Morgan Stanley Closes Out Bank Earnings Season: How Everyone Fared
- Morgan Stanley (NYSE: MS) was the last of the big banks to report its quarterly earnings this season.
- After the company missed estimates on both the earnings and revenue fronts, shares fell 4.83 percent on Monday.
- Let’s take a look at how the main banks fared this season.
On Monday morning, Morgan Stanley reported earnings of $740 million, or $0.34 per share, down from $1.3 billion, or $0.64 per share delivered a year ago. Revenue also fell to $7.332 billion. More importantly, both these figures missed the Street’s estimate, which called for earnings of $0.66 per share on revenue of $8.643 billion.
Another bank that fell short of expectations was JPMorgan Chase & Co. (NYSE: JPM), which revealed earnings of $1.32 per share on revenue of $23.535 billion, below experts’ consensus estimate of $1.38 per share and $23.819 billion.
Bank of America reported earnings of $0.37 per share on revenue of $20.913 billion, versus the Street’s consensus of $0.34 per share and $20.749 billion.
Citigroup, for its part, delivered earnings of $1.31 per share on revenue of $18.496 billion – down 8 percent year-over-year. While EPS came in ahead of the Street’s projection of $1.28, revenue fell short of expectations, which called for sales of $18.76 billion.
Finally, Wells Fargo reported earnings of $1.05 per share on revenue of $21.875 billion, beating the Street’s consensus of $1.04 per share and $21.518 billion.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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