JPMorgan, BoNY Mellon, TD and BlackRock

JPMorgan Chase & Co. reported that its second-quarter earnings were 53% below last year’s levels.
JUL 17, 2008
JPMorgan Chase & Co. of New York said today that its second-quarter earnings were 53% below last year’s levels, while Bank of New York Mellon said its net income declined 32%. TD Ameritrade and BlackRock announced higher earnings. JPMorgan reported net income of $2 billion, or $0.55 per share, down from $4.2 billion, or $1.27 per share, for the same period last year. The banking giant blamed the earnings decline on downturns in its investment banking, credit card and home loan businesses, according to a statement. JPMorgan also added $1.3 billion to its credit-loss allowances. Bank of New York Mellon said its second quarter earnings slid to $302 million, or $0.26 per share, from $448 million, or $0.65 per share, a year ago. It cited the “very challenging” environment in the financial services sector for its lower profitability. TD Ameritrade of Omaha bucked the slump. Its second-quarter net income rose 29% to $204.4 million, or 34 cents a share, from $158.7 million, or 26 cents a share, in the year-ago period. CEO Joe Moglia credited the firm’s asset-gathering strategy and “growing platform of easy-to-use investment tools” for the earnings growth. BlackRock Inc. of New York said its second-quarter net income climbed 23% to $274 million, or $2.05 a share, from $222.2 million, or $1.69 a share, in the 2007 period. A statement from Laurence D. Fink, the company’s chairman and CEO, credited “exceptional growth” in its BlackRock Solutions consulting business, and “sustained operating and financial discipline.”

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.