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EQUITIES: Macro Takeaways From Bank Results Today:

EQUITIES

Consumer:

  • BofA: Mortgage originations of $5.3bln over the quarter, down $0.4bln Q/Q, down $0.3bln on this quarter last year. Record consumer investment assets of almost half a trillion USD, up 28% Y/Y. Net charge-offs flat Q/Q, but up Y/Y, driven by commercial loans and credit cards.
  • Charles Schwab: Record YTD flows into Schwab Wealth Advisory, managed investing new flows up 65% Y/Y to $40bln (buoyed by Ameritrade conversion).
  • Citi: Personal banking revs up 3% on loan growth in cards segment

Markets:

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Consumer:

  • BofA: Mortgage originations of $5.3bln over the quarter, down $0.4bln Q/Q, down $0.3bln on this quarter last year. Record consumer investment assets of almost half a trillion USD, up 28% Y/Y. Net charge-offs flat Q/Q, but up Y/Y, driven by commercial loans and credit cards.
  • Charles Schwab: Record YTD flows into Schwab Wealth Advisory, managed investing new flows up 65% Y/Y to $40bln (buoyed by Ameritrade conversion).
  • Citi: Personal banking revs up 3% on loan growth in cards segment

Markets:

Keep reading...Show less