Earnings of S&P 500 companies fell 0.4% in the second quarter, marking the first time with two straight quarters of year-over-year earnings declines since Q1 2016 and Q2 2016. Earnings in the financial services sector fell 8%, according to FactSet Senior Earnings Analyst John Butters. Most of the largest broker-dealers — several of which are owned by large banks — had positive earnings growth in the quarter, though a handful did not. Click through this gallery to see how they did.
6th place.
WADDELL and REED
Earnings $24.8 million,
DOWN 27% | EPS $0.38,
DOWN 16% | Advisor and associate headcount 1,344
DOWN 30 from a year ago |
Waddell & Reed headquarters in Shawnee Mission, Kansas.
8th place.
MORGAN STANLEY
Earnings $2.06 billion,
DOWN 2.4% | EPS $1.27, UP 9% | Advisor headcount 15,553, DOWN 102. |
Morgan Stanley's New York headquarters (Photo: Bloomberg)
12th place.
GOLDMAN SACHS
(which now includes United Capital)
Earnings $1.88 billion,
DOWN 25.5% | EPS $4.79, down 25% | Investment management sales $1.67 billion, DOWN 2%. | Assets under supervision $1.76 trillion, UP 14% |
David Solomon, president and CEO of Goldman Sachs. (Photo: Bloomberg)
9th place.
UBS
Earnings $1.05 billion,
DOWN 16% | EPS $0.28, DOWN 15% | Advisor headcount-global 10,217, DOWN 460. |
Sergio Ermotti, CEO of UBS. (Photo: Bloomberg)
2nd place.
FIRST REPUBLIC BANK
Earnings $234.8 million,
UP 10% | EPS $1.31, up 10% | Total wealth management assets $140 billion, UP 7% |
First Republic Bank branch in New York (Photo: Bloomberg)
5th place.
CITIGROUP
Earnings $4.9 billion,
UP 5.7% | EPS $2.07, up 20% | Private bank revenue $867 million, UP 2%. |
Michael Corbat, CEO of Citigroup (Photo: Bloomberg)
10th place.
BANK of AMERICA
Earnings $5.8 billion,
DOWN 19% | EPS $0.56, DOWN 10% | Merrill advisor headcount 17,657, UP 201. |
BofA CEO Brian Moynihan. (Photo: Bloomberg)
3rd place.
AMERIPRISE FINANCIAL
Earnings $543 million,
UP 8% | EPS $4.04, up 18% | Advisor headcount 9,930, DOWN 3. |
Ameriprise headquarters in Minneapolis. (Photo: Bloomberg)
7th place.
RAYMOND JAMES
Earnings $172 million,
DOWN 34% | EPS $1.23,
DOWN 32% | Advisor headcount 8,155,
UP 251. |
Raymond James CEO Paul Reilly.
4th place.
JP MORGAN
Earnings $9.08 billion,
UP 7.7% | EPS $2.68, up 15% | Wealth advisor headcount 2,872, UP 64. |
JPMorgan Sign on a building in NYC. (Photo: AP)
12th place.
WELLS FARGO
Earnings $4.61 billion,
DOWN 23% | EPS $0.92, DOWN 19% | Advisor headcount 13,723, DOWN 751. |
A Wells Fargo branch in New York (Photo: Bloomberg)
6th place.
STIFEL FINANCIAL
Earnings $104.6 million,
UP 3% | EPS $1.34, UP 7% | Advisor headcount 2,193, UP 44. |
Stifel CEO Ronald Kruszewski. (Photo: Bloomberg)
BEST: 1st place.
LPL FINANCIAL
Earnings $132 million,
UP 19% | EPS $1.57, up 32% | Affiliated financial advisors 16,349, UP 175. |
LPL CEO Dan Arnold.
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September 09, 2019 at 03:53 PM
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