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Sunday, May 27, 2012

Big Banks Profits Slow: Capital One, US Bancorp, Wells Fargo Shine



Only 3 of the 10 Largest USA Banks reported gains in net income from the prior year Q1 2011. The other 7 reported year over year decreases. Shining were Capital One (+38%), U.S. Bancorp (+28%), and Wells Fargo (+13%). Near break-even with small YoY decreases were Citigroup (-2%), PNC Financial (-2.5%), JPMorgan (-3%), and BNY Mellon (-6%). Those dropping more significantly were Goldman Sachs (-23%), and Bank of America (-68%). Last-place was Morgan Stanley (-110%), reporting the only quarterly loss at -$94 million.



Sequential quarterly net income results, the change from the prior quarter Q4 2011, were much better. 8 of the 10 Largest USA Banks reported increases with Capital One, Citigroup, and Goldman Sachs at  the top with +245%, +207%, and 108%, respectively. Next were PNC Financial (+65%), Morgan Stanley (+62%), JPMorgan (+44%), and BNY Mellon (+32%). Near break-even were Wells Fargo at +3% and U.S. Bancorp at -1%. Bank of America trailed with a -67% decrease in quarterly net income.



Largest USA Banks Ratings: U.S. Bancorp Tops, Goldman Sachs Last

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