NIM

Gresham's Law

... the marginal price setter is “irrationally exuberant”, or dare we say it out loud? “Greedy.”

Citi Warns Trading Revenue To Tumble 15% In Q3 Due To "Subdued Volatility"

Three months after its last such warning, Citi once again advised that its sales and trading revenue in Q3, which is ending in less than three weeks, will be down 15%, as the quarter "is lacking the volatility that pushed revenue higher in third quarter of 2016" underscoring as he did last quarter, that volatility remains “subdued."

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.