1 00:00:02,520 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,560 --> 00:00:12,440 Speaker 2: The Stock Movers Report, your roundup of companies making moves 3 00:00:12,480 --> 00:00:15,880 Speaker 2: in the stock market, harnessing the power of Bloomberg data. 4 00:00:17,000 --> 00:00:19,360 Speaker 1: Our visual is a stock Movers. There's lots of stocks 5 00:00:19,400 --> 00:00:21,840 Speaker 1: moving and Lisa Mittel has it. It's a podcast. 6 00:00:21,920 --> 00:00:23,880 Speaker 3: Lisa, all right, let's go to banks, because that's what 7 00:00:23,920 --> 00:00:26,880 Speaker 3: we've been talking about a lot. Wells Fargo taker WFC. 8 00:00:27,120 --> 00:00:29,600 Speaker 3: They share have been slipping as much as two percent, 9 00:00:29,760 --> 00:00:33,240 Speaker 3: so a few things they missdwanaly its profit estimate, severance 10 00:00:33,280 --> 00:00:36,120 Speaker 3: costs kind of drove up their expenses. It's spent six 11 00:00:36,200 --> 00:00:39,760 Speaker 3: hundred and twelve as part of this plan to cut 12 00:00:39,800 --> 00:00:43,280 Speaker 3: costs six hundred and twelve million. Expenses were thirteen point 13 00:00:43,400 --> 00:00:47,160 Speaker 3: seven billion, Chief executive officer. He said he expected higher 14 00:00:47,200 --> 00:00:50,520 Speaker 3: Serfence expected expenses in the fourth quarter. He said more 15 00:00:50,600 --> 00:00:53,160 Speaker 3: job cuts are likely to come to at this year. 16 00:00:53,720 --> 00:00:56,200 Speaker 3: They generated twenty one point three billion net income for 17 00:00:56,280 --> 00:00:58,680 Speaker 3: twenty twenty five. That was compared with estimates of twenty 18 00:00:58,720 --> 00:01:01,840 Speaker 3: one points six billion. But he also said he referred 19 00:01:01,880 --> 00:01:04,280 Speaker 3: to this asset cap that was imposed by their Federal Reserve. 20 00:01:04,319 --> 00:01:06,280 Speaker 3: It was lifted in June. He said We've built a 21 00:01:06,319 --> 00:01:09,560 Speaker 3: strong foundation, made its great progress and improving growth and 22 00:01:09,600 --> 00:01:13,319 Speaker 3: returns that we have operated with significant constraints. So that 23 00:01:13,480 --> 00:01:15,920 Speaker 3: was the kind of the vibe that he was giving 24 00:01:15,920 --> 00:01:18,520 Speaker 3: off during that. I want to go to the Bank 25 00:01:18,560 --> 00:01:20,319 Speaker 3: of America, this ticker BAC. 26 00:01:21,120 --> 00:01:21,600 Speaker 1: They're shared. 27 00:01:21,640 --> 00:01:23,560 Speaker 3: They were higher, but now they're down about one and 28 00:01:23,560 --> 00:01:26,680 Speaker 3: a half percent. It's the second largest US bank, right. 29 00:01:26,720 --> 00:01:30,480 Speaker 3: They posted strong fourth quarter revenue. Equity trading rode two billion. 30 00:01:30,800 --> 00:01:33,440 Speaker 3: Net interests a key source for revenue. Company rose about 31 00:01:33,480 --> 00:01:34,760 Speaker 3: fifteen point eight billion. 32 00:01:35,160 --> 00:01:37,959 Speaker 1: So your parson like down a point, up the point. 33 00:01:38,240 --> 00:01:41,839 Speaker 1: Bank of America up twenty two percent in the last 34 00:01:41,880 --> 00:01:46,080 Speaker 1: twelve months. City Group, Paul Sweety taught me how to 35 00:01:46,120 --> 00:01:50,200 Speaker 1: do this. City Group ready up sixty two percent. Sixty 36 00:01:50,200 --> 00:01:52,840 Speaker 1: two percent, okay, in the last twelve months. If they 37 00:01:52,880 --> 00:01:54,440 Speaker 1: got off a point or two, big deal. 38 00:01:54,640 --> 00:01:54,880 Speaker 4: Yeah. 39 00:01:55,280 --> 00:01:55,480 Speaker 2: Yeah. 40 00:01:55,520 --> 00:01:57,720 Speaker 3: And City Group their shares have been up one percent. 41 00:01:58,440 --> 00:02:00,640 Speaker 3: But it's the deal making, right, the deal makers are 42 00:02:00,640 --> 00:02:02,440 Speaker 3: starting to narrow the gap for a city, which is 43 00:02:02,480 --> 00:02:04,960 Speaker 3: which is a great thing for them. It posted eighty 44 00:02:04,960 --> 00:02:08,120 Speaker 3: four percent surge financial advisory fees in the fourth quarter, 45 00:02:08,840 --> 00:02:10,840 Speaker 3: so that was huge and it kind of tops off 46 00:02:10,840 --> 00:02:13,919 Speaker 3: this year the firm's revenue for handling mergers. They rose 47 00:02:13,960 --> 00:02:15,760 Speaker 3: by more than half to an all time record. So 48 00:02:15,800 --> 00:02:18,079 Speaker 3: that was a big point for them, and it continues. 49 00:02:18,120 --> 00:02:21,000 Speaker 1: Is do we agree, Alexis help me here? Do we 50 00:02:21,080 --> 00:02:24,120 Speaker 1: agree that into Q one is continuing anything? 51 00:02:24,160 --> 00:02:26,320 Speaker 4: And also oh yeah, yeah, I have to think so. 52 00:02:26,360 --> 00:02:29,160 Speaker 4: But also just unique to city as Fraser and what 53 00:02:29,200 --> 00:02:31,800 Speaker 4: she's doing. I mean she started those Those job cuts 54 00:02:31,840 --> 00:02:33,880 Speaker 4: this week are a thousand job cuts part of that 55 00:02:34,000 --> 00:02:35,239 Speaker 4: overall restructuring plan. 56 00:02:35,760 --> 00:02:37,480 Speaker 3: Yeah, she's been there for about five years. She brought 57 00:02:37,480 --> 00:02:39,680 Speaker 3: on a couple of JP Morgan Bank of America folks 58 00:02:39,680 --> 00:02:41,320 Speaker 3: to help, you know, turn around the place. 59 00:02:41,400 --> 00:02:43,440 Speaker 4: And it seems to be it seems to be happening. 60 00:02:43,520 --> 00:02:47,040 Speaker 3: Yeah. I want to point out Netflix before we go 61 00:02:47,400 --> 00:02:52,280 Speaker 3: NFLX their shares up nearly two percent all cash offer 62 00:02:52,520 --> 00:02:54,440 Speaker 3: for their studio streaming business. 63 00:02:54,440 --> 00:02:55,800 Speaker 4: Did they do say no? 64 00:02:55,960 --> 00:02:58,880 Speaker 3: Courses say this is a report sources, Yes, yes, yes, 65 00:02:59,000 --> 00:03:01,360 Speaker 3: sweetening they're hoping to speed up the sale, that's what they. 66 00:03:01,280 --> 00:03:01,640 Speaker 1: Want to do. 67 00:03:02,800 --> 00:03:07,000 Speaker 2: The Stockmover's Report from Bloomberg Radio. 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