Of These 128 Largest US Financial Cos, 22 of Them Are Banks. These 22 Banks Generated Total Pretax Income of $42.4 Bil in Their December 2018 Quarter, Up an Exceptional 24% Over That in Their December 2017 Quarter of $34.2 Bil.
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And of These 128 Largest Financial Cos, 6 of Them Are Health Insurance Cos. These 6 Health Insurance Cos Saw Their Total Pretax Income Grow By a Very Solid 11% in the December 2018 Quarter Over That in Their December 2017 Quarter.
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On the Other Hand, the 100 Other Largest US Financial Cos Posted a Total Pretax Loss of $3.2 Bil in the December 2018 Quarter, Down a Staggering 108% From the Total Pretax Income of $38.6 Bil They Earned in Their December 2017 Quarter.
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From a review of SEC filings and individual Company information in MSN Money, I found 128 US Financial Companies with stock market caps sometime in 2018 of more than $10 Bil.
My Focus is on Pretax Income rather than on After-Tax Net Income because Corporate Income Taxes are simply a transfer of financial wealth between US Corporations and the US Federal, US State and Foreign Governments. It has nothing whatsoever to do with Company Operating Performance.
The chart below shows the Gold-Standard US GAAP Total Pretax Income (Loss) From Continuing Operations for both the December 2018 Quarter and the December 2017 Quarter for each of these 128 Financial Cos.
| US | US | |||
| GAAP | GAAP | |||
| Pretax | Pretax | |||
| Income | Income | |||
| (Loss) | (Loss) | |||
| Dec | Dec | Better | ||
| US | 2018 | 2017 | (Worse) | |
| State | US Financial Companies | Quarter | Quarter | % |
| HQs | Stock Market Caps > $10 Bil | End | End | Change |
| mils $ | mils $ | mils $ | ||
| Banks | ||||
| NY | JPMorgan Chase | 8,841 | 8,254 | 7% |
| NC | Bank of America | 8,698 | 6,161 | 41% |
| CA | Wells Fargo | 7,120 | 4,599 | 55% |
| NY | Citigroup | 5,306 | 5,099 | 4% |
| MN | US Bancorp | 2,153 | 1,311 | 64% |
| PA | PNC Financial Services | 1,615 | 1,074 | 50% |
| NY | Bank of New York Mellon | 1,020 | 728 | 40% |
| NC | BB&T Corp | 1,010 | 876 | 15% |
| GA | SunTrust Banks | 796 | 668 | 19% |
| NY | M&T Bank Corp | 699 | 629 | 11% |
| OH | Fifth Third Bancorp | 584 | 491 | 19% |
| OH | KeyCorp | 574 | 447 | 28% |
| RI | Citizens Financial Group | 557 | 503 | 11% |
| MA | State Street Corp | 504 | 717 | -30% |
| AL | Regions Financial | 491 | 541 | -9% |
| IL | Northern Trust | 486 | 436 | 11% |
| TX | Comerica | 400 | 330 | 21% |
| OH | Huntington Bancorp | 391 | 412 | -5% |
| CA | SVB Financial Group | 380 | 260 | 46% |
| UT | Zions Bancorp | 290 | 259 | 12% |
| CA | First Republic Bank | 287 | 237 | 21% |
| CA | East West Bancorp | 205 | 174 | 18% |
| Total all 22 Banks | 42,407 | 34,206 | 24% | |
| Health Insurance Cos | ||||
| MN | UnitedHealth Group | 4,123 | 3,669 | 12% |
| IN | Anthem | 542 | 126 | 330% |
| KY | Humana | 438 | 490 | -11% |
| MO | Centene | 357 | 168 | 113% |
| CT | Cigna | 228 | 758 | -70% |
| FL | WellCare Health Plans | 89 | 9 | 889% |
| Total all 6 Health Insurance Cos | 5,777 | 5,220 | 11% | |
| All Other Financial Cos | ||||
| NY | Goldman Sachs | 2,708 | 3,108 | -13% |
| NY | MetLife | 2,471 | 961 | 157% |
| NY | AXA Equitable Holdings | 2,329 | 776 | 200% |
| NY | Morgan Stanley | 1,857 | 2,471 | -25% |
| NY | American Express | 1,831 | 1,798 | 2% |
| VA | Capital One Financial | 1,243 | 1,308 | -5% |
| CA | Charles Schwab | 1,210 | 953 | 27% |
| NY | BlackRock | 1,174 | 1,486 | -21% |
| NJ | Prudential Financial | 1,067 | 1,107 | -4% |
| CT | Synchrony Financial | 1,012 | 875 | 16% |
| IL | Discover Financial Services | 897 | 899 | 0% |
| IN | Simon Property Group | 833 | 660 | 26% |
| CA | HCP Inc | 831 | (45) | NM |
| NE | TD Ameritrade | 778 | 303 | 157% |
| MN | Travelers Companies | 746 | 860 | -13% |
| NJ | Automatic Data Processing | 741 | 588 | 26% |
