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Bank of America Merrill Lynch and Wells Fargo beat Wall Street estimates for third-quarter earnings Friday.
BAML reported earnings of $US0.48 per share, even with the second quarter, beating analysts estimates of $US0.46. Investment banking fees increased 1% to $US1.5 billion, the best third-quarter performance since Bank of America acquired Merrill Lynch.
Wells Fargo delivered adjusted earnings of $US1.04 per share, slightly above the $US1.03 per share Wall Street analysts expected and down from $US1.05 last quarter. It set aside $US1 billion in the quarter for various litigation.
We spoke to St. Louis Fed’s president, James Bullard, about why he disagrees with his colleagues about the need for more rate hikes, and why the Fed is keeping an eye on fintech.
Elsewhere in Wall Street news, Goldman Sachs is reportedly exploring options for its stake in The Weinstein Company, and Deutsche Bank is hiring in credit trading.
In investing news, Brevan Howard, an $US11 billion hedge fund, is betting on volatility in the world’s most important market.
Maverick Capital, a $US10.5 billion hedge fund, is jumping on one of the hottest trends in investing. Two two protégés from billionaire Steve Cohen’s investment firm are gearing up for a big hedge fund launch. A hedge fund started by a pioneering female investor has lost more than half its assets in two years.
And a star stock picker at Fidelity was reportedly fired after an allegation of sexual harassment.
Bats, the upstart stock exchange recently acquired by industry giant Chicago Board Options Exchange, just took a big swing at rivals Nasdaq and the NYSE.
Lastly, this man quit his job at Morgan Stanley to embrace his obsession with air miles — and he now flies first class for a living.
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