The first quarter of the US stocks kicked off.Lucknow Investment
On April 12, 2024, local time, heavyweight financial institutions such as JP Morgan Chase, Wells Fargo, Citi Group and Berlaide successively announced their quarterly performance.Among them, Berlaide’s management assets reached a record of US $ 10.5 trillion, and the profit increased significantly; the net interest income of JP Morgan Chase and Wells Fargo was less than expected; as the company and consumers continued to increase the loan, Citi Group’s profit increased significantly.
Bellaide’s management assets reached 10.5 trillion US dollars, and the profit increased by 36%
According to the first quarter financial report of Bellaide’s 2024, Bellaide’s management assets reached a record of US $ 1.05 trillion. At the same time, due to the rebound of the global stock market, the cost of Black investment consulting and management business has been pushed.Net profit was $ 1.573 billion, an increase of 36%over the same period last year.
However, the total net inflows fell from US $ 110 billion in the same period last year to $ 57 billion.Because customers wait and see, wait for the start of interest rate cuts, and then invest in risk assets, and the inflow of funds continues to weaken.
Market analysts predict that once the Fed implemented interest rate cuts at the end of the year, the capital flow of the asset management industry will be accelerated because this will stimulate cash that is currently watching a state of watch to risk assets.
The financial report shows that due to the increase in technological income and the increase in market average asset management scale, Blale dollar operating income in the first quarter increased by 11%to $ 4.73 billion compared with the first quarter of last year.Varanasi Wealth Management
Lawrence Finker, chairman and CEO of Bellede, said: "The momentum of Perlaide has continued to increase, customer activities have continued to accelerate, and the financing entrusted by important wealth, institutions and Aladdin projects. Organic assets and basic expensesThe growth of growth accelerated at the end of the quarter, and the long -term net inflow of 76 billion US dollars in the first quarter was equivalent to nearly 40%of the annual level of 2023.Dedic has been connected with our customers for many years and invests in our platform to predict the changing needs of customers.And in many cases, we have deepened our relationship with them. "
On the same day, Bellaide’s stock price rose about 2%after the opening, but then continued to fall, and the closing of the market fell more than 3%.Kanpur Investment
Interest income is lower than expected, Morgan Chase’s stock price plummeted
Morgan Chase’s financial report in the first quarter of 2024 showed that although its interest income was not as good as the previous market expectations, the net profit in the first quarter was US $ 13.4 billion, a year -on -year increase of 6.3%.In the first quarter, operating income was $ 41.9 billion, an increase of 9.3%year -on -year.It is worth mentioning that after Morgan Chase acquired the first Communist and Bank of the bank in May last year, its balance sheet also added billions of dollars to loans, further increasing interest income.
The first quarter report showed that the net interest income in the first quarter was US $ 23.08 billion. Although it rose 11%year -on -year, it reduced by 4%from the previous month when the benchmark interest rate unchanged.JP Morgan CEO Jimi Dimon said in his financial report: "In this quarter, net interest income decreased by 4%month -on -month, as expected. Looking forward to the future, we expect net interest income and credit costs to continue to be normal."
In terms of financial guidance throughout the year, the company expects that the annual net interest income is about 90 billion US dollars, which is the same as the annual report of the previous quarter, and increased the guidance of net interest income in addition to market business to $ 89 billion.At the same time, the adjustment of the adjusted expenses is expected to increase to $ 91 billion, slightly increased by $ 1 billion.
Despite the increasing optimism of people’s soft landing in the past few months, Jamie Dimon still insists on conservative and cautious attitude."Many economic indicators continue to improve. However, looking forward to the future, we still keep vigilant about some major uncertainties." He previously said in a statement.
Piper Sandler analyst, Scott Sever, wrote in a report to customers that Morgan Chase’s guidance for net interest income "made us extremely conservative.""This conservative attitude will disappoint investors and may make the shares under pressure."
In other data, Morgan Chase’s credit loss reserve in the first quarter was 1.88 billion US dollars, which was far lower than the analysts expected to US $ 2.7 billion, and the reserve decreased by 17%over a year ago.The overall transaction revenue decreased by 5%compared with the same period of the previous year, but fixed income and stock performance exceeded analysts from more than US $ 100 million, respectively, with $ 5.3 billion and US $ 2.7 billion, respectively.Pune Stock
After the financial report was released, Morgan Chase’s stock price plummeted. As of the close of the day, it fell more than 6%.
The storage household’s pressure increases, and the interest income of Wells Fargo has not reached expected
Wells Fargo’s first quarter financial report shows that in the first quarter, operating income was US $ 20.9 billion, a year -on -year increase of 0.65%; net profit was $ 4.62 billion, a year -on -year decrease of 7.5%.Market analysts believe that the reason for the decline in net profit is that the cost of paying deposits to customers has become higher, and the demand for borrowers has decreased.
The financial report shows that the net interest income of Wells Fargo in the first three months of this year was $ 12.2 billion, a year -on -year decrease of 8.3%, slightly lower than the analyst’s expectations of US $ 12.3 billion.Nevertheless, due to the increase in investment consulting fees and transaction commissions, the overall income is still higher than expected.
Charlie Shaf CEO Charlie Shaff said: "Our steady performance in the first quarter proves our progress in improving financial performance and the diversification of financial performance. Compared with the fourth quarter of last yearBring a higher income, the growth of non -interest income is sufficient to offset the decline in net interest income. "
Regarding the incentive income, Wells Fargo said: "Non -interest income increased by 17%, mainly due to the improvement of the performance of our venture capital business, and also due to rising market valuation and increased market transaction revenue."
Wells Fargo shocked sharply on the day, and the opening of the market fell more than 2%, and then rose to turn red and closed slightly.
Flower Group’s exceeded revenue of US $ 21.1 billion
With the increase of consumers ‘trust in Citi Credit Card, Citi Group’s profits exceed analysts’ expectations.Jaipur Wealth Management
The total net profit of Citi Group in the first quarter was 3.4 billion US dollars, exceeding the predictions of analysts in Bloomberg survey.In the first quarter, operating income was US $ 21.1 billion, which also exceeded the average expected US $ 20.4 billion in Wall Street.
The market generally expects that the Fed will take a period of time to cut interest rates, which has boosted the profitability of key business areas. More and more companies choose to hire a banker to hire Citi Group to sell bonds.At the same time, consumers’ expenditures and balances on credit cards have also increased.Investors have also been closely paying close attention to the profit of Citi Group, because CEO Jane Fraser is undergoing reorganizations throughout the company, including cutting 20,000 positions.
Jane Fraser said in the financial report: "Last month marked the end of the organization we announced in September last year. Now we have a cleaner and simpler management structure, which fully meets our strategy." "This will also help us implement the transformation. As we eliminate multiple leftover platforms and strengthen our risk control, we have made good progress. "
In other data, unlike Wells Fargo and JP Morgan Chase, Citi Group’s net interest income totaled 13.5 billion US dollars, exceeding Wall Street expectations.At the same time, the income of bank traders fell by 7%, which is more milder than the 8%to 12%mentioned by Jane Fraser at a meeting last month.
The opening of Citi Group rose about 3%on Friday, but subsequently dragged down the market and continued to decline, and the closing of the market fell.
Responsible editor: Wan Jianyi
School pair: Liu Rongzhi
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