Morgan Stanley Profit Drops 30% Amid Coronavirus Crisis. Here’s How All The Big Banks Fared Last Quarter

  • 📰 Forbes
  • ⏱ Reading Time:
  • 84 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 37%
  • Publisher: 53%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

Morgan Stanley's profit has dropped 30% amid the coronavirus crisis. Here’s how all the big banks fared last quarter: by theothersarahh

fall 45% to $4 billion, or 40 cents per share. Analysts were predicting profits of about 46 cents per share. The firm set aside $3.6 billion for its loan-loss reserves.

The bank’s trading arm was the only division to see profits increase—it earned $1.48 billion last quarter, a 33% bump—as market volatility soared.JPMorgan—the biggest Wall Street bank—reported a major drop in profit in the first quarter, earning $2.87 billion, 69% less than a year ago, after it set aside $6.8 billion for its credit reserves.

The firm’s revenue for the first quarter dropped to $29.1 billion, slightly below Wall Street’s expectation of $29.67 billion and just 3% less than a year ago. As market volatility shot up to unprecedented levels, however, JPMorgan’s trading business saw a bump: Its market revenue shot up 32% to $7.2 billion.

On an earnings call on Tuesday, JPMorgan CFO Jennifer Piepszak said that the bank has seen more than 300,000 applications for emergency loans as part of the SBA’s Paycheck Protection Program, representing some $37 billion in financing. Piepszak said the bank has already disbursed $9.3 billion to small businesses. earlier this month, “but at a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008.

Altogether, that means Wells Fargo has put away $4 billion in loan-loss provisions—the most in a decade, Bloomberghe bank reported a profit of just 1 cent per share and revenue of $17.7 billion, slightly less than Wall Street’s expectations. that it had imposed on the bank in 2018 in order to allow it to participate in the Paycheck Protection Program. Previously, the bank said it would limit its lending under the PPP, citing the Fed asset-cap restrictions on its balance sheet capacity.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

theothersarahh he never loses his friends from the fed they rescue him and they buy shares by inflating the market, today the Us500 index will rise, dow jones in Asia, help will come from his great partner Trump. today

theothersarahh Most of the well known banks have reported earnings in the last week and have had earnings that fell below analyst estimates. Nevertheless, some - JP Morgan and Goldman Sachs - have also had major revenue growth, which was pretty surprising given the events of the last month.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in LOANS

Loans Loans Latest News, Loans Loans Headlines