If you would have been following the markets around the globe specially, The Wall Street Investment banks are struggling third-quarter earnings season following a drop in mortgage refinancing and a downturn in trading. How well do you know the big banks? Test yourself by matching the financial giant to the quote about their earnings reports.
1.“It’s pretty straightforward: Whenever regulators go after the big financial institutions and corporations, it’s very good business for the law firms that represent them,” said Allen D. Applbaum, a co-leader of global risk and investigations at FTI Consulting and a former federal prosecutor.
2. “It is a quarter,” the bank’s chief financial officer reiterated several times, sounding frustrated while discussing poor performance.
3. “This was the best third quarter that wealth management has had — ever,” the bank’s chief financial officer said.
4. “Weak mortgage banking clearly stole the show,” said Shannon Stemm, a financial services analyst at Edward Jones. “That said, they’re able to continue their consecutive earnings growth.”
5. “Fundamentals continue to be outweighed by policy decisions and global growth is dictated more by central bankers and elected officials than business leaders,” the bank’s chief executive said.
6. “It is growing its more stable businesses like wealth management and reducing risk in the more volatile businesses like fixed income,” said Ms. Stemm.
7. “I can’t think of a significant business that had revenue growth year over year,” the bank’s chief financial officer said.
I will publish the answers on twitter @sandyyadav by late evening and update the post before US opens on Monday 🙂