat as the bank reported a 3% slide in continuing operations profit, but also reported a 14% gain in revenue from prior year.
Disclosure: No positions.
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