PNC Financial Services Reports Weak Quarter: Expenses Push EPS to 7-Quarter Low

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PNC Financial Services Reports Weak Quarter: Expenses Push EPS to 7-Quarter Low


PNC Financial Services Summary Q4 2011 PNC Financial Services' Q4 financial performance suffered from a large increase in noninterest, operating, expenses. Financial position continues very strong. PNC explained, "Noninterest expense of $2.7 billion for the fourth quarter increased $579 million compared with the third quarter and included $240 million of residential mortgage foreclosure-related expenses primarily as a result of ongoing governmental matters, a noncash charge of $198 million related to redemption of trust preferred securities, and an increase in personnel expense of $103 million primarily driven by higher stock market prices and higher business production." CEO James E. Rohr said, "PNC had a solid year of accomplishments in a challenging regulatory and economic environment."


PNC Financial Services Income Statement Q4 2011 Net revenues were $3.55 billion, net income a multi-year low $493 million, and earnings per share a 7-quarter low $0.85. From the prior quarter Q3 2011, net revenues were +0.14%, net income -40.89%, and earnings per share -45.16%. From the prior year Q4 2010, these were -9.07%, -39.88%, and -43.33%, respectively. Both the operating margin of 18.03% and the net margin of 13.89% are multi-quarter lows. The operating expense ratio skyrocketed to 70.01%.


PNC Financial Services Balance Sheet Q4 2011 Total assets were +1% QoQ and +3% YoY to $271.21 billion. The capital to assets ratio dipped QoQ to 13.73%, but continues very strong. Return on assets decreased QoQ to a still strong +1.16%. Gross Loans increased QoQ and YoY and Net Loans are 57% of the asset mix. The Allowance for Loan Losses to Loans ratio of 2.73% is a multi-quarter low.


PNC Financial Services (PNC) Rating Q4 2011 At December 31, 2011, we have rated PNC Financial Services an "A-", the same as at September 30, 2011. Financial position continues very strong. Financial performance was sub-par for the current quarter, but expected to rebound in Q1 2012. Our rating weights financial position more than financial performance and emphasizes safety and soundness, not future earnings potential. Ratings range from A+ down through G-.


PNC Financial Services Performance by the Quarters


















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Citigroup Financial Performance Drops: Revenues, Net Income, & EPS Decrease

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Citigroup Earnings Drop: Revenues, Net Income, & EPS Decrease


Citigroup Summary Q4 2011 Citigroup Q4 financial performance disappointed and reached multi-quarter lows. However, debt and credit value adjustments plus various additional charges and credits create volatility each quarter. Net revenues swing up or down accordingly. This quarter it was down, last quarter it was up. Credit losses have been contained and core banking operations have stabilized. Financial position strengthened via a decrease in total assets therefore the capital ratio improved. Compared to the dismal financial results in 2007, 2008, and 2009, the current Q4 2011 performance is adequate, but still below peers. Annualized return on assets is +0.59%, which is greatly improved, but also below peers.


Citigroup Income Statement Q4 2011 Citigroup financial performance dropped with net revenues of $17.17 billion, net income of $1.17 billion, and earnings per share of $0.38. From the prior quarter Q3 2011, net revenues were down -17.56%, net income was down -69.11%, and earnings per share were down -69.11%. From the prior year Q4 2010, net revenues were down -6.52%, net income was down -11.00%, and earnings per share were down -11.63%. The operating margin was 7.94% and the net income margin was 6.78%. Both margins dropped significantly.


Citigroup Balance Sheet Q4 2011 Citigroup total assets are $1.875 trillion, a decrease of -3.16% QoQ and -2.04% YoY. The decrease in assets improved the capital position. Citigroup last had total assets of greater than $2 trillion in Q1 2010, and just for that quarter. Previously total assets dropped below $2 trillion  in Q3 2008 and have remained below with the exception of Q1 2010. Return on assets was steady at +0.59%, which is low for banking but historically high for Citi. The capital to assets ratio (stockholder's equity to total assets) improved to 9.59%, which is much improved from 2007 and 2008 and a multi-year high. The financial regulatory Tier 1 common ratio is 11.8% and the Tier 1 capital ratio is 13.6%. All the capital ratios are adequate.


