Glenn Schorr
Glenn Schorr
banking due expense good investment mostly quarter strong
Overage in the quarter (was) mostly due to very strong investment banking results, particularly trading, and good expense control,
bank banking barney credit earnings expenses fell good higher investment private services smith strong
Investment bank was pretty good all in. Transaction services had strong revenue, but earnings fell on higher expenses and credit costs. Smith Barney and private banking were okay, but not as good as Merrill.
loss
No sugar-coating -- the loss of Marge is disappointing.
absolute beating business diversity estimates good line number putting quarter tough words
It's tough to put in words how good a quarter it was -- but we'll try. Not only was the absolute number huge, beating estimates by $2, but diversity was great, with just about every business line putting up a record.
cards drop due margin weak
The big standout was US cards -- weak even excluding the charge, due to margin compression and a big drop in receivables.