Wednesday, May 22, 2019

The 30 Largest New York State Financial Cos Saw Their Total Pretax Income Increase By 15% in the 3Q 2018 and Then Collapse With Declines of 18% in the 4Q 2018 and of 6% in the 1Q 2019

Democratic Presidential Candidate Pete Buttigieg Has Been Very Active Campaigning in the Financially-Savvy and Politically Astute New York Area.  Thus, I Think It Might Be Helpful to Research Just How the Very Largest New York Area Financial Companies Have Performed on the Pretax Earnings Front in the Most Recent Three Quarters
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From a review of SEC filings, Google Finance and MSN Money, I found 30 New York State Financial Companies with stock markets caps of above $10 bil recently.

My Focus is on Pretax Income rather than on After-Tax Net Income because 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.

From SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the First Quarters of both 2019 and 2018, the Fourth Quarters of both 2018 and 2017 and the Third Quarters of both 2018 and 2017 for each of these 30 very largest New York Area Financial Companies.

US US US US US US
GAAP GAAP GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax Pretax Pretax
Income Income Income Income Income Income
(Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
New York Financial Companies First First Fourth Fourth Third Third
Reporting 1Q 2019, 4Q 2018 and 3Q 2018 Earnings New York Quarter Quarter Quarter Quarter Quarter Quarter
Market Caps Above $10 Bil City HQs 2019 2018 2018 2017 2018 2017
mils $ mils $ mils $ mils $ mils $ mils $
Investment-Related Activities Cos
Morgan Stanley New York         2,955         3,420         1,857         2,471         2,851         2,482
Goldman Sachs New York         2,719         3,419         2,708         3,108         3,078         2,976
BlackRock New York         1,358         1,359         1,174         1,486         1,429         1,399
Blackstone Group LP New York         1,114            897             (49)         1,400            976            894
Nasdaq Inc New York            313            239            328            211            209            234
Icahn Enterprises LP New York           (658)            384           (129)           (396)           (381)            818
KKR & Co LP New York         1,795            621        (1,214)            662         1,223            397
MarketAxess Holdings New York              65              61              56              49              48              47
Banks
JPMorgan Chase New York       11,233       10,662         8,841         8,254       10,689         9,556
Citigroup New York         6,012         6,090         5,306         5,099         6,104         6,003
Bank of New York Mellon New York         1,193         1,444         1,020            728         1,334         1,368
M&T Bank Corp Buffalo            634            458            699            629            696            581
Real Estate Investment Trusts (REITs)
W.P. Carey Inc New York              67              62            207              74              84              85
Annaly Capital Management New York           (847)         1,328        (2,254)            752            378            369
Vornado Realty Trust New York            243                3            130              91            221              38
FinTechs
Mastercard Purchase         2,203         1,803         1,215         1,484         2,264         1,932
First Data Corp New York            246            161            219            339            502            234
E Trade Group New York            392            334            365            299            374            223
Insurance Cos
Marsh & McLennan New York            944            916            224            642            385            537
American International Group New York         1,154         1,227           (695)            875        (1,527)        (2,803)
MetLife New York         1,744         1,656         2,471            961         1,079            485
Travelers Companies New York            967            778            746            860            806            320
Loews Corp New York            508            405           (232)            461            354            264
Arch Capital Group Ltd New York            541            188              91            259            282             (37)
AXA Equitable Holdings New York           (924)            428         2,329            776           (618)              47
Other Financial Cos
American Express New York         1,958         2,082         1,831         1,798         2,118         1,831
S&P Global New York            566            681            670            589            672            621
Moody's Corp New York            412            441            322            408            413            466
MSCI Inc New York            128            139            187            127            147            121
Broadridge Financial Solutions Lake Success            224            125              64            104              89              74
Total all 30 Very Largest New York Financial Cos       39,259       41,811       28,487       34,600       36,279       31,562
Total Pretax Income % Change From Prior Year's Qtr -6% -18% 15%