Citi's heated earnings call — JPMorgan, BlackRock execs chime in on M&A — Morgan Stanley's credit trading booms

NYSE trader Gregory Rowe works on the floor of the New York Stock Exchange at the end of the trading day.Craig Ruttle/AP
Advertisement

The earnings train continues on with Goldman Sachs, Bank of America, and Wells Fargo checking in today.

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Tune in on Tuesday, October 27 at 12:00 pm ET for a virtual event sponsored by Salesforce, looking at how Professional Services firms are navigating and driving growth during the COVID-19 era. Register here.
Advertisement
Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.

'Why not step aside now?'

78659436

Typically, bank earnings calls aren't the most exciting events.
Advertisement

It's a chance for analysts to ask why a certain number wasn't higher or lower, or what *insert some obscure regulation* will mean for the future of the bank's balance sheet.

That was not the case, however, during Citi's third-quarter earnings call on Tuesday. Citigroup CEO Mike Corbat and chief financial officer Mark Mason had to field a barrage of pointed questions from analysts. That included asking about the status of Corbat's succession plan, steps the bank took prior to the $400 million fine it faced from regulators, and Citi's strategy for cleaning up its risk, compliance, and infrastructure issues.
Advertisement

Reed Alexander has the full rundown from what was a memorable earnings call.

Click here to read the entire story.

How JPMorgan and Blackrock execs are thinking of playing the massive wave of money-manager mergers

78659438
Advertisement

Speaking of earnings, Rebecca Ungarino has a great wrap up of comments made on JPMorgan and BlackRock's earnings calls about consolidation in wealth- and asset-management industries. It's the latest chapter in what has been an interesting time for money managers. Click here for the full story.

Good deals in pandemic-hit companies are proving hard to find. Here's how big investors that raised billions to pounce on corporate distress are changing up their playbooks.

78659440

Casey Sullivan and Alex Morrell with a really nice story looking into investors' push to get into deals for struggling and distressed companies. While there is plenty of money raised for such transactions, the market is tight. Read all about the current status quo.

The pandemic has created a do-or-die moment for smaller banks. Here's how fintechs are playing a key role in these firms staying relevant.

78659443
Advertisement
Smaller banks have been at a disadvantage compared to the biggest players. And the coronavirus pandemic has accelerated those pressures as customers have avoided physical branches, the lifeblood of local banks. Shannen Balogh and Reed Alexander have a great look at what the financial institutions are doing to evolve. Read more here.

A Morgan Stanley credit desk has reaped nearly $1 billion thanks to a surge in corporate borrowing and bond-portfolio trading

78659445

Nice scoop here from Alex Morrell. Morgan Stanley's credit trading has been absolutely booming this year. Find out who's leading the charge, and what has worked so well. Read the whole story here.
Advertisement

How 4 top law firms are making lucrative side bets on their own clients by taking VC-like stakes in names like Snowflake and Peloton

78659448

They don't just rep you. They invest in you, too. Nice piece by Jack Newsham on lawyers taking stakes in their clients. Check out the story here.

Odd lots:

This real-estate influencer just closed on nearly $500 million in property deals with apartment developer LYND. Here's how it fits into a plan to create 100,000 millionaires of color by 2030. (BI) Joe Biden Keeps Everyone Guessing On Wall Street Regulation (WSJ)
Advertisement

Fewer Fistfights, Less Sex—TV Production Gets a Covid Makeover (WSJ)

Peru opened Machu Picchu for a single tourist who was stuck in virus lockdown for 7 months waiting to see it (Insider)

{{}}