Beats Earnings by ~8% & Matches Revenue expectations
Total Revenue: $20.1 Bn, up 4% YoY, down 5% QoQ
Net earnings: $3.2 Bn, up 10% YoY, down 5% QoQ
RoE: 6.3%, RoTCE: 7.2%
Shares down ~0.2% after results
2/ Key Takeaways:
Investment banking revenue jumped 38% to $1.6 Bn, driven by growth in debt & equity issuance.
Fixed income trading revenue fell 3% to $3.6 Bn, while equities revenue rose 37% to $1.5 Bn.
Revenue in the Services division up 3% to $4.7 Bn due to rising fee growth and client onboardings.
3/ CEO Jane Fraser on Progress:
“Our results show the progress in executing our strategy and the benefit of our diversified business model. We achieved positive operating leverage with revenue up 4% and a 2% decline in expenses.”
“We have made an incredible amount of progress in simplification – both strategically and organizationally. We are modernizing our infrastructure to improve client service and automating processes to strengthen controls.”
