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THE LEADER
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NEWS
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UPDATE
ON BANK
REVENUES
Trading revenue of U.S. commercial banks
and federal savings associations of $7.2 billion
in the Q4 2019, which was $4.0 million, or
0.1% less than the previous quarter, according
to the Office of the Comptroller of the
Currency (OCC).
While four large banks held 85.7% of
the total banking industry notional amount
of derivatives, a total of 1,324 insured U.S.
commercial banks and savings associations
held derivatives at the end of the fourth quarter
2019.
Derivative contracts remained concentrated
in interest rate products, which represented
72.9% of total derivative notional amounts.
e percentage of centrally cleared derivatives
transactions decreased quarter-over-quarter to
37.1% in the fourth quarter 2019.
Many U.S. banks are underperforming
in the wake of COVID-19, but according to
research from Forbes, there are a few "bright
spots." Forbes' portfolio of nine stocks showed
an average return of 11% in the last five trading
days compared with a 13% return in the Dow
during the same period.
e top three performers within the
portfolio during the five trading days prior to
the report included Citigroup (15.1% return),
Morgan Stanley (14.6% return), and JPMorgan
(14.4% return).
Top performer Citigroup's market cap has
declined by $86.6 billion from about $178.5
billion on December 31, 2019 to $91.9 billion
now. e company had $74.3 billion in revenue
in 2019, from which it derived $19.4 billion in
net income and $8.08 in earnings per share.
S&P Global Ratings believes the effects of
the COVID-19 pandemic have likely pushed
the world economy into recession, dragging
full-year GDP global growth down to just
1-1.5%.
"We project China's economy to expand
2.7%-3.2%, and the eurozone economy to
contract 0.5%-1.0% in 2020," they said in a
statement.
