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.
WADDELL and REED

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.

12th place.
WELLS FARGO

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.
GOLDMAN SACHS
(including United Capital)

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)

10th place.
AMERIPRISE FINANCIAL

Earnings $463 million, DOWN 14% | EPS $3.53, down 6% | Advisor headcount 9,871, DOWN 60. | Ameriprise headquarters in Minneapolis. (Photo: Bloomberg)

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9th place.
BANK of AMERICA

Earnings $7 billion, DOWN 4% | EPS $0.76, UP 6% | Merrill advisor headcount 17,458, DOWN 60. | BofA CEO Brian Moynihan. (Photo: Bloomberg)

8th place.
LPL FINANCIAL

Earnings $126.7 million, UP 5% | EPS $1.53, up 13% | Affiliated financial advisors 16,464, UP 355. | LPL CEO Dan Arnold.

7th place.
FIRST REPUBLIC BANK

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)

6th place.
RAYMOND JAMES

Earnings $268 million, UP 8% | EPS $1.89, UP 12% | Advisor headcount 8,060, UP 245. | Raymond James CEO Paul Reilly.

5th place.
STIFEL FINANCIAL

Earnings $125.9 million, UP 13% | EPS $1.62, UP 17% | Advisor headcount 2,222, UP 70. | Stifel CEO Ronald Kruszewski. (Photo: Bloomberg)

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4th place.
CITIGROUP

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.
JP MORGAN

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.
MORGAN STANLEY

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.
UBS

Earnings $772 million, UP 129% | EPS $0.19, UP 138% | Advisor headcount-global 10,077, DOWN 600. | Sergio Ermotti, Outgoing UBS CEO (Photo: Bloomberg)

In the fourth quarter of 2019, an average of 70% of S&P 500 companies have reported earnings that topped estimates, according to FactSet research.

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. 

For Q4 2019, about 70% of S&P 500 companies reporting through Feb. 21 had a positive EPS surprise, and 66% had a positive revenue surprise. Financial firms reported the largest positive (aggregate) difference between actual revenues and estimated revenues — at 3%.

With these results, the ranked performance of the largest broker-dealers in the fourth quarter changed sharply from the prior period.

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