Latest news with #bankearnings
Bloomberg
5 days ago
- Business
- Bloomberg
Bloomberg Businessweek Daily: Netflix Reports
Today's show features: Mark Douglas, CEO of MNTN on Netflix earnings and the streaming giant's advertising strategy Bloomberg News Economics Editor Molly Smith on monthly retail sales and imports data, as well as weekly jobless claims figures Bloomberg Intelligence Senior Analyst for US Regional Banks Herman Chan with a roundup of regional bank earnings out this week John Gates, CEO, Leasing Advisory, Americas at JLL on the company's Q2 2025 'US Office Market Dynamics Report'
Yahoo
5 days ago
- Business
- Yahoo
JPMorgan's Jamie Dimon: Fed independence is 'absolutely critical'
Big Bank earnings are underway with JPMorgan (JPM) and Wells Fargo (WFC) releasing results. Yahoo Finance Executive Editor Brian Sozzi joins Morning Brief to share his takeaways from the earnings so far, including comments from Jamie Dimon about the Federal Reserve's independence as President Trump criticizes the central bank for not cutting rates. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. Let's drill a little deeper now on those bank earnings. Executive editor, Brian Sozzi, has been listening into those earnings calls. He's joining now from the Yahoo Finance newsroom. So, what are some of your takeaways, Sozzi? Yeah, Julie. I got three different headphones plugged into through my different ears so I can listen to Wells Fargo, all these companies, uh, BlackRock, too. But look, uh, the JP Morgan, uh, conference call is the one I'm listening to right on Yahoo Finance. Great new function on our site. I encourage everyone to check it out. Really enjoy listening to it on there. Um, nothing real in terms of fireworks from this JPMorgan or Morgan earnings call. See in the stock, uh, reverse some of those early losses after the print or the earnings beat this morning. Now in the green here in the pre-market, where the real fireworks, Julie, came in the reporter call which JPMorgan always has about a half an hour before the analyst call. Uh, Jamie Diamond saying this is starting to make news already. He vice, he views, uh, the Fed independence as quote absolutely critical, uh, and then also quote, it's important for the Fed to be independent. So, uh, Diamond voicing support for an independent Federal Reserve and of course, that's in contrast to everything we've heard of the Trump administration in the past months, that is, uh, one that is continuing to attack Fed chairman Jerome Powell, wants the lower interest rates. Jamie Diamond saying it's important for the institution to be independent. Uh, that's my real head takeaway so far, uh, here, Julie, on JPMorgan. Yeah, really interesting, um, and as we know, he is always outspoken. Anything else from the other banks that you, that you want to highlight, Sozzi? Yeah, just how bad a quarter Wells Fargo was. Three months ago, uh, we were sitting here, uh, not us, because I didn't buy into any Wells Fargo turnaround, uh, but they were promoting, uh, the bank is starting to turn around, where they start returning to capital to shareholders. This quarter really reversed all of that. You compare to how Wells Fargo did in markets, investment banking, trading, you name it, whatever it is, they badly underperformed JPMorgan and I suspect when Bank of America reports, they will, uh, they will show better results than a Wells Fargo. And I know they're not direct comparisons, Wells Fargo and BlackRock, but BlackRock is calling out this morning record, uh, assets under management of 12.53 trillion, a positive metric for them completely opposite to what we've heard, uh, from Wells Fargo today, in addition, of course, cutting their outlook for the full year in terms of net profits.
