City

Citi blows past 3rd-quarter earnings estimates as trading and release of loss reserve drives 48% jump in profit

13 days ago   |   By Business Insider

Citigroup.
Justin Sullivan/Getty
Citigroup on Thursday posted third-quarter per-share earnings and revenue that beat Wall Street's expectations.
The bank earned $2.15 a share, higher than an estimated $1.70 a share.
Citi released more than $1 billion in reserves it had previously set aside to cover potentially bad loans.
Citigroup on Thursday reported a 48% climb in net income for its third quarter, with the financial services firm posting gains in capital markets revenue while it released funds reserved to cover potentially bad loans. Here are the key numbers: Revenue: $17.15 billion...
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Morgan Stanley beats 3rd-quarter earnings estimates as surge in investment banking eclipses wealth management growth

13 days ago   |   By Business Insider

Morgan Stanley building in Times Square in New York City.
REUTERS/Brendan McDermid/File Photo
Morgan Stanley reported third-quarter earnings that beat analyst expectations as equity trading drove growth. The bank's wealth management business continued to benefit from its acquisitions of E-Trade and Eaton Vance, but missed expectations. "We had standout performance of our integrated Investment Bank and record net new assets of $135 billion in wealth management." CEO James Gorman said. Watch Morgan Stanley trade live on Markets Insider. Morgan Stanley posted third quarter earnings that beat...
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Bank of America beats 3rd-quarter profit estimates, lifted by record-high advisory fees and a $1.1 billion reserve release

13 days ago   |   By Business Insider

Bank of America CEO, Brian Moynihan.
Chris Keane/ Reuters
Bank of America reported third-quarter earnings Thursday that beat analysts' profit estimates.
Its quarterly net income rose 58% to $7.7 billion, or 85 cents per share, as it booked record advisory fees.
"Our businesses regained the organic customer growth momentum we saw before the pandemic," CEO Brian Moynihan said.
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Bank of America reported third-quarter earnings Thursday that blew past analyst expectations, with a rise in profit driven by record advisory...
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