Citigroup (C) Rating Q4 2011 At December 31, 2011, we have rated Citigroup a "D-", the same as at September 30, 2011. Financial position is adequate and has slightly strengthened by reduction in total assets and increase in total equity. Financial performance continues adequate but has dropped. Our rating weights financial position more than financial performance and emphasizes safety and soundness, not future earnings potential. Ratings range from A+ down through G-.


Citigroup Financial Performance by the Quarters Citigroup Earnings Per Share Current Earnings per Share of $0.38 is -69.11% QoQ, -11.63% YoY, and an 8-quarter low. A 1-for-10 reverse stock split was effective May 6, 2011. Prior quarters were restated by Citigroup and increased EPS by a factor of ten times. Only recent, restated quarters are included in the chart below. The chart average EPS is $0.91.




Citigroup Net Revenues, Operating Income, and Net Income Consolidated revenues are reported net of interest expense as Net Revenues. Current Net Revenues of $17.17 billion are -17.56% QoQ, -6.52% YoY, and an 8-quarter low. Current Operating Income of $1.36 billion is an 8-quarter low. Current Net Income of $1.17 billion is -69.11% QoQ, -11.00% YoY, and an 8-quarter low. The chart averages for NR, OI, and NI are $18.39 billion, $-2.01 billion, and $-464 million, respectively.

 


Citigroup Operating Margin and Net Margin Current Operating Margin of 7.94% is a 4-quarter low. Current Net Margin of 6.78% is also a multi-year low. The chart averages for OM and NM are 16.60% and 12.94%, respectively.

 


Citigroup Capital to Assets, Tier 1 Common, and Tier 1 Capital Ratios The Tier 1 Capital Ratio of 13.60%, Tier 1 Common Ratio of 11.80%, and Capital Ratio of 9.59% are adequate. All are at multi-year highs. The chart averages for T1Capital, T1Common, and Capital Ratios are 12.64%, 9.17%, and 8.49%, respectively.

 


Citigroup Return on Assets Current Return on Assets of +0.59% is adequate, but well below the banking benchmark of +1.00%. The ROA chart average is -0.13%.

 


Citigroup Income Statement Components Current NonInterest Expense, operating expenses, of $12.46 billion appears to have stabilized and be contained, but has continued over $12 billion for 5 consecutive quarters and is at the high end of the recent range. Current Net Interest Income of $12.08 billion is an 8-quarter low and trending slightly downwards. Current NonInterest Revenue of $5.09 billion is an 8-quarter low and the primary driver of net income. Current Provision for Credit Losses and for Benefits and Claims of $2.87 billion is an 18-quarter low. The chart averages for NIE, NII, NIR, and PCL are $13.62B, $12.68B, $5.71B, and $6.79B, respectively.

 


Citigroup Operating Expense Ratio The current Operating Expense Ratio of 56.52% is an 8-quarter high. The chart average OER is 48.84%.

 


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Wells Fargo Reports Record Q4 Earnings: Strong Financial Performance & Position

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Wells Fargo Reports Record Q4 Earnings: Strong Financial Performance & Position


Wells Fargo Summary Q4 2011 Well Fargo reported record quarterly net income of $4.11 billion and record earnings per share of $0.73. This was an overall strong financial performance, even though net revenues decreased YoY. Overall financial performance may be peaking as incremental quarterly gains are decreasing. Wells Fargo continues a conservative strategy which has maintained strong levels of capital, low credit losses, and resulted in a very good return on assets of 1.24%. The latest quarter reported continues the improvement of earnings and the balance sheet. Wells Fargo is rated highest by us of the largest USA banks (see below).


Wells Fargo Income Statement Q4 2011 Wells Fargo reported net revenues of $20.61 billion, record net income of $4.11 billion, and record earnings per share of $0.73. From the prior quarter Q3 2011, net revenues were up +4.98%, net income up +1.28%, and earnings per share up +1.39%. From the prior year Q4 2010, net revenues were down -4.14%, net income up +20.30%, and earnings per share up +19.67%, respectively. The operating and net margins decreased slightly to 29.40% and 19.93%, respectively.


Wells Fargo Balance Sheet Q4 2011 Total assets increased QoQ +0.68% and YoY +4.43% to $1.314 trillion. The capital to assets ratio (total stockholders' equity divided by total assets) increased to a strong 10.78%. Return on Assets improved to a very strong 1.24%. Gross Loans increased QoQ +1.25% and YoY +1.63% and Net Loans are an increasing share of the asset mix. The ALL/Loans ratio (Allowance for Loan Losses divided by Gross Loans) was 2.52%, should be adequate, and is the lowest since the QE December 2008.


