JOHNSON ASSOCIATES FINANCIAL SERVICES COMPENSATION First Quarter Trends and Year-End Projections 5/12/14

Size: px
Start display at page:

Download "JOHNSON ASSOCIATES FINANCIAL SERVICES COMPENSATION First Quarter Trends and Year-End Projections 5/12/14"

Transcription

1 JOHNSON ASSOCIATES FINANCIAL SERVICES COMPENSATION First Quarter Trends and Year-End Projections 5/12/14 After the first quarter, Johnson Associates projects mixed incentive compensation across financial services. For major investment & commercial banking firms, incentive compensation is projected to be flat. Incentive compensation for asset management is again projected to increase. Business mix and cost management, speed of economic recovery, and ongoing uncertainty in world markets continue to be key 2014 incentive drivers. Full year outlook moderately positive across financial services Economic recovery in the United States continues to be slow but positive Ongoing global issues add uncertainty to world markets, and with larger impact for European firms Significant cost cutting initiatives have resulted in improved earnings Asset management to have another strong year Lag effect of AUM boosts incentives in 2014 Year-over-year increases in AUM on market appreciation and flows Sales compensation plans in focus due to recent dissatisfaction with, or desire to review/recalibrate Independent firms have a competitive advantage over major bank subsidiaries, with smaller deferrals and less regulations Hedge funds results expected to vary, on increasing assets but mixed performance across strategies Private equity results up on positive realization activity and fundraising Investment and commercial banking projected to be flat, recognizing disappointing fixed income and equities trading offset by positive results in other businesses Variation in performance by firm and business area (firms with more retail and asset based businesses better) M&A activity improving Trading results mixed across products but expected to be flat to down Retail and commercial banking flat to up slightly, on modest deposits and loan growth offset by lower mortgage banking activity Hiring improves moderately Non-competes/non-solicits in focus; becoming more prevalent across financial services businesses Emphasis on experienced compliance and risk professionals Big banks no longer top payers; asset management and alternatives provide similar/higher compensation opportunities 19 West 44 th Street, Suite 511, New York, New York (212) Fax (212)

2 Projected 2014 Wall Street Incentive Funding Headcount-adjusted basis Business/Area % Change from 2013 Explanation Senior Firm Management (Excluding Proxy Executives) (Investment & Commercial Banks) Staff Positions (Investment & Commercial Banks) -10% to +5% Generally moves in line with entire firm, with variation by business 0% Moves in line with entire firm, with an increasingly conservative bias due to focus on controlling costs Investment Banking (Investment & Commercial Banks) Advisory Underwriting +5% to +15% 0% to +10% Industry-wide M&A activity improving Underwriting results mixed but generally projected to be positive Equities (excl Prime Brokerage) (Investment and Commercial Banks) -10% to 0% Mixed results across products Fixed-Income (Investment and Commercial Banks) -15% to 0% Variation due to breadth of products Challenging market environment and lower volumes continue Prime Brokerage +5% to +10% Solid results with growth in client balances Asset Management (Independent and Captive) +5% to +10% Increased AUM on flows and market appreciation Lag effect of AUM boosts incentives High Net Worth +5% to +10% Assets generally more stable Increasing fee based assets and positive flows Hedge Funds (Independent and Captive) -5% to +10%* Increasing assets under management but mixed performance across strategies Private Equity (Independent and Captive) +5% to +15%* Solid realization activity Improved fundraising but fee pressure continues Commercial Banking 0% to +5% Credit trends continue to be favorable; strong commercial loan growth Retail Banking 0% to +5% * Applies to incentive and equity, excluding carry Credit trends continue to be favorable Modest deposit and loan growth, impacted by declining mortgage banking activity 2 JOHNSON ASSOCIATES, INC.

3 Projected % Change in Incentive Pool Projected % Change in Year-End Incentive Pool* Public Asset Management & Related Services Major Investment and Commercial Banks 30% 20% 10% 0% Flat Flat Flat -10% -20% -30% A B C D E F G H I J A B C D E F G H * 3 months actual data with projection for remainder of year 3 JOHNSON ASSOCIATES, INC.

4 Incentive Trend and Ramifications Incentives generally expected to continue on a moderately positive trajectory across financial services Slow growth in pay at investment and commercial banks impacting morale; improving work environment and culture can help somewhat to counteract potentially lower compensation prospects for the future 50% 40% % in Incentives 30% 20% 10% Asset Management & Related Services Projected 0% Investment & Commercial Banks % -20% 4 JOHNSON ASSOCIATES, INC.

