on April13 reported first-quarter net income applicable to common stockholders of $4.99billion, or $1.35 per share, compared to $5.45 billion, or $1.45 per share, forthe same period in 2015.
Thebottomline suffered a 13-cent-per-share hit from wholesale credit costs.
TheS&P Capital IQ consensus estimate for normalized EPS was $1.26 for thethree months ended March 31, 2016.
Netrevenue declined 3% year over year to $24.08 billion, largely due to lowerfixed income markets revenue and investment banking fees, according to a Form8-K recently filed by the company. Noninterest expense dropped 7% year overyear to $13.84 billion, primarily due to lower legal, and corporate andinvestment bank compensation expense.
Meanwhile,the provision for credit losses grew, totaling $1.82 billion, compared to $1.25billion in the linked quarter and $959 million in the first quarter of 2015, predominantlydue to reserve increases in the first quarter of 2016 versus reserve releasesin the prior-year quarter. The reserve increases reflected an increase inwholesale reserves of $713 million, primarily driven by downgrades, including$529 million in oil and gas and natural gas pipelines, and $162 million inmetals and mining.
Resultsby segment include a 17% year-over-year increase in net income for assetmanagement to $587 million, while consumer and community banking's net incomerose 12% year-over-year $2.49 billion. The corporate and investment bank's netincome went down 22% from a year ago to $1.98 billion, while commercialbanking's declined 17% year over year to $496 million.
Overallheadcount climbed to 237,420, from 234,598 at the end of the previous quarter.