Yahoo
6 days ago
- Business
- Yahoo
Bank earnings review: Financial sector looks 'pretty good'
Mendon Capital senior portfolio manager Anton Schutz joins Market Domination Overtime with Josh Lipton to discuss his big takeaways from bank earnings and what they reveal about the financials sector, noting that things look "pretty good." Schutz also shares some of his top picks in the sector: FB Financial (FBK) and Equity Bancshares (EQBK). To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. Well, it's been a big week for bank earnings. We know, and to put them into perspective, we're joined now by Anton Schutz, Mendon Capital, Senior Portfolio Manager, uh, Men, Schutz, Mendon Capital, Senior Portfolio Manager. Anton, it is great to see you. Uh, let's start kind of high level there, Anton. I'm just curious about the big themes so far you would pull out of these earnings reports. What have you learned about M&A, IBanking, the consumer? What's been your big takeaways? Big takeaways are things are pretty good. Um, you know, credit continues to behave incredibly well across the spectrum. So, you know, everybody talking about banks failing and commercial real estate loans for due to reprice has been pretty wrong, right? We've got zero banks fail, uh, because of commercial real estate. So, first of all, let's get that one out of the way. Uh, in terms of margin, uh, generally margin's going to end up rising for the industry. So, we've got a mixed bag so far of who's reported, but thus far, you know, I think earnings estimates actually go higher into 26 based upon all these reports. So that's good. Um, M&A finally happened, right? We we we saw a decent sized deal, almost $2 billion. Huntington Bank bought Veritex a couple days ago, and, you know, good transaction for everybody involved. Nice premium for the shareholders of Veritex. Um, full disclosure, my fund was a shareholder, has been a shareholder of Veritex for 10 years. So nice to see that come along, true capitalists. And we expect to see a lot more M&A coming forward. So, and also capital markets look good. I I think, uh, investment pipelines are building for deals, IPOs, M&A activity across more than just financials. So, you know, I think the health of the space is great. Valuations also look very, very good compared to any other sector of the S&P. Anton, another big theme, you know, investors in the space are watching, uh, deregulation. What do you see ahead there? Uh, what's it going to mean for the industry? When's it going to show up in the financial results? Well, I mean, it's already showing up through the perspective of, you know, Huntington's deal is announced, and they say they're going to close the deal in three months. I mean, that's that's unheard of in recent history. So, I think that's really good news. Um, you know, we had deals out there that would languish for a year without ever getting an answer. So, you know, really, really big change in terms of approvals. I think capital levels, again, are very, very robust in the industry. I think banks are going to be allowed to return more capital through dividends and buybacks. So, again, more good news there. And I do think you'll see some bigger M&A deals come come down. I think you'll you'll see companies like Fifth Third and PNC potentially roll up some of the rest of the industry. Let's get to some some picks, Anton. Uh, top, some of your top topics, FB Financial, ticker FBK, what why is that a buy? Yeah, I mean, that that's a company that's consistently delivered, right? They they've done M&A, they've bought other companies, they've added a value, they've added to their attractive footprint in Tennessee, and they'll be moving into other attractive markets like the Carolinas and maybe Georgia. But, uh, really great management team, and they would actually benefit if there's other M&A that takes place in their markets, and there could certainly be more M&A that's disruptive in their markets, and they'll take advantage of that. So, really like that management team, strong capital, really strong reserve ratios, very conservative management team. So, I think they're a builder of value since their IPO. One more ticker while I have you, Anton. Equity Bancshares, EQBK. Another, you know, buyer of other banks. They have 800 small banks in their footprint that they could buy, and they'll go to these small towns, and they'll buy a two-branch bank, and they'll pay the right price for their shareholders, the other bank shareholders, they'll create value, they'll clean up the bond portfolio, and they'll create some growth. So, they've got, again, got a very good history of doing this. So, either one of these companies could announce a deal at any point in time, and they're great at executing in a regulatory environment. They're closing deals quickly. Equity announced a deal, I believe, in