There were some big shifts in the ranked performance of the largest broker-dealers in Q4'19 vs. Q3'19. Overall, 69% of financial-services firms in the S&P 500 Index beat earnings forecasts for the quarter, according to FactSet.
WORST: 13th place. Earnings $15.9 million,
DOWN 65% | EPS $0.23, down 67% | Advisor and associate headcount 1,327, DOWN 76. |
Waddell & Reed headquarters in Shawnee Mission, Kansas.
WADDELL and REED
12th place. Earnings $4.87 billion,
DOWN 53% | EPS $0.60, DOWN 50% | Advisor headcount 13,512, DOWN 456. |
A Wells Fargo branch in New York (Photo: Bloomberg)
11th place. Earnings $1.92 billion,
DOWN 24% | EPS $4.69, down 22% | Wealth management revenues $1.18 billion, UP 6%. |
David Solomon, president and CEO of Goldman Sachs. (Photo: Bloomberg)
(including United Capital)
10th place. Earnings $463 million,
DOWN 14% | EPS $3.53, down 6% | Advisor headcount 9,871, DOWN 60. |
Ameriprise headquarters in Minneapolis. (Photo: Bloomberg)
9th place. Earnings $7 billion,
DOWN 4% | EPS $0.76, UP 6% | Merrill advisor headcount 17,458, DOWN 60. |
BofA CEO Brian Moynihan. (Photo: Bloomberg)
BANK of AMERICA
8th place. Earnings $126.7 million,
UP 5% | EPS $1.53, up 13% | Affiliated financial advisors 16,464, UP 355. |
LPL CEO Dan Arnold.
7th place. Earnings $246.3 million,
UP 6% | EPS $1.39, up 8% | Total wealth management assets $150.1 billion, UP 20% |
First Republic Bank branch in New York (Photo: Bloomberg)
FIRST REPUBLIC BANK
6th place. Earnings $268 million,
UP 8% | EPS $1.89, UP 12% | Advisor headcount 8,060, UP 245. |
Raymond James CEO Paul Reilly.
5th place. Earnings $125.9 million,
UP 13% | EPS $1.62, UP 17% | Advisor headcount 2,222, UP 70. |
Stifel CEO Ronald Kruszewski. (Photo: Bloomberg)
4th place. Earnings $5.0 billion,
UP 15% | EPS $2.15, up 31% | Private bank revenue $847 million, UP 6%. |
Michael Corbat, CEO of Citigroup (Photo: Bloomberg)
3rd place. Earnings $8.52 billion,
UP 21% | EPS $2.57, up 30% | Wealth advisor headcount 2,890, UP 25. |
JPMorgan sign on a building in NYC. (Photo: AP)
2nd place. Earnings $2.24 billion,
UP 46% | EPS $1.30, UP 63% | Advisor headcount 15,468, DOWN 226. |
Morgan Stanley's New York headquarters (Photo: Bloomberg)
BEST: 1st place. Earnings $772 million,
UP 129% | EPS $0.19, UP 138% | Advisor headcount-global 10,077, DOWN 600. |
Sergio Ermotti, Outgoing UBS CEO (Photo: Bloomberg)
Financial-services firm were close to that figure, with 69% topping forecasts. But 27% came in below estimates, and 5% were in line with forecasts.
With these results, the ranked performance of the largest broker-dealers in the fourth quarter changed sharply from the prior period.