Merrill has consistently bought back about 1 billion per quarter since early 2004, a pace that lately has been insufficient in offsetting balance sheet growth.
More Quotes from David Trone:
Asset management acquisitions are safer, in our view, given the predictability of earnings, although they will likely be more expensive than banks or consumer finance companies.David Trone
It's not likely a firm would double its revenue in a sequential comparison. One should assume that some of that's proprietary trading.
David Trone
Full-service firms are awash in capital and looking at means of effective deployment. Over the last few weeks, media reports have been fuller than normal with buzz of these firms exploring large deals.
David Trone
The rate increases have been going on for quite some time, and it really hasn't had an impact. And in the case of Goldman, you still have sustainable core revenues up very strong.
David Trone
Financially, the deal seems to be of little impact. We estimate ultimate earnings impact as flattish for Merrill over the next few years.
David Trone
We believe core income should be slightly higher in the first quarter compared to the previous quarter, excluding one-time charges, reflecting improvement in capital-markets sensitive businesses (trading, investment banking, and wealth management).
David Trone
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