There were some big shifts in the ranked performance of the largest broker-dealers in Q1'20 vs. Q4'19, as the COVID-19 pandemic prompted banks to increase their loan loss provisions.

WORST: 13th place.
WELLS FARGO

Earnings $653 million, DOWN 89% | EPS $0.01, DOWN from $1.20 | Employee advisor headcount 13,450, DOWN 378. | Wells Fargo branch in New York (Photo: Bloomberg)

12th place.
JPMORGAN

Earnings $2.87 billion, DOWN 69% | EPS $0.78, DOWN 71% | Wealth advisor headcount 2,878, UP 1. | JPMorgan Sign on a building in NYC. (Photo: AP)

11th place.
GOLDMAN SACHS

Earnings $1.21 billion, DOWN 49% | EPS $3.11, DOWN 46% | Wealth management revenues (including United Capital) $1.2 billion, UP 18%. | (Photo: AP)

10th place.
CITIGROUP

Earnings $2.52 billion, DOWN 46% | EPS $1.05, DOWN 44% | Private bank revenues $949 million, UP 8%. | (Photo: AP)

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9th place.
BANK OF AMERICA

Earnings $4.01 billion, DOWN 45% | EPS $0.40, DOWN 43% | Merrill headcount 17,646, UP 111. | Bank of America building (Photo: AP)

8th place.
RAYMOND JAMES

Earnings $269 million, DOWN 35% | EPS $1.20, DOWN 34% | Advisor headcount 8,148, UP 286. | Raymond James CEO Paul Reilly.

7th place.
WADDELL and REED

Earnings $22 million, DOWN 31% | EPS $0.32, down 24% | Advisor and associate headcount 1,316, DOWN 51. | Waddell & Reed headquarters in Shawnee Mission, Kansas.

6th place.
MORGAN STANLEY

Earnings $1.7 billion, DOWN 30% | EPS $1.01, DOWN 27% | Advisor headcount 15,432, DOWN 276. | Morgan Stanley's New York headquarters (Photo: Bloomberg)

5th place.
STIFEL FINANCIAL

— Earnings $81.75 million, DOWN 16%| EPS $1.01, DOWN 12% | Advisor headcount 2,130, DOWN 31. | Stifel CEO Ronald Kruszewski (Photo: Bloomberg)

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4th place.
FIRST REPUBLIC BANK

Earnings $218.7 million, DOWN 3.5% | EPS $1.20, down 5% | Total wealth management assets $138 billion, DOWN 1.5% | First Republic Bank branch in New York (Photo: Bloomberg)

3rd place.
LPL Financial

Earnings $156 million, UP 0.2% | EPS $1.92, UP 7% | Advisor headcount 16,763, UP 574. | LPL CEO Dan Arnold (Photo: LPL Financial)

2nd place.
AMERIPRISE FINANCIAL

Earnings $694 million, UP 34% | EPS $5.41, up 46% | 9,878 franchisee/employee advisors, DOWN 101. | (Photo: AP)

BEST: 1st place.
UBS

Earnings $1.6 billion, UP 40% | EPS $0.43, UP 43% | Advisor headcount-Americas 6,496, DOWN 294. | A UBS building in New York (Photo: Bloomberg)

The majority of of U.S. companies, 95%, have reported earnings for the first three months of the year, according to the research group FactSet. So far, S&P 500 companies have reported an average earnings decline of -14.6% for the first quarter.

“If -14.6% is the actual decline for the quarter, it will mark the largest year-over-year decline in earnings reported by the index since Q3 2009 (-15.7%),” FactSet analyst John Butters said in a report last week.

The financial industry is one of five sectors with a year-over-year decline in earnings, along with consumer discretionary, energy, industrials and materials. 

The financial sector had an aggregate negative difference between actual earnings and estimated earnings of about 20%.

“Within this sector, Capital One Financial (-$3.02 vs. $1.88), Comerica (-$0.46 vs. $0.98), Discover Financial Services (-$0.25 vs. $0.72) and Wells Fargo ($0.01 vs. $0.37) reported the largest negative EPS surprises,” Butters explained. 

Yet, 51% of financial companies reported earnings above estimates, FactSet says, and the difference between actual revenue and estimated revenue was 1% for the group.

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