{"id":21428,"date":"2024-02-20T21:17:50","date_gmt":"2024-02-20T21:17:50","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/02\/20\/best-worst-broker-dealers-q4-earnings-2023\/"},"modified":"2024-02-20T21:17:50","modified_gmt":"2024-02-20T21:17:50","slug":"best-worst-broker-dealers-q4-earnings-2023","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/02\/20\/best-worst-broker-dealers-q4-earnings-2023\/","title":{"rendered":"Best &amp; Worst Broker-Dealers: Q4 Earnings, 2023"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/871811222\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2021\/02\/Best-and-Worst-Broker-Dealers-640x640.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<p><button id=\"start-slideshow-top\" data-toggle=\"modal\" data-target=\"#slideshowModal\" class=\"start-slideshow carousel-control slideshow-btn industry-spotlight \">Start Slideshow <img decoding=\"async\" src=\"https:\/\/www.thinkadvisor.com\/assets\/master-template\/images\/market-images\/tasr\/rightarrow.svg\" class=\"prevbtn-img\"><\/button> <\/p>\n<p id=\"first-para\">Six large broker-dealers reported a drop in earnings in the final quarter of 2023, with five posting positive results after adjustments.<\/p>\n<p><span>Some firms\u2019 fourth-quarter and annual results were affected by fees imposed on institutions by the Federal Deposit Insurance Corp. following the regional banking crisis last year. <\/span><\/p>\n<p><span>These special assessments and other one-time payments, or gains in one case, led many broker-dealers to report adjusted earnings for Q4 2023. Some firms reported both adjusted net income (or earnings) and earnings per share, but several BDs just announced one adjusted figure.&nbsp;<\/span><\/p>\n<p><span>Two firms had significant losses: Citigroup, now in cost-cutting mode and <\/span><a href=\"https:\/\/www.thinkadvisor.com\/2024\/01\/12\/citi-to-cut-20000-jobs\/\"><span>laying off 20,000<\/span><\/a><span> staff members; and UBS, digesting Credit Suisse \u2014 which it <\/span><a href=\"https:\/\/www.thinkadvisor.com\/2023\/03\/19\/ubs-to-buy-credit-suisse-in-2b-deal\/\"><span>bought for $3.2 billion<\/span><\/a><span> a year ago.<\/span><\/p>\n<p><span><strong><i><span>Related:&nbsp;<a href=\"https:\/\/www.thinkadvisor.com\/2023\/12\/07\/best-worst-broker-dealers-q3-earnings-2023\/\" target=\"_blank\" rel=\"noopener\">Best &amp; Worst Broker-Dealers: Q3 Earnings, 2023<\/a><\/span><\/i><\/strong><\/span><\/p>\n<p><span>\u201cWealth revenues were down in 2023 and we fully recognize that this business isn\u2019t where it needs to be,\u201d CEO Jane Fraser said in a statement last month.&nbsp;<\/span><\/p>\n<p><span>As for UBS, it expects to wrap up its integration of Credit Suisse by the end of 2026 and aims for its Global Wealth Management unit to top $5 trillion of invested assets over the next five years \u2014 or about $100 billion of net new assets each year through 2025 and then around $200 billion annually by 2028, according to its 2023 <\/span><a href=\"https:\/\/www.ubs.com\/global\/en\/investor-relations\/financial-information\/quarterly-reporting.html\"><span>annual report<\/span><\/a><span>.&nbsp;<\/span><\/p>\n<p><span>Raymond James said its U.S.-based Private Client Group posted a yearly growth rate of&nbsp;nearly 8% for net new assets, based on its latest results.&nbsp;<\/span><\/p>\n<p><span>Financial firms kick off the first-quarter earnings season of 2024 on April 12, when Bank of America, Citigroup, JPMorgan and Wells Fargo plan to report their latest results.<\/span><\/p>\n<p><em>(Credit: Chris Nicholls\/ALM)<\/em><\/p>\n<p> <button data-toggle=\"modal\" data-target=\"#slideshowModal\" class=\"start-slideshow carousel-control slideshow-btn industry-spotlight\">Start Slideshow <img decoding=\"async\" src=\"https:\/\/www.thinkadvisor.com\/assets\/master-template\/images\/market-images\/tasr\/rightarrow.svg\" class=\"prevbtn-img\"><\/button><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Start Slideshow Six large broker-dealers reported a drop in earnings in the final quarter of 2023, with five posting positive results after adjustments. Some firms\u2019 fourth-quarter and annual results were affected by fees imposed&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21428"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21428"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21428\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}