5 Comp & Benefits as a % of Net Revenue Comp & Benefits as a % of Pre-Tax Pre-Comp Net Income Year-to-Date Compensation & Benefits Ratios 3M 2013 v. 3M 2014 results; year-over-year comparisons may be skewed by partial year compensation and financial results 60.0% Compensation & Benefits as % of Net Revenue Compensation & Benefits as % of Pre-Tax Pre-Comp Net Income 70.0% 50.0% 60.0% % % 40.0% 30.0% 30.0% 20.0% 20.0% 10.0% 10.0% 0.0% Median of Asset Management & Related Firms Sample (10 Firms) Median of Investment Bank & Commercial Bank Sample (8 Firms) 0.0% Median of Asset Management & Related Services Sample (10 Firms) Median of Investment Bank & Commercial Bank Sample (8 Firms) Compensation ratios at investment and commercial banks are declining marginally, due to better results, continued efficiencies and cost cutting, shifting resources to developing countries, business mix, and pressure to manage ratios. Varying business mix and resulting ratios require a more nuanced, thoughtful approach to by firm comparisons 5 JOHNSON ASSOCIATES, INC.

6 Aggregate FY 2014 EPS Estimates Analyst Estimated EPS Trend With four months into the fiscal year, analyst outlook reflects a positive environment for asset management and a stable but challenging environment for investment and commercial banks Chart reflects a sample of 7 investment and commercial banks and 10 asset management and related services firms EPS Estimate Trend Asset Management 40 Investment & Commercial Banks Year Ago 2 Months Ago 1 Month Ago 1 Week Ago Current 6 JOHNSON ASSOCIATES, INC.

7 Year-to-Date Investment Bank Net Revenue Breakdown 2014 YTD Operating Net Revenue Breakdown Other 18% Equity 11% Investment/Wealth Management 28% Fixed Income 30% Investment Bank 12% *Data represents median of sample set Other may include treasury and security services, lending, credit, etc. 7 JOHNSON ASSOCIATES, INC.

CITIGROUP REPORTS INCOME FROM CONTINUING OPERATIONS UP 11% WITH INTERNATIONAL REVENUES UP 17%

CITIGROUP REPORTS INCOME FROM CONTINUING OPERATIONS UP 11% WITH INTERNATIONAL REVENUES UP 17% CITIGROUP REPORTS INCOME FROM CONTINUING OPERATIONS UP 11% WITH INTERNATIONAL REVENUES UP 17% INCOME FROM CONTINUING OPERATIONS OF $5.26 BILLION; REVENUES INCREASE 10% EPS FROM CONTINUING OPERATIONS OF

More information

FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21.

FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21. FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21.9 BILLION CITIGROUP 2004 NET INCOME OF $17.0 BILLION, EPS OF $3.26 REVENUES

More information

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $5.94 AND INCREASES THE QUARTERLY DIVIDEND TO $0.65 PER COMMON SHARE

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $5.94 AND INCREASES THE QUARTERLY DIVIDEND TO $0.65 PER COMMON SHARE The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $5.94 AND INCREASES THE QUARTERLY DIVIDEND TO $0.65 PER COMMON SHARE

More information

For the period ended July 31, 2005. Third Quarter. I am pleased to present BMO Financial Group s Third Quarter 2005 Report to Shareholders.

For the period ended July 31, 2005. Third Quarter. I am pleased to present BMO Financial Group s Third Quarter 2005 Report to Shareholders. For the period ended July 31, 2005 Third Quarter I am pleased to present BMO Financial Group s Third Quarter 2005 Report to Shareholders. Tony Comper President and Chief Executive Officer August 23, 2005

More information

GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $17.07 FOR 2014

GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $17.07 FOR 2014 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $17.07 FOR 2014 FOURTH QUARTER EARNINGS PER COMMON SHARE WERE $4.38 NEW YORK, January

More information

CITI REPORTS FIRST QUARTER INCOME OF $5.01 BILLION, EPS OF $1.01 RECORD REVENUES OF $25.5 BILLION, UP 15% INTERNATIONAL REVENUES UP 18%

CITI REPORTS FIRST QUARTER INCOME OF $5.01 BILLION, EPS OF $1.01 RECORD REVENUES OF $25.5 BILLION, UP 15% INTERNATIONAL REVENUES UP 18% CITI REPORTS FIRST QUARTER INCOME OF $5.01 BILLION, EPS OF $1.01 RECORD REVENUES OF $25.5 BILLION, UP 15% INTERNATIONAL REVENUES UP 18% RECORD REVENUES AND NET INCOME IN MARKETS & BANKING AND WEALTH MANAGEMENT

More information

Strategic Update. James P. Gorman, Chairman and Chief Executive Officer. January 20, 2015

Strategic Update. James P. Gorman, Chairman and Chief Executive Officer. January 20, 2015 Strategic Update James P. Gorman, Chairman and Chief Executive Officer January 20, 2015 Notice The information provided herein may include certain non-gaap financial measures. The reconciliation of such

More information

Morgan Stanley Reports $928 Million in Second Quarter Earnings

Morgan Stanley Reports $928 Million in Second Quarter Earnings Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Reports $928 Million in Second Quarter Earnings NEW YORK, June 22, 2005

More information

GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84

GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 NEW YORK, October 18, 2011 - The Goldman Sachs Group, Inc. (NYSE:

