NEW YORK - The Banking Week came and went in the United States with 3 of the largest 4 banks in the United States reporting their quarterly earnings.
Citigroup was first to report on Tuesday after the market was closed on Monday. The company reported disappointing results. The company said it earned 4 cents a share or $1.3 billion. The results were especially disappointing because revenue was only $18 billion. The stock began to drop and the stock is currently down 4.3% since it reported. PNC Financial the nations 6th largest bank which is 13% the size of Citigroup, posted sales of 21.3 the size.
Wells Fargo then reported on Thursday and showed revenue of nearly $22 billion. The 4th largest bank in the U.S. reported $3.4 billion of profit, $3.2 billion applicable to common shareholders or 61 cents a share. Nonperforming loans (NPL) declined from $34 to $32 the first time since the acquisition of Wachovia in 2008. Its stock has remained close to even. To see the Wells Fargo report click here.
BAC was last to report on Friday and had a mixed report. BAC reported a net loss of $1.2 billion excluding goodwill impairment charges they recorded a gain of $756 million. Also in the results was a provision for $4.1 billion for mortgage putbacks which limited gains. Revenue for BAC dropped to $22.7 billion down from $26.7 billion in the quarter before and expenses also rose. The stock was up and down on Friday as investors digested the weak number but also turned to the future as the stock fluctuated between gains and losses during the day. To see the BAC report click here.
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