Quarter1(Q1) is good news for US investors because there is good performance from all three major banks with more than expected profits. They are expecting to close the loans ASAP. It looks like goldman sachs will be the first one to close the loan. But, still varying of opinion about the recession. Will this be the good sign for end of US recession? How ever this is a positive indicator for the US economy. Investors are expecting the results for CitiGroup, which is once largest bank in the work, good results from CitiGroup may boost the Wall Street. the following are the results from three major banks in USA,
JPMorgan Chase & Co
JPMorgan Chase & Co.’s first-quarter profit wasn’t as good as last year’s, but it told investors what they wanted to hear: Banking isn’t dead.
JPMorgan became the third big bank in a week to release upbeat earnings news, reporting Thursday that it earned $2.14 billion for the January-March period, thanks to both strong trading activity and banking to consumers. The company’s performance added to the evidence that the financial industry is starting to recover from the devastating losses caused by the credit crisis and the recession, even as banks still contend with rising loan defaults…Read Full Story
Financial services major Goldman Sachs Group Inc has announced net earnings of USD 1.81 billion in the first quarter of this year and will raise about USD 5 billion through public offering… Read Full Story
Shares of big banks Citigroup Inc. (C) and Bank of America Corp. (BAC) rallied Monday as JPMorgan said first-quarter results of some larger banks will likely reflect “solid revenues led by mortgage banking and capital markets.”
Large banks also continued to gain following Wells Fargo & Co.’s (WFC) announcement last week that it would post better-than-expected first-quarter results… Read Full Story