With the fifth anniversary of Dodd-Frank approaching on Tuesday, Wall Street has shown that it can still rake in profits even in the tougher regulatory environment.
The country's biggest banks have announced their quarterly earnings, and most — but not all — beat analyst expectations.
Nevertheless, all six firms reported quarterly revenues of at least $9 billion and net incomes of at least $1 billion.
A big theme this quarter was legal costs, with firms like JPMorgan and Citigroup benefiting from having put their mortgage-related litigation behind them. Meanwhile, litigation costs took a large toll on Goldman Sachs this quarter.
Scroll through to see how much each bank made in Q2.
J.P. Morgan
Announced on: July 14
Revenue: $24.53 billion
Net Income: $6.29 billion
EPS: $1.54
Comment:JPMorgan topped both EPS estimates of $1.45 a share and revenue estimates of $24.49 billion. The bank drove costs down 6% to make up for weak trading revenue. The firm is also benefiting from lower legal costs, after paying more than $25 billion in fines following the financial crisis.
Wells Fargo
Announced on: July 14
Revenue: $21.32 billion
Net Income: $5.72 billion
EPS: $1.03
Comment:Wells Fargo's earnings per share for Q2 matched analysts expectations. However, the firm saw lower mortgage banking revenue due to higher interest rates.
"Compared with a year ago, we grew loans, deposits and capital, and our balance sheet remained strong,"Chairman and CEO John Stumpf said in a press release. "Credit results also improved and we continued to adhere to our disciplined approach to risk management."
Bank of America
Announced on: July 15
Revenue: $22.35 billion
Net Income: $5.32 billion
EPS: $0.45
Comment:BAML's revenue and EPS came in above estimates of $21.38 billion and $0.36, respectively.
"Solid core loan growth, higher mortgage originations and the lowest expenses since 2008 contributed to our strongest earnings in several years, as we continued to build broader and deeper relationships with our customers and clients,"CEO Brian Moynihan said in a press release.
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