Settlements Cut Into Citigroup, Bank of America Net Earnings for Q4, Full-Year 2014

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first_img Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Settlements with the federal government for mortgage servicing misconduct led to sharp year-over-year declines for Citigroup and Bank of America in both fourth quarter and full-year net incomes in 2014, according to Q4 2014 and year-end earnings statements for both banks released on Thursday.Burdened by legal and related expenses and repositioning charges, Citigroup reported fourth quarter 2014 net earnings that were only a fraction of what they were in the same quarter a year earlier. Citigroup reported net earnings of $350 million on $17.8 billion in revenues for Q4 2014, way down from the net earnings of $2.5 billion the bank rolled in for Q4 2013 on the same revenues, $17.8 billion. Net income per diluted share fell from $0.77 in Q4 2013 all the way down to a mere $0.06 for Q4 2014 for Citigroup.Bank of America reported relatively minor losses in the fourth quarter of 2014 with a net income of $3.1 billion on $19.0 billion in revenues compared to $3.4 billion on $21.7 billion in revenues in the same quarter of 2013.Both institutions had a rough year in 2014 on the regulatory side of things. In July, Citigroup settled with the Department of Justice for $7 billion over the sale of toxic mortgage-backed securities. A month later, Bank of America settled with the DOJ for a record $16.65 billion over similar matters. The money paid out in penalties and consumer relief in 2014 took a toll on year-end net incomes for both institutions.Citigroup’s full-year net income for 2014 was only slightly more than half of what it was for 2013 – $7.3 billion in 2014 compared to $13.7 billion for 2013. Revenues were similar, and were actually slightly higher in 2014 – $76.9 billion compared to $76.4 billion for 2013.”While the overall results for 2014 fell short of our expectations, we did make significant progress on our top priorities. During the year, we increased our market share among our target institutional clients, grew our core loan book, and improved both our net interest revenue and margin from 2013 levels,” said Michael Corbat, CEO of Citigroup. “For the first time since its establishment, Citi Holdings was profitable for the full year and we accelerated the utilization of our deferred tax assets. We strengthened our capital planning process and made Citi a safer and stronger institution, as evidenced by the increases to our capital, leverage and liquidity ratios. Although we made some difficult decisions over the course of the year, I believe they allowed us to put our franchise in a position to have a successful 2015.”Bank of America’s full-year net income was $4.8 billion for 2014, compared with $11.4 billion for 2013. Net income per diluted share fell from $0.90 in 2013 to $0.36 in 2014. Revenues for Bank of America dropped down to $85.1 billion in 2014, compared to $89.8 billion in 2013. On the positive side, the bank originated $15 billion in residential mortgage loans and home equity loans during Q4 2014, which helped approximately 41,000 homeowners purchase a home or refinance a mortgage.”In 2014, we continued to invest in our businesses while reducing expenses and resolving our most significant litigation matters,” Bank of America CEO Brian Moynihan said. “Last quarter, consumer deposits and loan originations were solid; wealth management client balances grew to $2.5 trillion; we increased lending to middle-market and large companies; and we retained a leadership position in investment banking. There’s more work and tremendous opportunity ahead as we improve on the platform we’ve built to serve our customers and clients, and we enter 2015 in good shape to manage both the opportunities and the challenges the markets and economy will offer.” Previous: Indecomm Global Services Welcomes New VP of Sales Next: Dallas Fed to Host Government Outreach Meeting on Regulatory Burdens February 4 Data Provider Black Knight to Acquire Top of Mind 2 days ago Settlements Cut Into Citigroup, Bank of America Net Earnings for Q4, Full-Year 2014 January 15, 2015 763 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Related Articles  Print This Postcenter_img Home / Daily Dose / Settlements Cut Into Citigroup, Bank of America Net Earnings for Q4, Full-Year 2014 Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. 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Tag: 上海外卖工作室

first_imgHowever, despite a strong start that many thought would go on till the end of the season, Bandari faded off and finished the season 10th, way off the targets that Nkata had set for himself and those set by the club.“It was the decision of the club taken after the season ended. I can’t say there is a heavy feeling in my heart and I enjoyed the short time I was there with the players and staff. I am not worried, I know I will get another team soon,” Nkata who was coaching his fourth club in Kenya said.Bandari FC head coach Paul Nkata issueing instructions.PHOTO/Timothy OlobuluNkata won just 12 of his 34 league matches in charge while his hunt for the GOtv Shield, a title the dockers won in 2015 ended in the quarter finals.The Ugandan who previously worked with Muhoroni Youth and Nairobi City stars said he couldn’t perform well with Bandari because they didn’t have the right quality of players like he had at Tusker.He has also insinuated that most of the new players were signed while he was away, some coming in injured.“I wasn’t there when most of the players were signed. With that, you can’t do much as a coach. We also had very many injuries. Also, there were many young and inexperienced players at Bandari and you can’t compare that with Tusker,” the coach further alluded.The team will now be handled by Ken Odhiambo who was one of Nkata’s assistants while the club continues its search for a new manager.0Shares0000(Visited 2 times, 1 visits today) 0Shares0000Bandari FC head coach Paul Nkata feeds instructions to his players during a past match. PHOTO/Timothy OlobuluNAIROBI, Kenya, Dec 1- Having failed to replicate his title winning spirit from Tusker FC at Bandari, the coastal Kenyan Premier League side has made the decision to relieve Ugandan tactician Paul Nkata and his assistant George Owoko off their duties.Nkata arrived in Mombasa with a rich curriculum vitae having led Tusker to their first ever double in history, winning both the league title and the GOtv Shield.last_img read more


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first_imgWest Indies coach Stuart Law has been fined 25 per cent of his match fee for breaching the ICC Code of Conduct during his team’s 101-run defeat in the third and the final Test against Pakistan in Dominica.The incident happened during the second session of the final day’s play when, following Shane Dowrich’s dismissal, Law visited the third umpire’s room, questioned the third umpire for confirming the on-field decision, before leaving the room while making an inappropriate comment.Law was found to have violated Article 2.1.5 of the ICC Code of Conduct for Players and Player Support Personnel, which relates to “showing dissent at an umpire’s decision during an international match”.After the match, Law admitted the offence and accepted the sanction proposed by Chris Broad of the Emirates Elite Panel of ICC Match Referees. As such, there was no need for a formal hearing.In addition to the fine, one demerit point has been added to Law’s disciplinary record.last_img read more