October 16, 2023 | Premium Service | Bank earnings began in earnest Friday with reports from JPMorgan (JPM), Wells Fargo (WFC) and Citigroup (C). Each was notable for different reasons. Below we discuss Friday's results and also the implications for Goldman Sachs (GS) and Morgan Stanley (MS).
Of note, our interview Friday with Yahoo Finance about the Fed’s bank capital proposal is below. We noted in our conversation with Nicholas Jacobino and Julie Hyman that Fed Vice Chairman Michael Barr and other US regulators have managed to piss off just about everyone in the housing market. This is one of several reasons why we suspect that the latest Basel III proposal is going to be DOA on Capitol Hill.