Bloomberg Surveillance
Bloomberg Surveillance TV: January 15, 2025
Jan 15, 2025
Ken Leon, Director of Equity Research at CFRA Research, analyzes big bank earnings and market trends amidst a positive investor outlook. David Kelly, Chief Global Strategist at JPMorgan Asset Management, shares insights on inflation and the labor market, revealing workers' reluctance to seek raises despite economic growth. They discuss the interplay between productivity and fiscal stimulus, the banking sector's robust performance, and how current policy uncertainties shape the economic landscape.
26:27
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Quick takeaways
- Strong earnings from major banks reflect resilience driven by net interest income and a recovering U.S. economy, despite slower growth in community banks.
- Goldman Sachs is adapting to market changes by shifting focus to recurring fee revenue in asset management to reduce reliance on fluctuating investment banking activities.
Deep dives
Solid Bank Earnings Indicate Economic Growth
Recent earnings reports from major banks highlight their strong performance, particularly from JP Morgan and Wells Fargo, with revenues driven by net interest income and a growing U.S. economy. Net interest income was bolstered by both rising interest rates and increased loan volumes, showcasing resilience in the banking sector. However, community banks showed slower revenue growth, indicating a disparity within the industry. Overall, analysts predict positive earnings revisions for the following years, emphasizing the strength of larger institutions amidst a recovering economy.
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