Even major bank Citigroup - which is launching a repurchase program of 20 billion dollars (equivalent to 225 billion kronor) in connection with the year-end report - is performing better than expected. Trading revenues in the fourth quarter rose to 3.5 billion dollars, compared to expected 2.9 billion, and net interest income was 13.7 billion, compared to expected 13.4 billion.
Better than expected
Total, Citigroup generated 19.6 billion dollars in the fourth quarter, resulting in earnings per share of 1.34 dollars.
American major bank JP Morgan Chase & Co was the first of the US major banks to report an unexpectedly strong report for the fourth quarter last year.
JP Morgan's revenues during the quarter rose to 43.7 billion dollars (equivalent to 490 billion kronor). This can be compared to an average forecast among analysts of 42.0 billion dollars.
Significantly better results than expected from the trading business characterized the report, where net profit for the full year totals a record-high 58.5 billion dollars.
The JP Morgan report came after American bank Bank of New York Mellon reported higher profit and return than expected for the same quarter.
Rises in futures trading
Bank Wells Fargo also exceeded expectations, with a net profit of 11.8 billion dollars, compared to expected 11.7 billion. The stock rises by over 3 percent in futures trading.
JP Morgan's stock is also rising in futures trading, and Goldman Sachs is following suit after the investment bank reported a boost in revenues to 13.9 billion dollars in the fourth quarter. This can be compared to expected 12 billion.
The earnings per share for Goldman Sachs' fourth quarter were 11.95 dollars, compared to expected 8.21 dollars.
