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Banks post profits while facing grim loan losses and tough outlook
Banks like Citigroup, Bank of America, Goldman Sachs, and JPMorgan Chase reported second quarter profits driven by investments and trading, not core lending, while loan losses mounted. Bank of America set aside 13.4 billion, delinquencies easing only modestly, and officials warned profitability in the second half may be tougher. Analysts cited government support as essential, with bailout repayment looming for some institutions as the debt market and real estate woes persist.
MENTIONED IN THIS ARTICLE
New York
Citigroup
Bank of America
Goldman Sachs
Jpmorgan Chase
Ken Lewis
Wall Street
Bank of America Corp
Jpmorgan Chase & Co
Goldman Sachs Group Inc
Citi
Smith
Lawrence Summers
White House
National Economic Council
Darrell Issa
California
House Oversight and Government Reform Committee
Lehman Brothers
Bear Stearns
Charlotte
N.C