Best & Worst Broker-Dealers: Q1 Earnings, 2024

Seven large broker-dealers reported improved earnings in the first quarter of 2024 compared with the year-ago period, with four posting negative results. This represents a sharp departure from the earlier period, when some firms' results were negatively affected by fees imposed by the Federal Deposit Insurance Corp. following last year's regional banking crisis. "The first quarter of 2024 was marked by continued business and financial strength," said LPL Financial Chief Financial Officer Matt Audette, when the broker-dealer released earnings on April 30. "We continued to grow assets organically in both our traditional and new markets, entered into an agreement to acquire Atria Wealth Solutions, continued to build momentum in our Liquidity & Succession solution, and are preparing to onboard the wealth management businesses of Prudential Financial and Wintrust Financial," Audette explained. As for UBS, Group CEO Sergio Ermotti noted on May 7: "A little over a year ago, we were asked to play a critical role in stabilizing the Swiss and global financial systems through the acquisition of Credit Suisse and we are delivering on our commitments." The quarter ended March 31 "marks the return to reported net profits and further capital accretion — a testament to the strength of our business and client franchises and our ability to deliver significant progress on our integration plans while actively optimizing our financial resources," Ermotti added. Financial firms kick off the second-quarter earnings season of 2024 on July 12, when Citigroup, JPMorgan and Wells Fargo plan to report their latest results. To see how 11 big firms performed in the first quarter, check out the gallery. (Image: Chris Nicholls/ALM)