This quarter, solely three of the 12 broker-dealers tracked every quarter by ThinkAdvisor reported optimistic year-over 12 months progress of their income and earnings per share — down from 4 BDs within the second quarter of 2022.
Within the third quarter, the S&P 500 declined 5.3 versus a drop of 16.1% within the second quarter of 2022. Monetary companies shares within the index dropped 5.0% general in Q3’22.
Many broker-dealers and a complete of 34 monetary companies corporations mentioned powerful financial situations throughout their most up-to-date earnings calls, with 54% of monetary corporations particularly utilizing the time period “recession,” in line with FactSet analysis.
“However the difficult and risky market atmosphere in the course of the fiscal 12 months, we generated report outcomes with annual internet revenues and pretax earnings progress of 13%, which was pushed by robust natural progress … the good thing about greater short-term rates of interest and, most significantly, our advisors’ and associates’ unwavering deal with all the time placing their shoppers first,” stated Raymond James Chair and CEO Paul Reilly in an announcement on Oct. 26, when the agency launched its most up-to-date outcomes.
As for tendencies in consumer belongings, Raymond James reported a 7% year-over-year lower and a 3% fall from the prior quarter to $1.04 trillion in Non-public Shopper Group belongings beneath administration for the interval ending Sept. 30.
Monetary corporations kick off the fourth quarter and year-end earnings season on Jan. 13, when JPMorgan and Wells Fargo plan to report their outcomes.
(Picture: Chris Nicholls/ALM)