October 15, 2024 12:08 GMT
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:
- BofA: Highest S&T revs in over a decade, highest YTD equities S&T on record. FICC revs up 8% on client activity, trading performance in FX and rates.
- GS: "Significantly higher" net FICC financing revs (primarily mortgages, structured products), but lower net revenue in intermediation (rates, commodities)
- Charles Schwab: Active brokerage accounts up 4% Y/Y to 36mln.
- Citi: Markets rev up 1%, driven by equities, partially offset by lower FI markets revenues (driven by rates and currencies, but reflective of a strong prior-year comparison). IB revs driven by DCM on continued strong IG issuance
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