Bloomberg reported that the six largest U.S. lenders, including JPMorgan Chase and Wells Fargo, may post an 11% drop in first-quarter profit, threatening a rally that has pushed bank stocks 19% higher this year.
Bloomberg said the banks will post $15.3 billion in net income when adjusted for one-time items, down from $17.3 billion in last year’s first quarter, according to a Bloomberg survey of analysts. Trading revenue at the biggest lenders is projected to fall 23% to $18.3 billion, according to Morgan Stanley analysts, who didn’t include their firm or Wells Fargo, Bloomberg notes.
Bloomberg quotes an analyst at Nomura Holdings as saying, “U.S. lenders, struggling to expand in commercial banking years after the housing collapse, haven’t matched last year’s overall results, even as bond and equity markets strengthened. Making matters worse, loan balances increased less than the economy, bucking a trend in previous recoveries.”
To read the full Bloomberg story click here.
No tags available
Bank lessors are the major players in the leasing industry both in the U.S. and in IFRS countries. They are both lessors and lessees. The news from the lease project is very good for U.S. bank lessors but not great... read more
Most leasing sales reps have the desire to be successful and generate lots of volume and commission. Yet I see so many reps struggling. They complain that they don’t have enough vendors, leads or money in their lives. They point... read more