According to the Wall Street Journal, the nation’s second largest bank posted dismal numbers this morning, catching many on Wall Street by surprise. Q3 ‘07 earnings fell over 30% to around $3.7 billion vs. around $5.4 billion in Q3 of last year. This translates into just $0.82 per share for the quarter vs. analyst expectations of $1.06 per share.
According to the company, the biggest impacts were seen not in its home-equity loan portfolio, but in its capital markets / advisory services unit, where investment-banking earnings fell a whopping 93%. The stock is down almost 4% ahead of trading.
Related Links: