Late: CECL Saves B of A and Wells Fargo's Pofits.
Yesterday we introduced CECL, The Current Expected Credit Loss. A new accounting standard introduced by the Financial Accounting Standards Board at the end of last year.
Less than a year old, and already this somewhat arcane new standard is having a profound effect on the earnings numbers released today.
Earlier this morning, the final two of the nation's big four banks announced their third quarter results. And both the Bank of America and Wells Fargo Bank used the new standard to transform their earnings.
So let's take a closer look at this CECL, and why its having such an impact on today's earnings.
More episodes from David Reavill
Apple's China Sales Down Big. Let's Talk About It.
Last night, the worlds largest company, Apple Incorporated closed out their fiscal 2020 year, and presented Wall Street with their Annual Report.
But to Apple's management, the reaction on …
Our In-depth Look At The Nation's Gross Domestic Product (GDP).
Well, I have to confess that I took a sigh of relief when the GDP Numbers were released this morning. I knew they would be good, both of the Fed's …
Microsoft And The Virtual World.
One of the real strengths of this current economy, has been our ability to go “Virtual.” From online commerce, to social media, to internet chats. It has been the interconnected nature of …
What Urban Flight Is Doing To The Real Estate Markets.
Ask any Realtor: what the secret to your home's price is, and they'll answer: Location, Location, Location.
It's an old saw, but it aptly explains …
A New "FinTech" Company Is Set To Have The Biggest IPO In History.
So when I saw that the largest Initial Public Offering in history was about to take place, I thought I should sit up and take notice.
As we speak the …
Weekend Review (2): US vs. Chinese GDP.
And this is the weekend edition of our podcast for October 24 and 25. It's the time we look back at the major economic events, and news that impacted the Financial Markets in the week …
How you can listen to this podcast
You can listen to episodes right here on the website, or if you prefer, in a podcast app. Listening in an app makes it easier to keep track of what you’ve already heard, listen without using your data plan and many other conveniences.