Big Investment bankers like Bank of America, Chase and Goldman Sachs are due to announce their second quarterly result later this week after impressive performance in the first quarter. JPMorgan Chase, for example, is expected to report anywhere from a profit of 27 cents a share to a loss of 23 cents a share. Bank of America’s estimates, on the other hand, range from a loss of 11 cents to a profit of 70 cents a share. Goldman Sachs already announced their profit 3.44 bill dollar today which is much higher than expected. Comparatively, JP Morgan Chase is due to announce smaller profit of $280 million, or 4 cents a share.
The first two months of the last quarter has shown mortgage refinancing activity due to low interest and robust capital markets activity and that helps the investment bankers improve their business performance. Goldman Sachs, JPMorgan Chase and Bank of America boosted their business performance after underwriting their own debt and equity. They raise more capital as a result of Government planned stress-test program. Equity underwriting volume alone soared 666% domestically to $105.6 billion from $13.8 billion in the previous quarter, according to data from research firm Dealogic.Filed under Business News | Tags: Chase, Goldman Sachs, Investment banking, Mortgage Refinancing, Quarterly statement, Stress Test | Comment Below