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Goldman Sachs and JPMorgan Surge Ahead on Strong Fourth Quarter Earnings
Research Driven Investing Provides Stocks Research on Goldman Sachs and JPMorgan
By: Marketwired .
Jan. 24, 2013 08:20 AM
NEW YORK, NY -- (Marketwire) -- 01/24/13 -- Recent earnings released from the major U.S. banks have painted a mixed picture. Goldman Sachs and JPMorgan Chase have surged ahead on strong fourth quarter earnings, while Bank of America and Citigroup earnings were pressured by settlements and steep legal expenses. Research Driven Investing examines investing opportunities in the Banking Industry and provides equity research on Goldman Sachs Group, Inc. (NYSE: GS) and JPMorgan Chase & Co. (NYSE: JPM).
Data released by the Federal Reserve last week showed that customers at the 25 largest U.S. banks withdrew a total of $114.1 billion for the week ended January 9th. The decline was the largest weekly drop since the terror attacks of 9/11. The ending of the Federal Deposit Insurance Corp.'s Transaction Account Guarantee program could be responsible for a large portion of the withdrawals.
"We knew that fund managers would re-evaluate where they want to keep their money -- in a non-interest bearing account, another account at the bank or in other investments," ABA's chief economist, James Chessen, said in a recent phone interview. "If it continues there will be reason to be concerned."
Research Driven Investing releases regular market updates on the Banking Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.RDInvesting.com and get exclusive access to our numerous stock reports and industry newsletters.
Goldman Sachs reported a fourth quarter profit of $2.89 billion, or $5.60 a share, easily topping analysts' estimates of $3.66 per share. "While economic conditions remained challenging for much of last year, the strengths of our business model and client franchise, coupled with our focus on disciplined management, delivered solid performance for our shareholders," said Lloyd C. Blankfein, Chairman and CEO. "The firm's strategic position provides a solid basis on which to grow and generate superior returns."
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. For the full year 2012 the company reported record net income of $21.3 billion, compared with $19 billion for the prior year. This has been the third consecutive year JPMorgan has reported a record net income.
Research Driven Investing has not been compensated by any of the above-mentioned publicly traded companies. Research Driven Investing is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:
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