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.
More Quotes from Glenn Schorr:
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.Glenn Schorr
No sugar-coating -- the loss of Marge is disappointing.
Glenn Schorr
The big standout was US cards -- weak even excluding the charge, due to margin compression and a big drop in receivables.
Glenn Schorr
Overage in the quarter (was) mostly due to very strong investment banking results, particularly trading, and good expense control,
Glenn Schorr
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.
Glenn Schorr
The risk here is that some shareholders decide to sell to diversify their portfolios despite the favorable outlook for the company,
Glenn Schorr
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