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Takeaways From This Morning's Bank Earnings:

  • Bank of America: Highest YTD sales and trading revenues in over a decade, with record Q3 for equities.
  • Average loans up 9% Y/Y to $131bln, a record level, while consumer net charge-offs were driven by higher credit card losses. Consumer net charge-off levels now 0.7% vs. post-pandemic average of 0.5%.
  • Moynihan says US consumer spending continuing to slow, describes Q3 as “healthy but slowing” economy.
  • Residential mortgage originations down to $5.6bln in Q3 vs. $8.7bln a year prior. Average FICO has improved to 772 from 771, 768 in Q2 and Q1.
  • Goldman Sachs: strong performances in FICC, which included record quarterly net revenues in financing, and Equities.
  • Solomon sees a continuing recovery across capital markets if the backdrop remains conducive.
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