More information

Workers Compensation Financial Results Update

Workers Compensation Financial Results Update November 2014 Workers Compensation Financial Results Update At its Annual Issues Symposium (AIS) held in May 2014, NCCI presented The State of the Line a comprehensive report of financial results for the

More information

Morgan Stanley Reports First Quarter Net Income of $848 Million; Return on Equity of 16%

Morgan Stanley Reports First Quarter Net Income of $848 Million; Return on Equity of 16% Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Reports First Quarter Net Income of $848 Million; Return on Equity of

More information

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02 NEW YORK, April 17, 2014 - The Goldman Sachs Group, Inc. (NYSE:

More information

Oppenheimer Holdings Inc. Reports First Quarter 2014 Earnings and Announces Quarterly Dividend

Oppenheimer Holdings Inc. Reports First Quarter 2014 Earnings and Announces Quarterly Dividend Oppenheimer Holdings Inc. Reports First Quarter 2014 Earnings and Announces Quarterly Dividend New York, May 1, 2014 Oppenheimer Holdings Inc. (NYSE: OPY) today reported net income of $3.2 million or $0.24

More information

TIFEL INANCIAL. 3rd Quarter 2009 Earnings Conference Call. November 9, 2009

TIFEL INANCIAL. 3rd Quarter 2009 Earnings Conference Call. November 9, 2009 TIFEL INANCIAL 3rd Quarter 2009 Earnings Conference Call November 9, 2009 Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities

More information

CITIGROUP REPORTS SECOND QUARTER 2011 NET INCOME OF $3.3 BILLION, COMPARED TO $2.7 BILLION IN SECOND QUARTER 2010

CITIGROUP REPORTS SECOND QUARTER 2011 NET INCOME OF $3.3 BILLION, COMPARED TO $2.7 BILLION IN SECOND QUARTER 2010 For Immediate Release Citigroup Inc. (NYSE: C) July 15, 2011 CITIGROUP REPORTS SECOND QUARTER 2011 NET INCOME OF $3.3 BILLION, COMPARED TO $2.7 BILLION IN SECOND QUARTER 2010 EARNINGS PER SHARE 1 OF $1.09

More information

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $1.98; LITIGATION PROVISIONS REDUCED EARNINGS PER COMMON SHARE BY $2.

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $1.98; LITIGATION PROVISIONS REDUCED EARNINGS PER COMMON SHARE BY $2. The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $1.98; LITIGATION PROVISIONS REDUCED EARNINGS PER COMMON SHARE BY

More information

Morgan Stanley Reports Full-Year and Fourth Quarter 2010:

Morgan Stanley Reports Full-Year and Fourth Quarter 2010: Media Relations: Jeanmarie McFadden 212-761-2433 Investor Relations: Celeste Mellet Brown 212-761-3896 Morgan Stanley Reports Full-Year and Fourth Quarter 2010: Full-Year Net Revenues of $31.6 Billion

More information

Morgan Stanley Reports Full-Year and Fourth Quarter Results

Morgan Stanley Reports Full-Year and Fourth Quarter Results Contact: Media Relations Investor Relations Jeanmarie McFadden Suzanne Charnas 212-762-6901 212-761-3043 Morgan Stanley Reports Full-Year and Fourth Quarter Results Full-Year Net Revenues of $23.4 Billion

More information

Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER

Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER Massachusetts Department of Revenue Briefing Book FY2015 Consensus Revenue Estimate Hearing December 11, 2013 Presented by: Amy Pitter COMMISSIONER Kazim P. Ozyurt DIRECTOR OFFICE OF TAX POLICY ANALYSIS

More information

PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES

PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES Current Versus Prior Year Quarter Highlights Earnings growth - Diluted EPS $0.29 in 2013 versus $0.08 in 2012 - Annualized return on average

More information

News Release INVESTOR AND MEDIA CONTACT: George R. Kirkland Senior Vice President and Treasurer Phone: (229) 873-3830 gkirkland@sgfc.

News Release INVESTOR AND MEDIA CONTACT: George R. Kirkland Senior Vice President and Treasurer Phone: (229) 873-3830 gkirkland@sgfc. Southwest Georgia Financial Corporation 201 First Street S.E. Moultrie, GA 31768 PH: (229) 985-1120 FX: (229) 985-0251 News Release INVESTOR AND MEDIA CONTACT: George R. Kirkland Senior Vice President

More information

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $3.72. Highlights

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $3.72. Highlights The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $3.72 NEW YORK, July 19, 2016 - The Goldman Sachs Group, Inc. (NYSE:

More information

Second Quarter Report 2004

Second Quarter Report 2004 For the period ended April 30, 2004 Second Quarter Report 2004 I am pleased to present BMO Financial Group s Second Quarter 2004 Report to Shareholders. Tony Comper President and Chief Executive Officer

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics June 2 (April 2 data) Highlights During April, credit unions picked up 3, new memberships, credit union loan balances grew at an annualized 1.7% pace,

