Big U.S. banks end third quarter on high note
(Reuters) - Wall Street’s top investment banks enjoyed a strong third quarter as strength in stock trading and equity underwriting added to the benefits from a strong U.S. economy and tax reforms.
On Tuesday, Morgan Stanley (MS.N) showed gains from investment banking and trading businesses that outstripped those of traditional rival Goldman Sachs Group Inc (GS.N).
However, Goldman’s equity trading and underwriting revenue was better than that of Morgan Stanley in a quarter marked by uncertainties in global financial markets stemming from an ongoing trade war between Beijing and Washington.
JPMorgan Chase & Co (JPM.N), the biggest U.S. bank, said on Friday its third-quarter profit jumped nearly 25 percent, with each of its four business units generating higher revenues.
Also on Friday, Citigroup Inc (C.N), the No. 3 U.S. bank by assets, reported a 12 percent rise in profit, driven mostly by lower taxes and cost savings, while Wells Fargo & Co (WFC.N), reported a strong quarterly profit on the back of healthy demand for auto, small business and personal loans.
Following is a snapshot of their earnings:
Reporting by Diptendu Lahiri and Mary Ann Alapatt in Bengaluru; Editing by James Emmanuel
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. |