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Friday, February 23, 2024

Greatest & Worst Dealer-Sellers: Q3 Earnings, 2023


The third-quarter earnings season for the broker-dealer neighborhood included a giant loss for one wirehouse agency, which is digesting a former competitor. 4 BDs noticed their earnings decline from the year-ago interval, however six reported stronger outcomes. 

“Presently, U.S. customers and companies typically stay wholesome, though customers are spending down their extra money buffers,” defined JPMorgan Chase CEO Jamie Dimon in an announcement when the agency introduced its newest outcomes. “Moreover, the battle in Ukraine compounded by [the Oct. 7] assaults on Israel could have far-reaching impacts on power and meals markets, world commerce, and geopolitical relationships.”

The CEO added: “This can be probably the most harmful time the world has seen in a long time. Whereas we hope for the very best, we put together … for a broad vary of outcomes so we will constantly ship for shoppers regardless of the atmosphere.” 

The markets proceed to anticipate a pause within the Federal Reserve’s latest coverage of elevating rates of interest. The S&P 500 has improved over 20% this 12 months, however monetary shares should not maintaining. The Monetary Sector SPDR, as an illustration, is up solely 4.7%, whereas the iShares U.S. Financials ETF has improved 6.9% 12 months to this point.

Nonetheless, leaders within the sector stay bullish. As an example, LPL Monetary CEO Dan Arnold stated throughout an earnings name that the agency now has “13 options in our total providers portfolio, [and] … we’ve acquired three extra options that we are going to roll out within the close to to intermediate time period and one other handful in incubation.” 

These enterprise providers “proceed to be a spot of innovation for us, and we predict there’s nonetheless an excellent little bit of alternative to proceed to assist [us] construct leverage factors for advisors within the spirit of serving to them run thriving companies,” Arnold stated.

On Jan. 12, JPMorgan, Wells Fargo and Citigroup will kick off the This autumn 2023 earnings season. 

Credit score: Chris Nicholls/ALM          

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