More information

FULL-YEAR REVENUE UP 14%

FULL-YEAR REVENUE UP 14% FOR IMMEDIATE RELEASE CITIGROUP REPORTS 4 th QUARTER AND FULL-YEAR EARNINGS 4th QUARTER CORE INCOME OF $3.33 BILLION, Up 11%, NET OF $146 MILLION CHARGE FOR TRANSPORTATION LOSS PROVISION AND CONFORMING

More information

GOLDMAN SACHS REPORTS THIRD QUARTER EARNINGS PER COMMON SHARE OF $2.90

GOLDMAN SACHS REPORTS THIRD QUARTER EARNINGS PER COMMON SHARE OF $2.90 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS THIRD QUARTER EARNINGS PER COMMON SHARE OF $2.90 NEW YORK, October 15, 2015 - The Goldman Sachs Group, Inc.

More information

GREENWICH ASSOCIATES. Asset Management Compensation: Second Choice No More GREENWICH REPORT Q4 2014. About This Report

GREENWICH ASSOCIATES. Asset Management Compensation: Second Choice No More GREENWICH REPORT Q4 2014. About This Report GREENWICH ASSOCIATES GREENWICH REPORT Asset Management Compensation: Second Choice No More Q4 2014 Asset managers have had another strong year in 2014. Market appreciation and positive inflows boosted

More information

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $4.93

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $4.93 The Goldman Sachs Group, Inc. 85 Broad Street New York, New York 10004 GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $4.93 RECORD QUARTERLY NET REVENUES OF $13.8 BILLION NEW YORK, July

More information

Report to Shareholders

Report to Shareholders Report to Shareholders Royal Bank of Canada first quarter results All amounts are in Canadian dollars and are based on our unaudited Interim Condensed Consolidated Financial Statements for the quarter

More information

Taishin Financial Holding Company

Taishin Financial Holding Company Taishin Financial Holding Company 2003 Result Announcement & Analyst Meeting February 10, 2004 Agenda Section 1 2003 Performance Review (preliminary) Section 2 2004 Earnings Outlook Section 3 Business

More information

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest

More information

Citizens Financial Group, Inc. Reports First Quarter Net Income of $223 Million Diluted EPS of $0.41 up 8% vs. 1Q15

Citizens Financial Group, Inc. Reports First Quarter Net Income of $223 Million Diluted EPS of $0.41 up 8% vs. 1Q15 Reports First Quarter Net Income of $223 Million Diluted EPS of $0.41 up 8% vs. 1Q15 Positive operating leverage of 3% on a year-over-year Adjusted basis* Good traction continues on strategic growth and

More information

Frequently Asked Questions Q3 2006

Frequently Asked Questions Q3 2006 Frequently Asked Questions Q3 2006 1. Were there any unusual or one-time items in your Q3 results? CIBC s reported diluted earnings per share (EPS) for the third quarter were $1.86. Our EPS was increased

More information

First Quarter 2011 Results Underlying net profit increased 61.6% to EUR 1,492 mln

First Quarter 2011 Results Underlying net profit increased 61.6% to EUR 1,492 mln First Quarter 2011 Results Underlying net profit increased 61.6% to EUR 1,492 mln Jan Hommen CEO Amsterdam 5 May 2011 www.ing.com ING Group posted strong first-quarter results ING Group underlying net

More information

May 7, 2014. Dear Shareholder,

May 7, 2014. Dear Shareholder, May 7, 2014 Dear Shareholder, CIB Marine Bancshares, Inc. (OTCQB: CIBH) is pleased to report its financial results for the quarter ended March 31, 2014. The consolidated company, CIB Marine, reported earnings

More information

CITIGROUP REPORTS FOURTH QUARTER 2011 NET INCOME OF $1.2 BILLION OR $0.38 PER SHARE 1, COMPARED TO $1.3 BILLION OR $0.43 IN FOURTH QUARTER 2010

CITIGROUP REPORTS FOURTH QUARTER 2011 NET INCOME OF $1.2 BILLION OR $0.38 PER SHARE 1, COMPARED TO $1.3 BILLION OR $0.43 IN FOURTH QUARTER 2010 On February 9, 2012, Citi announced an adjustment to its fourth quarter and full year 2011 financial results to reflect an additional $209 million of after-tax ($275 million pre-tax) charges to increase

More information

Development of the Client-Focused, Capital-Efficient Business Model

Development of the Client-Focused, Capital-Efficient Business Model Development of the Client-Focused, Capital-Efficient Business Model David Mathers, Chief Operating Officer, Investment Bank at the Goldman Sachs European Financials Conference, Madrid, June 10, 2010 Cautionary

More information

HSBC BANK CANADA FIRST QUARTER 2014 RESULTS

HSBC BANK CANADA FIRST QUARTER 2014 RESULTS 7 May 2014 HSBC BANK CANADA FIRST QUARTER 2014 RESULTS Profit before income tax expense for the quarter ended 2014 was C$233m, a decrease of 13.4% compared with the same period in and broadly unchanged

