- Challenging investment banking and capital markets environment; Firm maintained its #1 ranking for Global Investment Banking Fees year-to-date
- Consumer & Business Banking reported solid revenue, up 6% compared with prior year, and deposits up 7%; added 60 new branches during the quarter
- Credit Card sales volume2 up 10%; net charge-offs declined as expected
- Commercial Banking reported solid revenue, with strong loan growth, up 9%, and record deposit2 balances, up 31%
- Treasury & Securities Services reported strong growth in deposit2 balances, up 41%
- Third-quarter results included the following significant items:(*)
- $1.9 billion pretax ($0.29 per share after-tax) benefit from debit valuation adjustment (“DVA”) gains in the Investment Bank, resulting from widening of the Firm’s credit spreads
- $542 million pretax ($0.09 per share after-tax) Private Equity loss
- $1.0 billion pretax ($0.15 per share after-tax) additional litigation expense, predominantly for mortgage-related matters, in Corporate
- Fortress balance sheet maintained:
- Basel I Tier 1 Common1 of $120 billion, ratio of 9.9%; estimated Basel III Tier 1 Common1 ratio of 7.7%
- Repurchased $4.4 billion of common stock2 during the third quarter
- Credit reserves at $29.0 billion; loan loss coverage ratio 3.74% of total loans1
- Over $1.3 trillion in new and renewed credit provided to and capital raised for consumers, corporations, small businesses, municipalities and not-for-profits year-to-date:
- Small business loan originations of $12.6 billion, up 71% compared with prior year-to-date and 133% compared with the same period in 2009
- Middle-market loans of $41.5 billion, up 18% compared with prior year
- Trade finance loans of $30.1 billion, up 69% compared with prior year
- Increased U.S. employee headcount year-to-date by more than 13,200; over 2,200 military veteran hires year-to-date
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