February, and again, it's already closed. So, um, you know, love management teams, love people who, you know, get deals done, have great relationships with the regulators, and have the ability to execute transactions that are good for their shareholders. And we're going to see plenty of other, you know, upside coming from other banks actually getting taken over, and premiums being paid as well. There's a really big gap between the market cap of the mid-cap banks and the smid and smaller. So, the bigger banks get to pay really nice premiums, it's a win for all shareholders, including their own. And when that math happens, you know, you've got an environment's right, right? Regulation allows deals to happen, average age of a board of directors is up to 66 years, it's up six years since 2018, right? Because deals just haven't had a chance to happen. I mean, think about the things we've had since 18, right? We had the pandemic, uncertainty, we had the Fed raising rates really quickly, caused some failures, uncertainty on the funding side, so again, hardly have M&A happen. But fear over recessions, uncertainty, it appears that things are starting to get a little more certain, right? That the the tariffs are happening, the world's not falling apart, we've got economic growth, and I I think we're really going to see a very good second half of the year for M&A period. It's going to benefit everybody in the ecosystem. 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Bloomberg
6 days ago
- Business
- Bloomberg
Bloomberg Intelligence: Goldman Sachs Posts Best Stock-Trading Quarter in History
Watch Paul LIVE every day on YouTube: Bloomberg Intelligence hosted by Paul Sweeney and Lisa Mateo Alison Williams, Bloomberg Intelligence Senior Analyst, Global Banks and Asset Managers, discusses U.S bank earnings. Goldman Sachs Group Inc.'s stock traders posted the largest revenue haul in Wall Street history, with equity-trading revenue of $4.3 billion for the second quarter. Morgan Stanley's stock traders scored their best second quarter on record, earning $3.72 billion in equity-trading revenue, a 23% jump from a year ago. Bank of America Corp.'s traders posted a record second quarter as the company reaped the benefits of volatile markets and net interest income topped analysts' estimates. Woo Jin Ho, Bloomberg Intelligence Senior Technology Analyst, discusses Hewlett Packard Enterprise creating a new strategy committee and agreeing to work with Elliott Investment Management to help boost value. Other members of the committee will include Gary Reiner, Raymond Lane and Charles Noski. Duncan Fox, Bloomberg Intelligence Senior Consumer Staples Analyst, discusses Diageo Chief Executive Officer Debra Crew stepping down after a bruising run in which the company's stock has plummeted. The maker of Guinness and Johnnie Walker whisky said Wednesday Chief Financial Officer Nik Jhangiani had been appointed interim CEO, with a search already under way for Crew's permanent replacement. Herman Chan, Bloomberg Intelligence Senior Analyst for US Regional Banks, discusses regional bank earnings. They include results from First Horizon, PNC Financial, and MT&T Bank.
Bloomberg
6 days ago
- Business
- Bloomberg
Bloomberg Intelligence: Goldman Sachs Profit Surges (Correct)
Watch Paul LIVE every day on YouTube: Bloomberg Intelligence hosted by Paul Sweeney and Lisa Mateo Alison Williams, Bloomberg Intelligence Senior Analyst, Global Banks and Asset Managers, discusses U.S bank earnings. Goldman Sachs Group Inc.'s stock traders posted the largest revenue haul in Wall Street history, with equity-trading revenue of $4.3 billion for the second quarter. Morgan Stanley's stock traders scored their best second quarter on record, earning $3.72 billion in equity-trading revenue, a 23% jump from a year ago. Bank of America Corp.'s traders posted a record second quarter as the company reaped the benefits of volatile markets and net interest income topped analysts' estimates. Woo Jin Ho, Bloomberg Intelligence Senior Technology Analyst, discusses Hewlett Packard Enterprise creating a new strategy committee and agreeing to work with Elliott Investment Management to help boost value. Other members of the committee will include Gary Reiner, Raymond Lane and Charles Noski. Duncan Fox, Bloomberg Intelligence Senior Consumer Staples Analyst, discusses Diageo Chief Executive Officer Debra Crew stepping down after a bruising run in which the company's stock has plummeted. The maker of Guinness and Johnnie Walker whisky said Wednesday Chief Financial Officer Nik Jhangiani had been appointed interim CEO, with a search already under way for Crew's permanent replacement. Herman Chan, Bloomberg Intelligence Senior Analyst for US Regional Banks, discusses regional bank earnings. They include results from First Horizon, PNC Financial, and MT&T Bank.
