Shares in the third biggest US investment bank slumped 5.80% today after it announced that its revenues fell 7% Q/Q to $17.2 billion, and $0.38 earnings-per-share on expectations of $18.5 billion, and $0.52 EPS. This comes after the disappointing Q4 results of JP Morgan, which followed the same pattern: a loss in the debt valuation adjustment (DVA), lower investment bank fees, loss on the trading division all covered by an offsetting release from loan loss reserves.
