Thursday, July 18, 2013

US Big Six Financial Corps 2Q 2013 Earnings Up 40%

Most pundits think that there are six large US Financial Corps.

All six of them generated US generally accepted accounting principles (US GAAP) Net Income From Continuing Operations in the 2Q 2013 of in excess of $1 bil each.

These six generated total after tax earnings in the 2Q 2013 of $23.155 bil, which was an increase of an amazingly high 40% over the 2Q 2012.

And all six of them had up earnings, with a low of up 19% and a high of up 101%.

All I can say can so many in the US Congress see nothing wrong with these eye-popping big financial industry earnings when so many US citizens are suffering so severely economically?

And why in the world are so many in the US Congress more concerned about Big Financial Industry quarterly earnings than they are about the economic status of US citizens, including students with education loans with very high interest rates and including so many people being harmed severely by the US Congress mandated Sequester?

Below here are the earnings of these US Big Six Financial Corps for the 2Q 2013 and for the comparable 2Q 2012:

2Q 2013 2Q 2012


Net Net

Income Income

From From

Continuing Continuing

Operations Operations Increase Increase

mil $s mil $s Amount %

JP Morgan Chase                        6,496                        4,960          1,536 31%
Wells Fargo                        5,519                        4,622              897 19%
Citigroup                        4,188                        2,979          1,209 41%
Bank of America                        4,012                        2,463          1,549 63%
Goldman Sachs                        1,931                            962              969 101%
Morgan Stanley                        1,009                            562              447 80%

Total all Six                      23,155                      16,548          6,607 40%