More information

RAYMOND JAMES FINANCIAL REPORTS THIRD QUARTER FISCAL 2016 RESULTS

RAYMOND JAMES FINANCIAL REPORTS THIRD QUARTER FISCAL 2016 RESULTS July 20, FOR IMMEDIATE RELEASE Media Contact: Steve Hollister, 727.567.2824 Investor Contact: Paul Shoukry, 727.567.5133 raymondjames.com/media RAYMOND JAMES FINANCIAL REPORTS THIRD QUARTER FISCAL RESULTS

More information

Ally Financial Reports Full Year and Fourth Quarter 2015 Financial Results

Ally Financial Reports Full Year and Fourth Quarter 2015 Financial Results Ally Financial Reports Full Year and Fourth Quarter 2015 Financial Results Full Year 2015 Financial Highlights Net income of $1.3 billion, up 12% compared to $1.2 billion Adjusted EPS of $2.00, up 19%

More information

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $2.68

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $2.68 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $2.68 NEW YORK, April 19, 2016 - The Goldman Sachs Group, Inc. (NYSE:

More information

Now, I would like to start the financial results presentation of our group for the six months ended September 2012. As usual, I will go over the

Now, I would like to start the financial results presentation of our group for the six months ended September 2012. As usual, I will go over the Now, I would like to start the financial results presentation of our group for the six months ended September 2012. As usual, I will go over the presentation material, followed by Q&A. Please turn to page

More information

QNB CORP. REPORTS SECOND QUARTER AND FIRST HALF EARNINGS

QNB CORP. REPORTS SECOND QUARTER AND FIRST HALF EARNINGS PO Box 9005 Quakertown PA 18951-9005 215.538.5600 1.800.491.9070 www.qnbbank.com FOR IMMEDIATE RELEASE QNB CORP. REPORTS SECOND QUARTER AND FIRST HALF EARNINGS QUAKERTOWN, PA (July 28, 2015) QNB Corp.

More information

Logo and tagline. 2014 Investment Shareholders Update. meridiancu.ca 1-866-592-2226. Dear Shareholder,

Logo and tagline. 2014 Investment Shareholders Update. meridiancu.ca 1-866-592-2226. Dear Shareholder, 2014 Investment Shareholders Update Dear Shareholder, As we look back on the first half of 2014, I m happy to report that Meridian s continued focus on serving and meeting the needs of our Members while

More information

Frequently Asked Questions Q3 2007

Frequently Asked Questions Q3 2007 Frequently Asked Questions Q3 2007 1. Can you comment on the performance of CIBC Retail Markets during the quarter? CIBC Retail Markets reported net income for the third quarter of $555 million, up 14%

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT $ in Billions CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics July 216 (May 216 Data) Highlights During May, credit unions picked-up 431, in new memberships, loan and savings balances grew at an

More information

NEWS FROM BANK MUTUAL CORPORATION (EMBARGOED UNTIL 3:15 P.M. CENTRAL)

NEWS FROM BANK MUTUAL CORPORATION (EMBARGOED UNTIL 3:15 P.M. CENTRAL) NEWS FROM BANK MUTUAL CORPORATION (EMBARGOED UNTIL 3:15 P.M. CENTRAL) CONTACTS: Bank Mutual Corporation David A. Baumgarten President and Chief Executive Officer or Michael W. Dosland Senior Vice President

More information

Morgan Stanley Reports Fourth Quarter and Full Year 2015:

Morgan Stanley Reports Fourth Quarter and Full Year 2015: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Fourth Quarter and Full Year 2015: Fourth Quarter Net Revenues of $7.7 Billion and Earnings

More information

2Q 2013 Earnings. Growth according to expectations. 13 August 2013. 13 August 2013 Growth according to expectations 1

2Q 2013 Earnings. Growth according to expectations. 13 August 2013. 13 August 2013 Growth according to expectations 1 2Q 2013 Earnings Growth according to expectations 13 August 2013 13 August 2013 Growth according to expectations 1 Disclaimer This presentation does not constitute or form any part of an offer, invitation

More information

DILUTED EPS $1.04, UP BY MORE THAN 50% FROM $0.68

DILUTED EPS $1.04, UP BY MORE THAN 50% FROM $0.68 FOR IMMEDIATE RELEASE Citigroup Reports Record Core Income for the First Quarter First Quarter Core Income Rises 49% to $3.6 Billion from $2.4 Billion Revenues up 19% to $17.5 Billion from $14.7 Billion

More information

Caution Regarding Forward-Looking Statements

Caution Regarding Forward-Looking Statements Our strategy in action Investor Presentation Second Quarter, 2011 May 31, 2011 Caution Regarding Forward-Looking Statements Forward-looking statements Our public communications often include oral or written

More information

State of the Industry

State of the Industry Attorney Advertising Prior results do not guarantee a similar outcome Models used are not clients but may be representative of clients 321 N. Clark Street, Suite 28, Chicago, IL 6654 312.832.45 State of

More information

Second Quarter 2015 Earnings Conference Call

Second Quarter 2015 Earnings Conference Call Earnings Conference Call May 5, 2015 Safe Harbor Statement Our commentary and responses to your questions may contain forward-looking statements, including our outlook for the remainder of the year, and

More information

Morgan Stanley Reports Fourth Quarter and Full Year 2014:

Morgan Stanley Reports Fourth Quarter and Full Year 2014: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Fourth Quarter and Full Year 2014: Subsequent to the release of Morgan Stanley s fourth

More information

Stifel Financial Corp.

