How did these eight do in the most recent 4Q 2012?
Well, in one word.....Superbly!
These eight had Total Core Pretax Income of a massive $29,533 mil in the 4Q 2012, which was an exceptional 56% improvement from the $18,943 mil earned in the 4Q 2011.
And all eight of them had double or triple digit percentage earnings increases in the 4Q 2012 over the 4Q 2011.....what incredibly high earnings growth consistency in these difficult economic times.
Also, this was a substantial earnings improvement from that generated in the first 9 months of 2012.
Below here is the Core Pretax Income in the 4Q 2012 and the 4Q 2011 for each of these Big Eight US Financial Corps:
| 4Q 2012 | 4Q 2011 | |||
| Core | Core | Increase | Increase | |
| Pretax | Pretax | (Decrease) | (Decrease) | |
| Income | Income | Amount | % | |
| mils of $s | mils of $s | mils of $s | ||
| Big 8 Financial | ||||
| Wells Fargo | 7,221 | 6,057 | 1,164 | 19% |
| JPMorgan Chase | 6,950 | 4,747 | 2,203 | 46% |
| Goldman Sachs | 4,313 | 1,247 | 3,066 | 246% |
| Bank of America | 3,160 | 910 | 2,250 | 247% |
| Citigroup | 2,643 | 1,557 | 1,086 | 70% |
| General Electric Capital | 1,949 | 1,763 | 186 | 11% |
| US Bancorp | 1,927 | 1,592 | 335 | 21% |
| Morgan Stanley | 1,370 | 1,070 | 300 | 28% |
| Total all 8 | 29,533 | 18,943 | 10,590 | 56% |
When reviewing the above 4Q 2012 outstanding earnings performance, the question I have to ask is.....How is it really fair for these Big Eight US Financial Corps, with many of them playing major roles in causing the 2008 financial meltdown, and with the Obama Administration rescuing them, and also with all of them getting continuing substantial financial help from both the Obama Administration, and especially from the US Fed, to do so well, when many of their customers, both individuals, especially those with underwater home mortgages, very high interest rate credit card loans and education loans, and smaller businesses, are under such severe financial pressure?
It seems only fair to me that the Big 8 US Financial Corps should be major contributors in solving the near-term US Debt Reduction Sequester problem.