Wells Fargo (WFC) Rating Q4 2011 At December 31, 2011, we have rated Wells Fargo an "A-", the same as at September 30, 2011. Financial position is strong and has slightly strengthened. Financial performance continues very good. Our rating weights financial position more than financial performance and emphasizes safety and soundness, not future earnings potential. Ratings range from A+ down through G-.

Wells Fargo Financial Performance by the Quarters (Charts) Below are financial performance charts for Wells Fargo after the merger of Wachovia in late 2008.


Wells Fargo Earnings per Share Current Earnings per Share of $0.73 is +1.39% QoQ, +19.67% YoY, another record high, and have increased for 8 consecutive quarters. The chart average EPS is $0.57.

 


Wells Fargo Net Revenues, Operating Income, Net Income Consolidated revenues are reported net of interest expense as Net Revenues. Current Net Revenues of $20.61 are +4.98% QoQ, -4.14% YoY, and a 4-quarter high. Current Operating Income of $6.06 billion is a 3-quarter low. Current Net Income of $4.11 billion is +1.28% QoQ, +20.30% YoY, the 7th consecutive quarterly increase, and another all-time high. The chart averages for NR, OI, and NI are $21.24 billion, $5.06 billion, and $3.38 billion, respectively.

 


Wells Fargo Operating Margin and Net Margin Current Operating Margin of 29.40% is a 3-quarter low. Current Net Margin of 19.93% is a 2-quarter low. The chart averages for OM and NM are 23.96% and 16.13%, respectively.

 


Wells Fargo Capital to Assets Ratio and Tier 1 Capital Ratio The Tier 1 Capital Ratio of 11.33%, Capital Ratio of 10.78%, and Tier 1 Common Ratio of 9.46% are adequate. All 3 ratios increased in the current quarter. The chart averages for T1 Capital, Capital, and T1 Common Ratios are 10.84%, 10.27%, and 8.27%, respectively.

 


Wells Fargo Return on Assets Current Return on Assets of 1.24% is a multi-year high and well above the banking benchmark of +1.00%. The chart average ROA is 1.06%.

 


Wells Fargo Income Statement Components Current NonInterest Expense, operating expenses, of $12.51 billion is a 3-quarter high. Current Net Interest Income of $10.89 billion is a 4-quarter high. Current NonInterest Revenue of $9.71 billion is a 4-quarter high. Current Provision for Credit Losses of $2.04 billion is a 3-quarter high. The chart averages for NIE, NII, NIR, and PCL are $12.41 billion, $11.15 billion, $10.08 billion, and $3.78 billion, respectively.

 


Wells Fargo Asset Mix Higher yielding Net Loans of 57.10% increased, offset by a corresponding decrease in lower yielding Cash and Investment Securities of 27.72%. The other categories (Mortgages and Loans for Sale, NonEarning Assets, and Mortgage Servicing Rights) are relativity stable and comprise the remaining 15.17% of total assets.

 


Wells Fargo Operating Expense Ratio The current Operating Expense Ratio of 56.62% is a 3-quarter. The chart average OER is 53.39%.

 

Tuesday, January 17, 2012 WELLS FARGO REPORTS RECORD QUARTERLY AND FULL YEAR NET INCOME Q4 Net Income of $4.1 billion; Q4 Revenue of $20.6 billion SAN FRANCISCO – Wells Fargo & Company (NYSE: WFC) reported record net income of $4.1 billion, or $0.73 per diluted common share, for fourth quarter 2011, compared with $3.4 billion, or $0.61 per share, for fourth quarter 2010, and $4.1 billion, or $0.72 per share, for third quarter 2011. Full year 2011 Wells Fargo net income was $15.9 billion, or $2.82 per share, up 28 percent from 2010.

“I’m extremely pleased with Wells Fargo’s performance in 2011 – including strong deposit and loan growth, record cross-sell and record earnings,” said Chairman and CEO John Stumpf. “We achieved these results while completing the conversion of Wachovia’s retail banking stores – the largest such conversion in banking history – and now all of our 6,239 retail banking stores are on a single platform serving customers coast to coast. At the time of the merger, we said the integration of Wachovia would take three years and we are right on track. I couldn’t be prouder of how our two companies have come together as one, thanks to the important and tireless work of our more than 260,000 team members.

