Going into this earnings season, analysts feared big banks’ income wouldn’t hold up from the previous quarters. Those fears didn’t materialize — for now.
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeslipped around 1%, weighed by a 2.5% drop in technology stocks. Separately, Mārtiņš Kazāks, one of the European Central Bank's more hawkish members, told CNBC he was "quite happy" with current rate levels.surged 35% from a year ago to hit $13.
Given the high yields on U.S. Treasury and money market funds, analysts thought banks would be forced to shower depositors with higher interest rates, reducing net interest income. That didn't happen. On the contrary, net interest income rose from a year ago at third-quarter earnings. Clients pulled their money from BlackRock's active unit and its index and ETF unit because "for the first time in nearly two decades, clients are earning a real return in cash and can wait for more policy and market certainty before re-risking," CEO Larry Fink said.
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