Stifel Financial Corp. Acquisition of Barclays Wealth and Investment Management, Americas ( Barclays Wealth Americas ) Stifel Financial Corp. June 8, 2015 DISCLAIMER Forward-Looking Statements Statements in this presentation

More information

Earnings Release Q4 FY 2015 July 1 to September 30, 2015

Earnings Release Q4 FY 2015 July 1 to September 30, 2015 Munich, Germany, November 12, 2015 Earnings Release FY 2015 July 1 to September 30, 2015 Strong finish for fiscal 2015»We delivered what we promised, and are well positioned to deliver on our plans for

More information

INVESTMENT BANKING AND CAPITAL MARKETS THE BOSTON CONSULTING GROUP

INVESTMENT BANKING AND CAPITAL MARKETS THE BOSTON CONSULTING GROUP INVESTMENT BANKING AND CAPITAL MARKETS Market Report Fourth Quarter 24 Edition New York, Frankfurt March 1, 25 THE BOSTON CONSULTING GROUP TABLE OF CONTENTS Chapter Page Global Investment Banking Outlook

More information

I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations.

I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations. I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations. Please turn to page two. 1 For the nine months to December, net revenue

More information

J A N U A R Y 1 8, 2 0 0 6 FINANCIAL RESULTS

J A N U A R Y 1 8, 2 0 0 6 FINANCIAL RESULTS J A N U A R Y 1 8, 2 0 0 6 FINANCIAL RESULTS Fourth Quarter 2005 Agenda Firm results 4Q 2006 Outlook Appendix 2 Fourth Quarter 2005 Earnings Operating earnings per share of $0.73 Card results reflect impact

More information

Kansas City 2Life Insurance Company

Kansas City 2Life Insurance Company Kansas City 2Life Insurance Company 2011 Second Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Earnings Release 1Q15

Earnings Release 1Q15 Earnings Release 1Q15 Earnings Release 1Q15 2 Key metrics Credit Suisse (CHF million, except where indicated) Net income attributable to shareholders 1,054 691 859 53 23 of which from continuing operations

More information

BNY Mellon Third Quarter 2015 Financial Highlights

BNY Mellon Third Quarter 2015 Financial Highlights BNY Mellon Third Quarter 205 Financial Highlights October 20, 205 Cautionary Statement A number of statements in our presentations, the accompanying slides and the responses to your questions are forward-looking

More information

Current Trends and Issues in Banking Compensation and Benefits Programs

Current Trends and Issues in Banking Compensation and Benefits Programs Current Trends and Issues in Banking Compensation and Benefits Programs November 18, 2014 Kristine Oliver Managing Director Kristine.Oliver@pearlmeyer.com 508.630.1550 What We ll Be Covering Today Compensation

More information

Lincoln Financial Group Reports Second Quarter 2008 Results

Lincoln Financial Group Reports Second Quarter 2008 Results Lincoln Financial Group Reports Second Quarter 2008 Results NEWS RELEASE Retirement and insurance product deposits up 5% and net flows up 37% year-over-year Philadelphia, PA, July 29, 2008 Lincoln Financial

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics December (October Data) Highlights During October, credit unions picked up 3, in new memberships, loan balances grew at a.% seasonallyadjusted annualized

More information

First, what are the long-term demand trends for your products and services? Are they stable, growing or declining?

First, what are the long-term demand trends for your products and services? Are they stable, growing or declining? Goldman Sachs Presentation to Bank of America Merrill Lynch Banking and Financial Services Conference Comments by Lloyd C. Blankfein, Chairman & CEO November 12, 2013 Slide #1 Good morning. Today, many

More information

Euro area bank lending survey of March 2015: main results for Latvia

Euro area bank lending survey of March 2015: main results for Latvia Euro area bank lending survey of March 2015: main results for Latvia In March 2015, Latvijas Banka in cooperation with the European Central Bank conducted the regular euro area bank lending survey. Four

More information

Results on Q1/2015. Conference Call. 29 April 2015. Investor Relations

Results on Q1/2015. Conference Call. 29 April 2015. Investor Relations Results on Q1/2015 Investor & Analyst Conference Call 29 April 2015 Investor Relations Agenda. 1. Review Q1/2015 2. Financials Q1/2015 3. Outlook 2015 Page 2 SGL Group Investor Relations 29 April 2015

More information

Strategic and Operational Overview May 11, 2016

Strategic and Operational Overview May 11, 2016 Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,

More information

Producer Price Indexes for Financial Services

Producer Price Indexes for Financial Services Producer Price Indexes for Financial Services Andrew Baer Services Section Chief Producer Price Index Program U.S. Bureau of Labor Statistics December 2014 Overview Investment Banking and Securities Dealing

More information

BOSTON PRIVATE FINANCIAL HOLDINGS:

BOSTON PRIVATE FINANCIAL HOLDINGS: BOSTON PRIVATE FINANCIAL HOLDINGS: A National Wealth Management Franchise Timothy L. Vaill Chairman & CEO Walter M. Pressey Vice Chairman & President David J. Kaye Chief Financial Officer June 2010 Forward

More information

COLUMBUS, Georgia July 24, 2012 Aflac Incorporated today reported its second quarter results.

