Reported 4Q14 EPS of $0.47 that was below the Street consensus of $0.56. We believe that the EPS miss was largely due to the drop-off in less emphasized activities related to the implementation of the Dodd Frank Act’s restrictions on private equity and other alternative investments. We estimate a $0.09 negative impact for the reduction in merchant banking & carried interest, all of which are DFA restricted activities. MS Morgan Stanley
- Reported 4Q14 EPS of $0.14, but $0.21 on an adjusted basis which met street consensus of $0.21. The difference was related to a contingent legal and regulatory accrual charge ($100mm, $0.07).
- Income Statement: Quarterly: Net Negative: Net revenues down, ex
- Reported 4Q14 EPS of $1.02, which met street consensus. Full year EPS of $4.10 about in-line with Street estimates of $4.09.
- Income Statement: Quarterly: Net Positive: Net revenues up, credit costs down, partly offset by higher expenses
Reported 4Q14 EPS of $0.06, which fell short of the street consensus of $0.10. The quarter registered yet another boatload of large legal and related expenses and repositioning charges totaling $3.5 billion. It seems that the only thing that is recurring at Citi is its large legal/repositioning charges which have muddied up results for the last seven to eight years.
With most mortgage settlements behind them, what is BAC’s core profitability picture going forward? BAC
- Reported 4Q14 EPS of $1.19, but $1.33 on an adjusted basis which beat street consensus of $1.31. Adjustments included the firm wide legal expense ($0.26) and other notable items that are a net add-back of ($0.12)
Reported 4Q14 EPS of $0.25, but $0.32 on an adjusted basis which just beat street consensus of $0.31. Negative charges to revenue ($0.07) included the market-related net interest income adjustment, adoption of funding valuation adjustments and net debit valuation adjustments. We estimate that BAC’s interest rate profile added about 3-4 cents per share or comprised about 13% of EPS.
Citi continues to restructure, but how long before we see strong/sustainable core results? C
- Good manager of credit and market risk, improving on enterprise/operational fronts
- Strong business segments, but are franchises worth more together or apart?