It's symptomatic of issues going on beneath the surface. They're still trying to get their house in order. Their stock hasn't been doing very well.
More Quotes from Tim Woolston:
I know a lot of people were bracing for the worst. But they've righted the ship, stabilized things and have everybody rowing together. And you have one of the best market environments in some time.Tim Woolston
The magnitude of the surprise was bigger than most people were expecting, ... Earnings and revenue were driven by proprietary trading and MA activity and its role as prime broker and clearinghouse for hedge funds.
Tim Woolston
The productivity report is a good thing for corporations because it means wages are being kept down and efficiency is going up and that should improve profitability, ... We should be able to rally from here to the end of the year.
Tim Woolston
Broadly diversified financial services firms, and banks in particular, are looking to augment their revenue, ... This is essentially a bet that the U.S. consumer, contrary to what you may read, is not tapped out.
Tim Woolston
The hourly earnings number was a little weaker than forecast. That means that more people are working, but wage pressure remains contained, and that helps profitability.
Tim Woolston
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