This earnings call will be brutal! What is the $6.1 BILLION goodwill impairment charge?
2024 Outlook:
Revenue down 1 to 3%
Adj Expenses flat to up 1%
NCOs up 15 bps from 2023
Billy has accomplished the impossible - he’s sailing this ship BACKWARDS!
hBBT never lost money, even during the 08 crisis. Way to go STI Bill.
Yeah. I just listened to the whole thing and EL was definitely avoiding that goodwill impairment like the plague. The plan was clearly to emphasize that it had no cash/tangible effect on the bank (and David Weaver even had that 7:30am CCB call to literally emphasize that point). So they pretty much just danced around that writedown and didn't "admit" to anything being wrong at all lol. They basically tried to say "it means nothing" until that one Q&A'er at the end had to be like ... "uhhh -- so it's not just some 'nothing' accounting measure could you provide color on it and why it is apparent that the value is so much lower now?" etc. Yes the macro environment changed -- but it's obvious we su-k compared to our piers. Our stock price already reflects that (compare us to PNC for example). Good point on the revenue outlook. I think that's why the stock was initially up 3% premarket and now cooling off now that traders absorb that lol. Also Mike Mayo grilled them a bit on not doing 'enough' on expenses and how 'efficiency' is pretty much way off target since the merger. Agree it's amazing that outlook is somehow flat to up 1 for expenses lol. Just a lot of slop really.