Glenn Schorr Good Quotations

Overage in the quarter (was) mostly due to very strong investment banking results, particularly trading, and good expense control,

It's tough to put in words how good a quarter it was -- but we'll try. Not only was the absolute number huge, beating estimates by $2, but diversity was great, with just about every business line putting up a record.

Investment bank was pretty good all in. Transaction services had strong revenue, but earnings fell on higher expenses and credit costs. Smith Barney and private banking were okay, but not as good as Merrill.