WS #15859
BlackRock reported a strong Q3 with adjusted EPS of $15.93 beating estimates, driven by $205B in net inflows and record AUM of $15.5T, sending shares up 3.8% pre-market. Morgan Stanley also saw profits climb on equity trading and wealth management strength. In contrast, Bank of America shares fell after reporting a 17% profit drop and a $1.2B money laundering fine, while State Street posted mixed results. The divergence highlights a bifurcation in the financial sector, with asset managers benefiting from market volatility and inflows, while traditional banks face regulatory and margin headwinds.
Financials: BlackRock Beat vs BofA Fine
BlackRock reported a strong Q3 with adjusted EPS of $15.93 beating estimates, driven by $205B in net inflows and record AUM of $15.5T, sending shares up 3.8% pre-market. Morgan Stanley also saw profits climb on equity trading and wealth management strength. In contrast, Bank of America shares fell after reporting a 17% profit drop and a $1.2B money laundering fine, while State Street posted mixed results. The divergence highlights a bifurcation in the financial sector, with asset managers benefiting from market volatility and inflows, while traditional banks face regulatory and margin headwinds.