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By Jason Stipp | 01-19-2010 12:55 PM

Banks Surprise with No Surprises

Morningstar's Jaime Peters breaks down Citi and J.P. Morgan's results plus what to expect for BofA and Wells Fargo on Wednesday.

Jason Stipp: I'm Jason Stipp for Morningstar. Earning season has kicked off now with Citigroup and J.P. Morgan both reporting.

Here with me to talk about their earnings as well as what's coming up on the bank front is Jaime Peters. She's an equity analyst covering the banking sector.

Thanks for joining me, Jaime.

Jaime Peters: Hello.

Stipp: So let's start off with the two big ones that have reported. What's your initial take after Citi reported today and how do you compare the two?

Peters: I guess the big surprise is: There were no major surprises. We expected fixed income trading revenues to go down; they did. We expected consumer loan losses to kind of stabilize; they did. As a result, actual earnings expectations fell right in line with what we thought was going to happen.

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