“In 2012, we are focused on Wells Fargo’s many opportunities, including continuing to provide our customers with award winning service, welcoming new customers as we grow market share throughout our many businesses and geographies, achieving efficiency improvements across the company and returning even more capital to our shareholders.” “The fourth quarter of 2011 was a very strong quarter for Wells Fargo, with record earnings, solid linked quarter growth in loans, deposits and capital, and continued strong credit quality,” said Chief Financial Officer Tim Sloan. “Revenue was up 5 percent from the third quarter despite a full quarter’s impact of the new debit interchange rules. As expected, expenses were higher in the quarter and we are maintaining our target of $11 billion in noninterest expense in the fourth quarter of 2012.”

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JPMorgan Financial Results Decline: EPS at 7-Quarter Low

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JPMorgan Financial Results Decline: EPS at 7-Quarter Low


JPMorgan Summary Q4 2011 JP Morgan's Q4 2011 financial results declined both QoQ and YoY. JPMorgan has definitely rebounded from the depths of the Great Recession and USA Financial System Crisis in 2008 and 2009, has adequate capital, and is profitable. A decrease in noninterest revenues resulted in the drop in financial performance and offset an impressive decrease in operating expenses (noninterest expense). Trading income, mortgage fees, and other fees and income were the cause of the decline in noninterest revenues. Core banking results, reflected in net interest income, are good. Annual return on assets are a respectable +0.85%, but decreasing. Whether financial performance can be accelerated anytime soon is the question and unknown. CEO Jamie Dimon was frank and admitted financial performance was "modestly disappointing".


JPMorgan Income Statement Q4 2011 Financial performance declined QoQ and YoY, but is adequate. Q4 2011 Net Revenues were $21.47B, Net Income was $3.73B, and Earnings Per Share was $0.90. For QoQ, these were down -9.65%, -12.53%, and -11.76%, respectively. For YoY, these were down -17.73%, -22.83%, and -19.64%, respectively. Both the Operating Margin of 22.11% and Net Margin of 17.36% declined QoQ and YoY. The operating expense ratio of 59.60% increased QoQ and YoY and continues too high.


JPMorgan Balance Sheet Q4 2011 Overall financial position is adequate and slightly stronger QoQ and slightly weaker YoY. JPMorgan's "fortress balance sheet" of $2.266 trillion in total assets maintains an adequate capital ratio of 8.10% and adequate Tier 1 Capital and Tier 1 Common ratios of 12.3% and 10.00%, respectively. Total assets were down -1.02% QoQ. Return on Assets of 0.85% is adequate and increased YoY but decreased QoQ.


JPMorgan (JPM) Rating Q4 2011 At December 31, 2011, we have rated JPMorgan Chase & Co. a "D", up from "F" at September 30, 2011. Financial position is adequate and has slightly strengthened by reduction in total assets and increase in total equity. Financial performance continues adequate but has slightly declined. Our rating weights financial position more than financial performance and emphasizes safety and soundness, not future earnings potential. Ratings range from A+ down through G-.


JPMorgan Financial Performance by the Quarters JPMorgan Earnings Per Share Current Earnings Per Share of $0.90 is -11.76% QoQ, -19.64% YoY, and a 7-quarter low. The EPS chart average is $0.76.

 


JPMorgan Net Revenues, Operating Income, and Net Income Consolidated revenues are reported net of interest expense as Net Revenues. Current Net Revenues of $21.47B are -9.65% QoQ, -17.73% YoY, and a 12-quarter low. Current Operating Income of $4.75B is a 7-quarter low. Current Net Income of $3.73B is -12.53% QoQ, -22.83% YoY, and a 7-quarter low. The chart averages for NR, OI, and NI are $21.47B, $4.39B, and $3.73B, respectively.

 


JPMorgan Operating Margin, Net Margin, and Capital to Assets Ratio Current Operating Margin of 22.11% is a 7-quarter low. Current Net Margin of 17.36% is also a 7-quarter low. Current Capital-to-Assets ratio (Capital Ratio) of 8.10% is adequate. The current Tier 1 Capital and Common Ratios are 12.3% and 10.9%, respectively, which are adequate. The chart averages for OM, NM, and CR are 18.08%, 14.25%, and 7.89%, respectively.

