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The bank reported adjusted earnings of $US1.45 a share, a 45% increase from last year and well ahead of analyst expectations of $US1.28 a share. Here are the key numbers (emphasis added):
- Revenue: $US11.1 billion, up 14% from last year and a record.
- Adjusted net income: $US2.7 billion, up 38% from last year and also a record.
Among the standouts in the bank’s impressive first quarter earnings report was its standing in fixed-income.
The New York-bank posted its best fixed income results in three years. That’s striking considering its a business the wealth management giant once de-emphasised. In 2015, it took an axe to fixed-income,cutting 25% of its workforce, replacing its leadership, and slashing bonuses.
Elsewhere in finance news, Tiger Global Management led a $US17 million Series A round in Green Bits, a software platform for cannabis dispensaries. And the Southwest passenger who died after a major engine failure has been identified as a Wells Fargo VP and mother of two.
In markets news:
- Forget a trade war – there’s a more threatening ‘bogeyman’ that should have traders very scared
- An overlooked corner of the market has been quietly crushing it – and Bank of America has 2 trades to capitalise on more strength
- Tesla’s ongoing Model 3 saga has traders paying record prices to protect against a stock drop
And in corporate news:
- A Wall Street analyst figured out the real price Netflix should charge customers – and he says it would destroy the company’s growth
- Chipotle is banking on breakfast and drive-thrus to turn around the chain, according to investor Bill Ackman
- Amazon and Best Buy are partnering to sell TVs – and it shows how complex their relationship has become
- IBM is getting rocked after giving disappointing guidance
- Here’s the letter Sears sent workers telling them they were fired
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