Items Tagged with 'Earnings'

ARTICLES

Wells Fargo to close more than 400 branches

Looks to cut $2 billion in costs
After a week of losses for Wells Fargo, the bank announced it will close down more than 400 branches in the next two years. These cost-saving measures could save the company $2 billion, but this isn’t the first time the bank will close branches and denies the move is connected to the fake accounts scandal.
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JPMorgan Chase blows earnings estimate out of the water

Mortgage banking declines
JPMorgan Chase reported earnings that not only grew substantially from last year, but also blew estimates out of the water when earnings came in 20% higher than expected. However, not everything in the earnings report showed such strong numbers. The mortgage banking sector struggled in the last quarter of the year.
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Bank of America earnings per share beat expectations, increase 48%

But rise in interest rates came too late to affect Q4
Bank of America showed a positive quarter, and even beat already high expectations. But while the increase is up from last year, it still declined from the third quarter. The bank’s chief financial officer explains that rising interest rates, while not in time for the fourth quarter, could push net interest income even higher in 2017.
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CoreLogic bet on property valuations pays off big time

3Q earnings are in and they are pretty
Third quarter reported revenues totaled $524 million compared with $386 million in the same 2015 period. That year-over-year increase of 36% is driven primarily by its valuation solutions business, which started booming back in the second quarter.
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SunTrust sees strong mortgage growth in Q3

Net income sees quarterly and annual decline
SunTrust saw its revenue grow in the third quarter driven, in part, by an increase in mortgage banking. This may not be surprising, but the bank’s delinquency portfolio, on the other hand, seems to run against the current trend.
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Bank of America earnings boosted by increase in mortgage banking

Improves mortgage servicing and lending
Bank of America earnings increased from last year and last quarter. The bank’s decreased expenses can be credited in part by the reduced costs of mortgage servicing. Several reports also put the primary earnings surge down to rising income from fixed securities trading, primarily in the bond market.
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