 


JPMorgan Return on Assets Current Return on Assets of +0.85% is respectable, but a 4-quarter low. The ROA chart average is +0.64%.

 


JPMorgan Income Statement Components Current NonInterest Expense, operating expenses, of $14.54B is a 6-quarter low. Current Net Interest Income of $12.13B is a 5-quarter high. Current NonInterest Revenue of $9.34B is a 12-quarter low. Current Provision for Credit Losses of $2.18B is a 2-quarter low. The chart averages for NIE, NII, NIR, and PCL are $13.57B, $11.52B, $11.13B, and $4.69B, respectively.

 


JPMorgan Growth Rates Current Net Revenues Growth Rate of -17.73% is a multi-quarter low. The NRGR chart average is -3.00%. Current Earnings per Share Growth Rate of -19.64% is a multi-quarter low. The EPSGR chart average is +24.23%.

 


JPMorgan Operating Expense Ratio Current Operating Expense Ratio of 59.60% is a multi-year high. The OER chart average is 52.93%.

 

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Goldman Sachs Earnings Rebound: Up QoQ, Down YoY

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Goldman Sachs Earnings Rebound: Up QoQ, Down YoY


Goldman Sachs Summary Q4 2011 Goldman Sachs Q4 2011 financial results rebounded from the dismal Q3 performance, the worst since the QE November 2008 during the depths of the USA Financial System Crisis. However, results dropped YoY and this is a continuing trend, for 6 of the past 7 quarters now. NonInterest Revenues, which is primarily trading gains and losses plus investment banking income, are driving Net Income and then even less makes it to Earnings per Share. The world's most hated bankers continue to operate a casino with volatile, and downtrending, financial performance. The current Goldman Sachs investment strategy and business plan is wiping out GS common stockholders as very little is trickling down. There was a time in 2009 when GS stock and Apple stock were the same price... Financial position is questionable without the $173.55 billion in unsecured long-term borrowings being counted as capital by Goldman Sachs. We don't count this in our capital adequacy review. Significant uncertainty about Goldman Sachs future financial performance was generated earlier in 2011 and the concern continues.


Goldman Sachs Income Statement Q4 2011 Goldman Sachs reported net revenues of $6.05 billion, a net income of $1.01 billion, and earnings per share of $1.84. From the prior quarter Q3 2011, net revenues were up +68.64%, net income up +357.76%, and earnings per share up +319.05%. From the prior year Q4 2010, these were down -30.00%, -57.56%, and -51.45%, respectively. The operating and net margins increased QoQ and decreased YoY to 20.61% and 16.75%, respectively.


Goldman Sachs Balance Sheet Q4 2011 Total assets decreased QoQ -2.73% to $923 billion. The capital to assets ratio (total stockholders' equity divided by total assets) is a sub par 7.85%. Tier 1 capital (13.8%) and Tier 1 common (12.1%) are adequate. Return on assets decreased to a multi-year low of 0.48%.


Goldman Sachs (GS) Rating Q4 2011 At December 31, 2011, we have rated Goldman Sachs a "G+", down from "F-" at September 30, 2011. Financial position continues sub par, although very slightly strengthening. Financial performance continues below average. Our rating weights financial position more than financial performance and emphasizes safety and soundness, not future earnings potential. Ratings range from A+ down through G-.


Goldman Sachs Financial Performance by the Quarters


Goldman Sachs Earnings per Share Current Earnings per Share of $1.84 are +319.05% QoQ, -51.45% YoY, and a 2-quarter high. The chart average EPS is $3.00.

 


Goldman Sachs Net Revenues, Operating Income, Net Income Current Net Revenues of $6.05 billion are +68.64% QoQ, -30.00% YoY, and a 2-quarter high. Current Operating Income of $1.25 billion is a 2-quarter high. Current Net Income of $1.01 billion is +357.76% QoQ, -57.56% YoY, and an 2-quarter high. The chart averages for NR, OI, and NI are $8.60 billion, $2.72 billion, and $1.87 billion, respectively.

 


Goldman Sachs Operating Margin and Net Margin Current Operating Margin of 20.61% is a 2-quarter high. Current Net Margin of 16.75% is also a 2-quarter high. The chart averages for OM and NM are 30.40% and 20.67%, respectively.

 


Goldman Sachs Return on Assets Current Return on Assets of 0.48% continues the downtrend and is a multi-year low. The chart average for ROA is 1.07%.

