Beats Earnings by ~10% & Beats Revenue expectations by ~5%
Total Revenue: ~$15 Bn, down 1% QoQ, up 12% YoY
Net Income: $3.1 Bn, down 10% QoQ, up 41% YoY
Shares down ~3% after results
Key Takeaways:
Institutional Securities: $6.98Bn, flat QoQ and up 23% YoY
Wealth Management: $6.79Bn, down 1% QoQ and up 2% YoY
Investment Management: $1.39Bn, up 1% QoQ and up 8% YoY
Provision for Credit Losses: $76M, up significantly from -$6M in the prior quarter and down from $161M a year ago
CEO Ted Pick on AUM:
“Total client assets grew to $7.2 Tn on our road to $10+ Tn. We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.”
