Late Thursday, the Montreal-based company reported revenue of $731-million, narrowly lower than the consensus forecast of $734-million. However, adjusted EBITDA of $347-milllion was $1-million higher than anticipated.
“Last month marked the end to the organizational simplification we announced in September. The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy,” CEO Jane Fraser said in a statement. The bank also paid US$251-million into a Federal Deposit Insurance Corp fund that was drained last year after three regional lenders failed.
The bank still faces challenges, including regulatory problems and an unsettled workforce. In February, Reuters reported U.S. regulators asked Citigroup for urgent changes to the way it measures default risk of its trading partners.) reported record assets under management of about US$10.5-trillion in the first quarter and posted a 36-per-cent jump in profit on Friday as a rebound in global equity markets boosted its investment advisory and administration fees.
BlackRock provides investment management and technology services to retail and institutional clients globally that includes sovereign wealth funds, insurance companies, and large corporations among others. However, its quarterly profit fell nearly 16 per cent to US$463-million, or US$1.37 per share, due to a 6-per-cent rise in its expenses, including US$130-million to replenish the Federal Deposit Insurance Corporation’s insurance fund.
The deal comes at a time when the private capital groups have been struggling to raise funds, and investors in private equity funds are choosing to concentrate their investments with fewer, larger managers. JPMorgan, the biggest U.S. bank by assets, also added billions of dollars of loans to its balance sheet after acquiring failed First Republic Bank in May last year, fueling its interest income further.
The bank expects full-year NII, excluding trading, of US$89-billion, depending on market fluctuations. That is up from a previous estimate of US$88-billion but lower than the US$90.68-billion analysts had expected, according to LSEG. JPMorgan was among the banking giants that made up the bulk of contributions to the Federal Deposit Insurance Corp fund, which was drained when three regional lenders failed last year.
Contenders for the top job include Jennifer Piepszak and Troy Rohrbaugh, recently appointed co-CEOs of JPMorgan’s expanded commercial and investment bank, and Marianne Lake, CEO of consumer and community banking. The bank’s net interest income -- the difference between what it earns on loans and pays out for deposits -- fell 8 per cent to US$12.23-billion.
The increased interest rate have also made it more costly for banks, prompting them to pay more to keep deposits from customers who are seeking higher yields. The television and radio broadcaster says the loss amounted to five cents per diluted share for the quarter ended Feb. 29 compared with a loss of eight cents per diluted share in the same quarter last year.
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