Invesco Limited’s (IVZ) third quarter earnings came in at 24 cents per share, a penny ahead of the Zacks Consensus Estimate. However, this compares unfavorably with 33 cents in the prior-year quarter. The year-over-year decrease in earnings was due primarily to a 14.7% decline in revenue, partially offset by a 12.3% decline in operating expenses. However, increased market values as a result of the gradual recovery of the global equity markets and the impact of slightly more favorable foreign exchange rates helped improve assets under management 7.3% sequentially and 1.8% year-over-year. Operating revenues increased 12.9% sequentially but decreased 14.7% year-over-year to $705.8 million. Operating revenue for the quarter included performance fees of $4.3 million, compared to $18.1 million in the prior-year quarter. Net revenue for the quarter increased 13.8% sequentially but decreased 13.5% year-over-year to $534.8 million. Operating expenses increased 7.7% sequentially but decreased 12.3% ...

Morgan Stanley (MS) reported third-quarter 2009 income of $498 million this morning or 38 cents per share, compared with a loss of $159 million or $1.37 per share in the prior quarter and an income of $7.7 billion, or $7.38 per share a year ago. The results were much ahead of the Zacks Consensus Estimate of 30 cents per share. The results marked the first quarter of income in a year’s time. Results were aided by robust underwriting revenues in the investment banking operation resulting from higher levels of market activity, strong growth in fixed income sales and trading, commodities, prime brokerage and wealth management business, which offset losses in commercial real estate. Unlike the preceding qaurters, the results were in line with strong results from competitors like Goldman Sachs (GS) and JPMorgan Chase & Co. (JPM), which has been grabbing market share after ...

Citigroup’s Multiple Personalities

by Jeannette Di Louie, Assistant Editor, Mt. Vernon Research

Editor’s Note: This morning’s IU Blackboard touched on the fate of Citigroup (NYSE: C) and it’s two-face strategy. Our colleagues over at Mt. Vernon Research have a little more insight on the company and its two-fold prospects.

Citigroup Plays Good Bank Bad Bank

It’s good news and bad news for Citigroup (NYSE: C) today. Like most financials, the company took more than a few hard knocks back in 2008, and so far 2009 isn’t looking much better. Everybody knew that Citigroup would post a loss for last quarter, but nobody expected it to be as high as it is at $8.29 billion.

But that bad news isn’t holding its recovery team back, who appear to be thinking fast on their feet. After reviewing the books and their options, the company has decided to

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