Recent Q1 Results 2009

ZURICH (Dow Jones)--UBS AG (UBS), hit by the effects of the global economic crisis and a crackdown by U.S. tax authorities, Wednesday said it expects to report a first-quarter net loss of nearly 2 billion Swiss francs ($1.75 billion) and that it will slash over 11% of its workforce to cut costs.

NEW YORK (AFP) — Banking giant JPMorgan Chase announced on Thursday it had made net profit of 2.1 billion dollars in the first quarter of 2009. "The firm earned more than two billion dollars this quarter, despite extremely high credit costs," chief executive Jamie Dimon said in a statement.

New York, Apr 14, 2009 (Asia Pulse Data Source) -- Financial services major Goldman Sachs Group Inc has announced net earnings of USD 1.81 billion in the first quarter of this year and will raise about USD 5 billion through public offering.

CHARLOTTE, N.C. (AP) -- Bank of America Corp. warned of worsening loan default problems Monday even as it posted a first-quarter profit of $2.81 billion. During the quarter, revenue more than doubled to $35.76 billion, mainly from the addition of Merrill. It was also helped by a $1.9 billion pre-tax gain from selling shares it owned in China Construction Bank. Bank of America continues to own about 17 percent of the common shares of the Chinese bank, it said. Analysts expected revenue of $27.13 billion. However, Bank of America recorded a $13.4 billion provision for credit losses in the first quarter, showing that it is not immune from deteriorating credit quality and growing unemployment. The bank set aside $6.4 billion as additional reserves to cover future losses.

Citigroup (NYSE: C) reported a Q1 loss of $0.18 per share, better than the consensus of $0.34 loss. Revenues came in at $24.8 billion, versus the consensus of $21.95 billion. Results also include $7.3 billion in net credit losses and a $2.7 billion net loan loss reserve build. The $0.18 loss per share reflected the reset in January 2009 of the conversion price of the $12.5 billion convertible preferred stock issued in a private offering in January 2008. This did not have an impact on net income but resulted in a reduction to income available to common shareholders of $1.3 billion or $0.24 per share. Without this reduction, earnings per share were positive. CEO Vikram Pandit said, "Our results this quarter reflect the strength of Citi's franchise and we are pleased with our performance. With revenues of nearly $25 billion and net income of $1.6 billion, we had our best overall quarter since the second quarter of 2007."

Morgan Stanley reports Q1 net loss (Banking Business Review - 27-April-2009)
Morgan Stanley has reported a net loss of $177m, or $0.57 per diluted share, for the first quarter ended March 31, 2009, compared to a net income of $1.41 billion, or $1.26 per diluted share, in the corresponding quarter of 2008. Net revenues for the first quarter of 2009 were $3 billion, a decrease of 62% over the first quarter of 2008. Non-interest expenses of $3.9 billion decreased 33% from the first quarter of 2008. The company has said that the first quarter results were negatively impacted by the $1.5 billion decrease in net revenues related to the tightening of Morgan Stanley's credit spreads on certain of its long-term debt and net losses of $1 billion on investments in real estate, amidst the industry-wide decline in this market.

Credit Suisse puts global competition in shade
Swiss bank Credit Suisse has outperformed international competitors with a better-than-expected SFr2 billion ($1.7 billion) profit in the first three months of the year. The bank continues to attract new money from wealthy clients, but the key to success has been an impressive investment banking performance – the very activity that brought the industry to its knees. The news from Credit Suisse provides one of the few rays of hope for a banking industry still mired in the aftermath of the financial crisis. UBS expects to lose the same amount as its Swiss rival gained in the first quarter.