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Bank of America tops estimates on better-than-expected interest income, investment banking
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Bank of America (BAC) earnings Q1 2024

Bank of America on Tuesday reported first-quarter earnings that topped analysts’ estimates for profit and revenue on better-than-expected interest income and investment banking. Here’s what the company reported: Earnings: 83 cents a share adjusted, vs. 76 cents LSEG estimate Revenue: $25.98 billion, vs. expected $25.46 billion The bank said profit fell 18% to $6.67 billion, or...

Hightower’s Stephanie Link reacts to Wells Fargo's Q1 earnings
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Wells Fargo WFC earnings Q1 2024

Wells Fargo on Friday reported first-quarter earnings and revenue that beat Wall Street expectations, despite a decline in net interest income. Here’s how the company performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv: Earnings per share: $1.26 cents adjusted vs. $1.11 cents expected...

Citigroup tops estimates for first-quarter revenue
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Citigroup (C) earnings Q1 2024

Citigroup on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected results in the bank’s investment banking and trading operations. Here’s how the company performed, compared with estimates from LSEG, formerly known as Refinitiv: Earnings: $1.86 per share, adjusted, vs. $1.23 expected Revenue: $21.10 billion vs. $20.4 billion expected The bank said profit...

Citigroup posts $1.8 billion fourth-quarter loss after litany of charges
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Citigroup (C) earnings Q4 2023

Citigroup on Friday posted a $1.8 billion fourth-quarter loss after booking several large charges tied to overseas risks, last year’s regional banking crisis and CEO Jane Fraser’s corporate overhaul. All told, the charges — so massive the bank preannounced their effect this week — hit quarterly earnings by $4.66 billion, or $2 per share, Citigroup...

Bank of America shares fall after company reports lower fourth-quarter profit, hit by regulatory charge
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Bank of America (BAC) earnings Q4 2023

Bank of America shares fell Friday after the firm reported declining fourth-quarter earnings amid hefty one-time charges. Here’s what the company reported compared to Wall Street expectations, according to LSEG, formerly known as Refinitiv: Earnings per share: 70 cents, adjusted vs. 68 cents expected. Revenue: $22.1 billion vs. $23.74 billion expected. Bank of America said...

Wells Fargo posts higher fourth-quarter profit, helped by higher interest rates and cost cutting
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Wells Fargo (WFC) earnings 4Q 2023

Wells Fargo shares fell Friday even after fourth-quarter profit rose from a year ago, as the bank warned that net interest income for 2024 could come in significantly lower year over year. “As we look forward, our business performance remains sensitive to interest rates and the health of the U.S. economy, but we are confident...

Charlie Munger: When Warren and I were starting 'I never thought we would ever get to $100 million'
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Munger in final interview describes how he and Buffett turned Berkshire Hathaway into such a success

Today, Berkshire Hathaway is massive conglomerate worth north of $785 billion with businesses and investments all around the world. This exceeded Charlie Munger’s wildest dreams. “I did not think we’d ever have … so many hundreds of billions in Berkshire,” Munger, the former vice chairman of Berkshire, said in his final interview with CNBC’s Becky...

UBS CEO 'positively surprised' by quick return of client inflows
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UBS q3 2023 earnings

A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023.  Denis Balibouse | Reuters UBS shares climbed on Tuesday morning after the Swiss banking giant resoundingly beat expectations for underlying profit. The bank recorded an underlying operating profit before tax of $844 million, well ahead of consensus expectations. UBS shares were...

Credit environment worse than normal but not in period of stress, Deutsche Bank CFO says
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Deutsche Bank shares surge 7% after net profit beats expectations

Deutsche Bank shares popped on Wednesday, after the lender slightly beat expectations with its thirteenth straight profitable quarter and said it would increase and accelerate shareholder pay-outs. Third-quarter net profit was 1.031 billion euros ($1.06 billion), above an analyst consensus of quarterly net profit attributable to shareholders of 997 million euros, according to LSEG data....

Billionaire investor Bill Ackman: Kennedy made me think about risk vs. reward with vaccines
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Bill Ackman would ‘absolutely’ do a deal with X with his new SPARC

Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in NYC on Sept. 28th, 2023. Adam Jeffery | CNBC Billionaire investor Bill Ackman would “absolutely” do a deal with X, the social platform previously known as Twitter, with his newly approved investment vehicle, Ackman told The Wall Street Journal in a story...