Earnings: Wilmington Trust and LaBranche

Wilmington Trust's earnings fell 7% and LaBranche posted a net-income loss of 54%.
JAN 18, 2008
Profits at Wilmington Trust Corp. and LaBranche & Co. Inc. fell in the fourth quarter. Wilmington Trust’s fourth quarter earnings fell 7% on an increased provision for loan losses. The Delaware-based bank company said that net income for the fourth quarter fell to $44 million, or 65 cents per share, down from $47.5 million, or 68 cents per share in the year-ago period. Wilmington Trust said its provision for loan losses grew 29% to $9.2 million. Meanwhile, revenue in the Corporate Client Services business rose 12%, while revenue in the Wealth Advisory Services Business slumped 15%. Assets under management rose 10.2% to $34.5 million, up from $31.9 million during the year-ago period. LaBranche & Co. Inc. posted a net-income loss of 54% on lower revenue from trading and brokerage commissions. The New York-based specialist trading firm said earnings fell to $18 million, or 29 cents per share, down from $39.1 million, or 63 cents, in the year-ago period. The results for the quarter exclude a net gain related to an increase in the fair value of NYSE Euronext Inc. shares. LaBranche's pro-forma income in the period was $2.3 million, or 4 cents per share, compared to a pro-forma loss of $1.8 million, or 3 cents per share, in the year-ago period. Revenue fell 43% to $67.1 million from the year-ago quarter.

Latest News

Estate planning gaps leave families facing steep probate costs, new report finds
Estate planning gaps leave families facing steep probate costs, new report finds

With trillions of dollars set to change hands, new data suggests probate costs and delays are becoming a bigger factor in estate planning decisions.

Orion, RFG moves take aim at onboarding and transition speed
Orion, RFG moves take aim at onboarding and transition speed

Orion and RFG Advisory tackle account-opening delays with new updates as custodial integrations reshape how fast advisors can move client assets.

Corient adds $5B New York multi-family office Seven Bridges
Corient adds $5B New York multi-family office Seven Bridges

The deal extends the acquisitive mega-RIA's rapid 2026 expansion as industry consolidation hits record levels nationwide

Navigating the straight
Navigating the straight

As recent Middle East tensions put the Strait of Hormuz back in focus, a structured process with purpose can help protect investors against their natural self-sabotaging tendencies in choppy markets.

Commonwealth-affiliated Longwave hires from LPL-affiliated firm amid Pacific Northwest expansion
Commonwealth-affiliated Longwave hires from LPL-affiliated firm amid Pacific Northwest expansion

ESG-focused Longwave Financial, approaching $1B AUM, acquired Seattle-based MG Financial and hired a client services manager from an LPL-affiliated firm.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income