Morning Roundup: Earningspalooza!

  • Bank of America took a third-quarter loss of $7.3 billion, worse than a $1 billion loss a year ago. The culprit? A $7 billion writedown of the giant bank’s credit card business. [WSJ]
  • The iconic Goldman Sachs, meanwhile, beat expectations despite a 40 percent year-over-year decline in third-quarter profit. The culprit? Declining trading profits. [Fortune]
  • Bank of New York Mellon’s third-quarter profit rose to $622 million from a year-ago loss of $2.46 billion, but that turnaround wasn’t enough to meet Wall Street’s expectations. [TheStreet]
  • A very successful hedge fund that claimed to be run by women may or may not have a very successful man behind it. Was it a trick to lure investors bent on bridging the money-management gender cap? [NYT]
  • The Third Council of Basel has spoken: Come January 2015, the new capital requirements it has decreed will therewith fall upon banks from every nation. [Reuters]

mtaylor [at] observer.com | @mbrookstaylor

Morning Roundup: Earningspalooza!