COLUMBUS, Georgia July 24, 2012 Aflac Incorporated today reported its second quarter results. News Release FOR IMMEDIATE RELEASE AFLAC INCORPORATED ANNOUNCES SECOND QUARTER RESULTS, RAISES AFLAC JAPAN SALES OUTLOOK, AFFIRMS 2012 AND 2013 OPERATING EPS TARGETS, DECLARES THIRD QUARTER CASH DIVIDEND

More information

THE GOLDMAN SACHS GROUP, INC. (Exact name of registrant as specified in its charter)

THE GOLDMAN SACHS GROUP, INC. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event

More information

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED NEWS RELEASE FOR FURTHER INFORMATION: WEBSITE: www.bnccorp.com TIMOTHY J. FRANZ, CEO TELEPHONE: (612) 305-2213 DANIEL COLLINS, CFO TELEPHONE: (612) 305-2210 BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME

More information

FDIC Quarterly Banking Profile 2015 Q3

FDIC Quarterly Banking Profile 2015 Q3 Commercial Banking Analysis FDIC Quarterly Banking Profile 2015 Q3 Filip Blazheski Positive Third Quarter but Profitability Remains Subdued as Risks Lurk grew and earnings were up in the third quarter

More information

Wednesday, January 14, 2015

Wednesday, January 14, 2015 Wednesday, January 14, 2015 Media Investors Mary Eshet Jim Rowe 704-383-7777 415-396-8216 WELLS FARGO REPORTS RECORD FULL YEAR NET INCOME Net Income of $23.1 Billion, Up 5% from 2013; Diluted EPS of $4.10

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics July 2 (May 2 data) Highlights First quarter data revisions were modest. The number of credit unions was revised down by and assets and loans were

More information

2011 Annual Results Presentation. 10 February Louis von Zeuner, Deputy Group Chief Executive, speaker

2011 Annual Results Presentation. 10 February Louis von Zeuner, Deputy Group Chief Executive, speaker Thank you Dawie. 2011 Annual Results Presentation Louis von Zeuner, Deputy Group Chief Executive, speaker notes Slide: Balanced Set of Results Our retail results were strong, as headline earnings increased

More information

Property/Casualty Insurance Results 2014

Property/Casualty Insurance Results 2014 Property/Casualty Insurance Results 2014 By Robert Gordon, Senior Vice President, Policy Development and Research, PCI, and Beth Fitzgerald, President, ISO Insurance Programs and Analytic Services Private

More information

Earnings Release First Quarter 2016

Earnings Release First Quarter 2016 Earnings Release First Quarter 2016 Conference Call Presentation May 11 th, 2016 For additional information, please read carefully the notice at the end of this presentation. Earnings Release First Quarter

More information

Annual Highlights. Book value per common share increased by 5% during the year to $171.03.

Annual Highlights. Book value per common share increased by 5% during the year to $171.03. The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $12.14 FOR 2015; RMBS WORKING GROUP SETTLEMENT (1) REDUCED EARNINGS PER COMMON

More information

OPPENHEIMER HOLDINGS INC. ANNUAL STOCKHOLDERS MEETING. New York, NY May 9, 2016

OPPENHEIMER HOLDINGS INC. ANNUAL STOCKHOLDERS MEETING. New York, NY May 9, 2016 OPPENHEIMER HOLDINGS INC. ANNUAL STOCKHOLDERS MEETING New York, NY May 9, 2016 WELCOME to Oppenheimer s 2016 Annual Stockholders Meeting May 9, 2016 2 SAFE HARBOR STATEMENT This presentation and other

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549. Form 6-K. CREDIT SUISSE AG (Translation of registrant s name into English)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549. Form 6-K. CREDIT SUISSE AG (Translation of registrant s name into English) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 October 21,

More information

FINANCIAL REVIEW AND REPORTS Comerica Incorporated and Subsidiaries Financial Results and Key Corporate Initiatives

FINANCIAL REVIEW AND REPORTS Comerica Incorporated and Subsidiaries Financial Results and Key Corporate Initiatives FINANCIAL REVIEW AND REPORTS Financial Results and Key Corporate Initiatives ************************************************ 23 Overview/Earnings Performance *************************************************************

