NIM

BofA Beats Despite 14% Slump In FICC Revenue; Interest Income Unexpectedly Declines

Echoing the trend set by JPM and Wells Fargo last Friday, moments ago Bank of America reported revenue and earnings that modestly beat expectations, with Q2 revenue of $22.8bn, above the $21.8bn expected, generating net income of $5.3 billion up 10% Y/Y, and EPS of $0.46, above the $0.43 estimate, and 12% higher than Q2 2016.

JPM Beats Boosted By Lending Despite Trading Miss As FICC, Sales & Trading Revenues Tumble

Launching Q2 earnings season, moments ago JPM reported Q2 an adjusted record Net Income of $7 billion and EPS of $1.82, which however included an 11 cent legal benefit, beating expectations $1.57 and 27 cents higher than a year ago, on "managed" revenue of $26.4BN, beating consensus expectations of $25.1BN. This however was offset by a sharp decline in trading revenues.

Trump Signs Executive Orders Rolling Back Dodd-Frank, Fiduciary Rule

As previewed earlier today, moments ago President signed two executive aimed at starting the process of rolling back the regulatory system put in place after the financial crisis. Among the targets are rules that protect against predatory lenders, force brokers to lower fees for retirees and ban proprietary trading.

You're Buying, They're Selling: Big Bank Execs Dump $100 Million In Stock As Market Soared

Shortly after the melt-up in US bank stocks began following Trump's election victory, we noted heavy insider-selling (and options expiration) among Goldman Sachs executives. Well the selling never stopped, as WSJ reports executives at the biggest Wall Street banks have sold nearly $100 million worth of stock since the presidential election, more than in that same period in any year over the past decade.

Banks Are Getting Battered

US financials stocks are down 3% from Friday's exuberant post-earnings opening highs. That is the biggest drawdown since the election with BofA, JPMorgan, and Goldman leading the downturn (down almost 5% from Friday's opening highs)...

JPM Earnings Jump On Slashed Expenses, FICC Trading Beats As Equity, IB Misses; Credit Card Charge-Offs Spike

In a report that was somewhat similar to that of Bank of America,  JPM reported Q4 revenues of $23.4 billion, beating estimates of $23.1 billion, on EPS of $1.71, far higher than the expected $1.42, which however like in the case of BofA was due to a cut in expenses, which came in at $6.87 billion, far below the $7.2 billion, suggesting even greater expense - i.e. compensation - reductions.