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(Reuters) - Bank of America Corp’s (BAC.N) loan growth lagged rivals and fees from advising on deals and underwriting bonds fell in the third quarter, sending its share price 1.7 lower even as profit beat expectations. The No. 2 U.S. bank’s profit rose 35 percent, helped by cost controls, but investors focused on the underlying businesses. “It was definitely a surprise when some of the other banks had better-than-expected loan growth,” said R.J. Grant, head of trading at Keefe, Bruyette & Woods.
Bank of America’s total loan book grew 0.3 percent to $930 billion during the third quarter compared with the year-ago period, Declines in mortgages and loans to customers of its markets business offset gains in consumer banking, wealth management and commercial loans, By contrast, JPMorgan Chase & Co (JPM.N) reported a 6 percent rise in loans and Citigroup Inc (C.N) reported a 4 percent increase, Bank of America shares were 48 cents lower at $27.98 shortly after midday, The fees it generates from advising on mergers dropped 26 percent in the selfridges cufflinks quarter, as did those from underwriting bond offerings, Its sales and trading revenue fell 5 percent..
On a conference call with reporters, Chief Financial Officer Paul Donofrio said Bank of America is working to repair its M&A business after losing market share. At year-end Matthew Koder takes over as head of the corporate and investment bank from Christian Meissner, who announced his plans to leave last month. “I know we can do better,” said Donofrio. Still, third-quarter profit showed the rewards of cost controls Chief Executive Officer Brian Moynihan has put in place. By reducing staff, closing unprofitable branches and putting old technology systems to rest, it has eliminated billions of dollars from its annual expenses.
Lenders in general are benefiting from a strong U.S, economy, Rising interest rates, lower taxes, buoyant deposits and healthy loan demand have boosted the industry this year, with some selfridges cufflinks big banks reporting record profits quarter after quarter, Bank of America’s third-quarter profit jumped to $6.7 billion from $5 billion a year earlier, Excluding special items, the bank earned 67 cents per share, compared with an average analyst estimate of 62 cents per share, according to I/B/E/S data from Refinitiv..
“Overall trends continued to look strong,” Citigroup analyst Keith Horowitz said in a report. “Underlying core results (are) not necessarily as strong as headline number though.”. Revenue rose 4 percent as non-interest expenses fell 2 percent. Thanks to its efficiency efforts, Bank of America’s costs have been rising less or falling more than revenue for the past 15 quarters. The bank plans to keep annual costs at roughly $53.5 billion through 2020, Donofrio said in a separate call with analysts. That compares with more than $80 billion in costs representing 85 percent of revenue in 2011, the year Moynihan first unveiled an efficiency program dubbed “Project New BAC.”.
PARIS (Reuters) - Britain’s Burberry (BRBY.L) said on Monday it would start releasing limited selfridges cufflinks edition clothes and products every month, joining a growing number of rivals in the luxury sector trying to churn out collections more frequently to keep clients hooked, High-end fashion labels are experimenting with ways to square the long production cycles often required to bring complex catwalk looks into stores, and the needs of clients increasingly used to finding what they want instantly online..
Burberry, which is hoping to revitalize its sales growth after hiring designer Riccardo Tisci, said in a statement that from October new items would be available on the seventeenth of every month, “as part of its plans to excite customers”. The first release, which follows a similar one around Tisci’s debut runway show last month, will feature unisex white T-shirts and sweatshirts with the brand’s new monogram, available for 24 hours on a handful of social media channels like Instagram.
The method echoes the so-called product “drops” popularized by U.S.-based streetwear brand Supreme, which helped turn its hoodies into highly-coveted collector items, and which more than one luxury firm is now emulating as they chase a younger generation of shoppers, Italian puffer jacket maker Moncler (MONC.MI) announced last year it was ditching the world of runways to focus on monthly launches in selfridges cufflinks its own stores of coats designed in collaboration with a roster of trendy designers, It still has a more permanent offering of jackets, but has said it wants to shift its entire production process to a monthly cycle..