 


Goldman Sachs Income Statement Components Current NonInterest Revenue of $4.98 billion is a 2-quarter high. NonInterest Revenue has been the primary driver of Net Income. Current NonInterest Expense, operating expenses, of $4.80 billion is a 2-quarter high. Current Net Interest Income of $1.07 billion is a 12-quarter low. The chart averages for NIR, NIE, and NII are $7.24 billion, $5.87 billion, and $1.36 billion.

 


Goldman Sachs Growth Rates Current Net Revenues Growth of -30.00% is the 7th consecutive quarterly decline. Current Earnings per Share Growth of -51.45% is dismal and the 2nd consecutive quarterly decline. The chart averages for NRG and EPSG are -19.08% and -30.20%.

 


Goldman Sachs Operating Expense Ratio The current Operating Expense Ratio of 59.91% is a 2-quarter low. The OER chart average is 50.82%.

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Change in Accounting Periods The Goldman Sachs Group, Inc. (GS) changed from a fiscal year to a calendar year at the end of 2008 when the conversion to a bank holding company occurred. As a result, a fiscal quarter 3ME 11-30-08 was reported and the next quarter reported subsequently was the 3ME 3-31-09. The 1ME 12-26-08 was reported separately, as an "orphan month", and not included in a quarterly financial results.


GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $4.51 FOR 2011: FOURTH QUARTER EARNINGS PER COMMON SHARE WERE $1.84

NEW YORK, January 18, 2012 - The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $28.81 billion and net earnings of $4.44 billion for the year ended December 31, 2011. Diluted earnings per common share were $4.51 compared with $13.18 for the year ended December 31, 2010. Return on average common shareholders’ equity (ROE) was 3.7% for 2011.

Excluding the preferred dividend of $1.64 billion related to the redemption of the firm’s Series G Preferred Stock, diluted earnings per common share were $7.46 and ROE was 5.9% for the year ended December 31, 2011.

Fourth quarter net revenues were $6.05 billion and net earnings were $1.01 billion. Diluted earnings per common share were $1.84 compared with $3.79 for the fourth quarter of 2010 and a diluted loss per common share of $0.84 for the third quarter of 2011. Annualized ROE was 5.8% for the fourth quarter of 2011.

“This past year was dominated by global macro-economic concerns which significantly affected our clients’ risk tolerance and willingness to transact,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “While our results declined as a consequence, I am pleased that the firm retained its industry-leading positions across our global client franchise while prudently managing risk, capital and expenses. As economies and markets improve – and we see encouraging signs of this – Goldman Sachs is very well positioned to perform for our clients and our shareholders.”

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Goldman Sachs to Announce Quarterly Earnings on Wednesday, January 18: Improved Quarter Expected

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Goldman Sachs (GS) to Announce Quarterly Earnings

Goldman Sachs will report Q4 2011 financial results on Wednesday, January 18, before market open. The conference call will be at 9:30 a.m. ET.

Goldman Sachs Future and Past Financial Performance

Estimated Q4 2011 Earnings per Share (GAAP)

Yahoo Finance Analysts Estimates: $1.69 avg, $0.70 low, $3.52 high, 24 analysts

Prior Quarter: $-0.84

Prior Year: $3.79

Goldman Sachs Outlook: not provided

Prior Q3 2011 Financial Results (GAAP) When Goldman Sachs reports Q4 2011, the 3 months ended December, financial results on January 18, Goldman Sachs is expected to meet, beat, or miss various prior quarterly results. These prior quarterly GAAP financial results were:

Net Revenues $3.59B (net of interest expense)

Operating Income $-730M (before income taxes)

Net Income $-393M

Earnings per Share $-0.84

Operating Income Margin -20.35%

Net Income Margin -10.96%

Summary (GAAP) Overall, Goldman Sachs is expected to beat QoQ but miss YoY for Earnings per Share. Q4 EPS is expected to be positive, after the prior Q3 loss. Accordingly, other metrics should also improve QoQ and miss YoY: Net Revenues, Operating Income, Net Income, Operating Margin, and Net Margin. The operations of the world's most hated bankers can be described as a casino with volatile quarterly financial results. As of September 30, 2011, we have rated Goldman Sachs an "F-" here: "Largest 7 USA Banks: Ratings and Rankings".

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