Finance Insider is Business Insider’s midday summary of the top stories of the past 24 hours. To sign up, scroll to the bottom of this page and click “Get updates in your inbox,” or click here. Earnings season is underway for Wall Street firms, and it’s as gloomy as expected. Banks so far haven’t missed earnings expectations, but profits and revenues are down significantly across the board. Bank of America on Thursday reportedearnings per share of $0.21 on revenue of $19.51 billion – that’s down from earnings per share of $0.36 on revenue of $21.4 billion in the same quarter last year. Trading revenue was down 16% and investment banking revenue dropped 22%. Wells Fargo reporteddiluted earnings per share of $0.99 on revenue of $22.2 billion, versus EPS of $1.04 on revenue of $21.3 billion a year ago. Wells also said its oil and gas portfolio was under “significant stress” owing to the decline in oil prices and the deteriorated financial condition of its borrowers. Banks’ mediocre performance is especially notable because the first quarter is typically the strongest for Wall Street. But choppy trading conditions in early 2016, fears over China’s growth, and a collapsed oil price have created… Read full this story
- Buffett: Wells Fargo should look off Wall Street for a CEO
- Wall Street Goons Are Teaming With Regulators to Push Poor People Out of Charlotte
- Wall Street Loves Democrats Again, We're All Going To Die
- Oliver Stone talks 'Wall Street: Money Never Sleeps': Financial world is 'not for amateurs'
- Wall Street: The game needs more rules
- Wall Street crisis rattles dreams for new towers at World Trade Center site
- FULL TEXT: President Barack Obama speech Wall Street reform at Cooper Union in NYC
- Health Department offering Wall Street-style bonuses to doctors who improve patients' health
- I know how to fix Wall Street! John McCain and Barack Obama each claim they've got the answers
- Muriel Siebert, first lady of Wall Street, says 'old prejudices' still prevail
IT’S LOOKING GLOOMY: What you need to know on Wall Street today have 312 words, post on www.businessinsider.sg at April 14, 2016. This is cached page on The World Articles. If you want remove this page, please contact us.