In the quarter ended Dec. 31, all 11 broker-dealers tracked by ThinkAdvisor reported increased earnings over the year-ago period. Two firms reported substantial improvements in earnings, after reporting losses in the fourth quarter of 2023.
Client assets at both Ameriprise Financial and Raymond James Financial grew 14% year over year in the final quarter of 2024. At JPMorgan Private Banking, client assets rose 27%.
Across the broader financial sector, the year-over-year earnings growth rate for the quarter was 16.4% through Feb. 7, according to FactSet Research Systems. This topped estimates of 11.8%.
Earnings-per-share surprises included results from JPMorgan ($4.81 vs. $4.09), Goldman Sachs ($11.95 vs. $8.21) and Morgan Stanley ($2.22 vs. $1.70), FactSet notes. Raymond James also beat adjusted earnings estimates from Zachs Investment Research ($2.93 vs. $2.75).
The period ending Dec. 31 “started strong with year-over-year revenue growth of 17% and net income growth of 21% … driven by record asset management and related administrative fees and robust investment banking revenues,” Paul Reilly, Raymond James' chair and CEO, said in a statement.
On April 17, Citigroup, Morgan Stanley and Wells Fargo are scheduled to report their first-quarter earnings for 2025.
See the accompanying gallery for the 11 best and worst broker-dealers in the fourth quarter of 2024, as tracked by ThinkAdvisor.
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