Bank of America originated $17 billion worth of first-lien residential mortgage loans and home equity loans in Q1, which helped the bank's net income rise to $3.4 billion for Q1. The Charlotte, North Carolina-based bank also reported a 45 percent year-over-year decline in the number of first mortgage loans serviced by its Legacy Assets unit that were 60 or more days delinquent, down to 153,000.
Read More »Q1 Net Revenues for Goldman Sachs Hit Four-Year High; Citi Profits Despite Lower Revenues
Michael Corbat, CEO of Citigroup, said the announced sale of OneMain, the largest business remaining in Citi Holdings and which the bank sold to Springleaf Holdings for $4.25 billion in March, helped make for a profitable quarter. "We had a strong quarter overall, particularly in executing against our top strategic priorities,” Corbat said, adding that the bank grew loans and deposits in its core businesses and tightly managed its expenses.
Read More »Delinquency Decline Helps Bank of America Reach $3.4 Billion Q4 Net Income
In its Q1 2015 earnings report released Wednesday, Bank of America reported a net income of $3.4 billion, or 27 cents per diluted share, in part due to an increase in mortgage originations and a decline in the number of 60-plus day delinquent mortgages.
Read More »Increased Litigation Expenses Cut Into Q4 Earnings for FDIC-Insured Institutions
Increased litigation expenses at a few larger banks caused the Q4 aggregate net income for commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC Chairman was still encouraged by the numbers, however.
Read More »Morgan Stanley Reports Substantial Gains in Q3
Morgan Stanley's third quarter 2014 net revenues of $8.9 marked an increase from $8.0 billion from the same period a year ago, the investment bank reported in its Q3 2014 earnings statement released on Friday.
Read More »Goldman Sachs Reports Spikes in Net Earnings, Net Share Price
The Goldman Sachs Group, Inc. reported a third quarter net revenue of $8.39 billion and net earnings of $2.24 billion, according to the company's Q3 earnings statement released on Thursday. The net earnings total is a 50 percent jump from Q3 2013, when, the investment bank reported net earnings of $1.43 billion.
Read More »Legal Costs Hurt Bank of America’s Q3 Earnings
Bank of America's Q3 earnings took a hit from a record $16.65 billion settlement with the Justice Department and other federal and state agencies in August to settle charges against the bank related to the sale of toxic mortgage-backed securities. That settlement cost the bank $5.3 billion (pretax), or $0.43 per share after tax.
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