More information

Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft 7 February 2013 Deutsche Bank Aktiengesellschaft Fourth Supplemental Registration Document Pursuant to Art. 5 (3) of the Directive 2003/71/EC and 12 (1) 3 German Securities Prospectus Act (Wertpapierprospektgesetz)

More information

ANNUAL AND FOURTH QUARTER CONSOLIDATED FINANCIAL REPORT

ANNUAL AND FOURTH QUARTER CONSOLIDATED FINANCIAL REPORT 2011 ANNUAL AND FOURTH QUARTER CONSOLIDATED FINANCIAL REPORT FINANCIAL HIGHLIGHTS (000s, except Per Share and Percentage Amounts) For the three months ended For the year ended For the period ended December

More information

Thursday July 18, 2013 FOR IMMEDIATE RELEASE

Thursday July 18, 2013 FOR IMMEDIATE RELEASE Thursday July 18, 2013 FOR IMMEDIATE RELEASE Washington Federal Reports Higher Net Income, Announces the Acquisition of 51 Branches in Four States, and Completes Conversion to a National Bank Charter.

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE CITIGROUP REPORTS FIRST QUARTER CORE INCOME OF $3.66 BILLION ($0.71 PER SHARE, DILUTED) VS. $3.94 BILLION ($0.76 PER SHARE, DILUTED) IN THE FIRST QUARTER OF 2000 INCOME FROM INVESTMENT

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation October 2006 The gauges below indicate the economic outlook for the current year and for 2007 for factors that typically

More information

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents Page # MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents 1. Quarterly Consolidated Financial Summary 2. Quarterly Consolidated Income Statement Information 3. Quarterly Consolidated Financial

More information

Consolidated Financial Results Announcement for the First Quarter of the Fiscal Year Ending December 2016 [Japanese Standards] (Consolidated)

Consolidated Financial Results Announcement for the First Quarter of the Fiscal Year Ending December 2016 [Japanese Standards] (Consolidated) Consolidated Financial Results Announcement for the First Quarter of the Fiscal Year Ending December 2016 [Japanese Standards] (Consolidated) May 13, 2016 Company name: Fullcast Holdings Co., Ltd. Stock

More information

2015 Farm Bank Performance Report Key Findings

2015 Farm Bank Performance Report Key Findings 2015 Farm Bank Performance Report Key Findings The banking industry is the nation s most important supplier of credit to agriculture providing nearly 50 percent of all farm loans in the U.S. $170 billion

More information

WELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.01, Up 3 Percent From Prior Year

WELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.01, Up 3 Percent From Prior Year Media Mary Eshet 704-383-7777 Investors Jim Rowe 415-396-8216 Friday, July 11, WELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.01, Up 3 Percent From Prior Year Continued strong financial

More information

SLM CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION FIRST QUARTER 2006 (Dollars in millions, except per share amounts, unless otherwise stated)

SLM CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION FIRST QUARTER 2006 (Dollars in millions, except per share amounts, unless otherwise stated) SLM CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION FIRST QUARTER 2006 (Dollars in millions, except per share amounts, unless otherwise stated) The following supplemental information should be read in connection

More information

Earnings Conference Call January 28, 2015

Earnings Conference Call January 28, 2015 Fourth Quarter 2014 Earnings Conference Call January 28, 2015 Steven G. Bradshaw Chief Executive Officer Daniel H. Ellinor Chief Operating Officer Steven Nell Chief Financial Officer Stacy Kymes Chief

More information

Morgan Stanley Reports First Quarter 2016:

Morgan Stanley Reports First Quarter 2016: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports First Quarter 2016: Net Revenues of $7.8 Billion and Earnings per Diluted Share of $0.55

More information

Earnings Conference Call

Earnings Conference Call Third dquate Quarter 2015 Earnings Conference Call Larry Merlo President & Chief Executive Officer Dave Denton Executive Vice President & Chief Financial Officer October 30, 2015 Forward-looking Statements

More information

WELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.02, Up 3 Percent From Prior Year

WELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.02, Up 3 Percent From Prior Year Media Investors Mary Eshet Jim Rowe 7043837777 4153968216 Tuesday, October 14, 2014 WELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.02, Up 3 Percent From Prior Year x x x x Continued strong

More information

Investor Relations: 410-454-5246 212-805-6035

Investor Relations: 410-454-5246 212-805-6035 FOR IMMEDIATE RELEASE Investor Relations: Media: Alan Magleby Mary Athridge 410-454-5246 212-805-6035 amagleby@leggmason.com mkathridge@leggmason.com LEGG MASON REPORTS FOURTH FISCAL QUARTER AND FISCAL

More information

Fiscal Year Guidance Achieved Execution of Vision 2020 Begun

Fiscal Year Guidance Achieved Execution of Vision 2020 Begun Fiscal Year Guidance Achieved Execution of Vision 2020 Begun Joe Kaeser, President and Chief Executive Officer of Siemens AG We delivered the results we originally promised for fiscal 2014 and made substantial

More information