Magazine article American Banker

Morning Scan: Big Quarter for Goldman; Visa CEO Steps Down

Magazine article American Banker

Morning Scan: Big Quarter for Goldman; Visa CEO Steps Down

Article excerpt

Byline: George Yacik

Breaking News This Morning ...

Goldman's earnings soar: Goldman Sachs's third quarter earnings jumped 47% versus the year-ago period as trading revenue rose 17%. The bank earned $2.09 billion, or $4.88 a share, easily beating analysts' estimates of $3.82 a share. A year earlier it earned $1.43 billion, or $2.90 a share. Revenue rose 19% to $8.17 billion from $6.86 billion, well above Street forecasts of $7.42 billion. Return on equity climbed to 11.2%, up from 7% in the year-earlier quarter and the first time the ratio exceeded 10% since early 2015. Wall Street Journal, Financial Times

Also reporting: Comerica, Synovus

Receiving Wide Coverage ...

Family first: Visa CEO Charles Scharf, who spends most of his time at company headquarters in San Francisco while most of his family lives on the East Coast, has apparently decided that family comes first. On Monday he resigned his job, saying that he can no longer spend enough time in San Francisco "to do the job effectively." "I think to do this job properly you need to be committed to spending the appropriate amount of time in San Francisco. Given my personal situation, I don't feel that I can do that right now," said Scharf, who took the job four years ago. He will be succeeded by Alfred Kelly, a member of Visa's board and a former president of American Express. Scharf also resigned his board seat. Wall Street Journal, Financial Times, American Banker

Wall Street Journal

Temporary shift?: While three big U.S. banks have reported strong third-quarter results thanks mainly to increased trading activity, two questions remain: Is the shift temporary or more permanent, and will those competitors that pulled back from trading be hurt by that decision? "If the rebound proves lasting, big U.S. banks may be positioned to take market share from competitors, mostly Europeans, that have scaled back their trading businesses," the Journal's Heard on the Street column reports. …

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