Glenn Schorr
Glenn Schorr
cards drop due margin weak
The big standout was US cards -- weak even excluding the charge, due to margin compression and a big drop in receivables.
business deep easier financial focused transition
Because of their focused and deep business strategy, concentrating only on transactions, Ameritrade would make an easier transition into a more diversified financial company,
across appears built cost costs fruit smart taking wasteful
There appears to be some low-hanging fruit across the organization on the cost side. It will be taking a smart look at wasteful costs that have built up over the years.
absolute beating business diversity estimates good line number putting quarter tough words
It's tough to put in words how good a quarter it was -- but we'll try. Not only was the absolute number huge, beating estimates by $2, but diversity was great, with just about every business line putting up a record.
loss
No sugar-coating -- the loss of Marge is disappointing.
banking due expense good investment mostly quarter strong
Overage in the quarter (was) mostly due to very strong investment banking results, particularly trading, and good expense control,
clearly couple delivered gap growth investors past peer progress reasonable versus waiting work
Clearly they delivered some of the broad-based growth investors have been waiting for the past couple of years and progress has improved, ... But there's still a reasonable gap versus its peer group, so there is still work to be done.
bank banking barney credit earnings expenses fell good higher investment private services smith strong
Investment bank was pretty good all in. Transaction services had strong revenue, but earnings fell on higher expenses and credit costs. Smith Barney and private banking were okay, but not as good as Merrill.