| GA | IntercontinentalExchange | 738 | 671 | 10% |
| GA | AFLAC | 722 | 999 | -28% |
| CA | Prologis | 709 | 351 | 102% |
| IL | CME Group | 671 | 575 | 17% |
| NY | S&P Global | 670 | 589 | 14% |
| MN | Ameriprise Financial | 652 | 595 | 10% |
| CA | Public Storage | 588 | 391 | 50% |
| PA | Chubb | 514 | 1,151 | -55% |
| VA | Willis Towers Watson | 477 | 80 | 496% |
| PA | Lincoln National | 467 | (388) | NM |
| CT | United Rentals | 425 | 336 | 26% |
| IL | Aon plc | 421 | 406 | 4% |
| FL | Fidelity Natl Info Services | 396 | 363 | 9% |
| MD | Host Hotels & Resorts | 393 | 110 | 257% |
| MD | T Rowe Price | 390 | 633 | -38% |
| VA | AvalonBay Community | 386 | 237 | 63% |
| WI | Fiserv | 374 | 381 | -2% |
| MI | Ally Financial | 368 | 410 | -10% |
| NY | E Trade Group | 365 | 299 | 22% |
| CA | Franklin Resources | 346 | 652 | -47% |
| FL | Raymond James Financial | 330 | 311 | 6% |
| NY | Nasdaq Inc | 328 | 211 | 55% |
| NY | Moody's Corp | 322 | 408 | -21% |
| TN | Unum Group | 310 | 345 | -10% |
| CT | Interactive Brokers Group | 309 | 364 | -15% |
| IL | Brookfield Property REIT | 268 | 176 | 52% |
| IA | Principal Financial | 243 | 315 | -23% |
| OH | Progressive Corp | 242 | 691 | -65% |
| NY | Marsh & McLennan | 224 | 642 | -65% |
| TX | Crown Castle | 218 | 113 | 93% |
| NY | W.P. Carey Inc | 207 | 74 | 180% |
| TX | Torchmark | 204 | 216 | -6% |
| MA | American Tower | 197 | 141 | 40% |
| MA | Boston Properties | 185 | 132 | 40% |
| GA | Total Systems Services | 177 | 156 | 13% |
| IL | Cboe Global Markets | 176 | 104 | 69% |
| CT | Hartford Financial Services | 167 | 422 | -60% |
| MA | Iron Mountain | 153 | 21 | 629% |
| GA | Invesco Ltd | 148 | 399 | -63% |
| PA | SEI Investments | 144 | 152 | -5% |
| MO | Reinsurance Group | 138 | 255 | -46% |
| CA | Equinix | 136 | 94 | 45% |
| NY | Vornado Realty Trust | 130 | 91 | 43% |
| OH | Welltower | 126 | (64) | NM |
| CA | Essex Property Trust | 124 | 110 | 13% |
| IL | Equity Residential | 122 | 130 | -6% |
| GA | Global Payments | 114 | 108 | 6% |
| UT | Extra Space Storage | 112 | 224 | -50% |
| OH | Worldpay | 93 | 501 | -81% |
| NY | Arch Capital Group Ltd | 91 | 259 | -65% |
| CO | UDR Inc | 90 | 75 | 20% |
| IL | TransUnion | 88 | 100 | -12% |
| CA | Realty Income Corp | 87 | 64 | 36% |
| FL | Regency Centers | 80 | 76 | 5% |
| FL | SBA Communications | 73 | 11 | 564% |
| NY | Broadridge Financial | 64 | 104 | -38% |
| TN | Mid America Apartment Comm | 64 | 129 | -50% |
| IN | Duke Realty | 63 | 54 | 17% |
| FL | Fidelity National Financial | 62 | 223 | -72% |
| MD | FederalRealtyInvestmentTrust | 56 | 53 | 6% |
| CA | Digital Realty Trust | 47 | 80 | -41% |
| IL | Arthur J Gallagher & Co | 43 | 29 | 48% |
| IL | Ventas | 35 | 347 | -90% |
| TX | Invitation Homes | 26 | (46) | NM |
| CA | Alexandria Real Estate Equities | (19) | 46 | -141% |
| OH | American Financial Group | (39) | 267 | -115% |
| NY | Blackstone Group LP | (49) | 1,400 | -104% |
| FL | Affiliated Managers Group | (64) | 264 | -124% |
| MA | GE Financial Services | (107) | (12,088) | NM |
| IL | CNA Financial | (114) | 410 | -128% |
| WA | Weyerhaeuser | (114) | 374 | -130% |
| NY | Icahn Enterprises LP | (129) | (396) | NM |
| IA | Athene Holding Ltd | (147) | 487 | -130% |
| NY | Loews Corp | (232) | 461 | -150% |
| NY | Apollo Global Mgt LLC | (338) | 732 | -146% |
| IL | Allstate | (364) | 1,157 | -131% |
| OH | Cincinnati Financial | (581) | 197 | -395% |
| NY | American International Group | (695) | 875 | -179% |
| NJ | Everest Re Group Ltd | (702) | 695 | -201% |
| MD | AGNC Investment Corp | (804) | 385 | -309% |
| VA | Markel | (930) | 144 | -746% |
| NY | KKR & Co LP | (1,214) | 662 | -283% |
| NY | Annaly Capital Management | (2,254) | 752 | -400% |
| NE | Berkshire Hathaway | (32,721) | 6,391 | -612% |
| Total 100 All Other Financial Cos | (3,201) | 38,564 | -108% | |
| Total all 128 Financial Cos | 44,983 | 77,990 | -42% |
