Citibank has survived but I don't think the bank has much of a future
“We have turned the corner,” Citigroup CFO John Gerspach, said when he announced Citigroup’s first quarter 2010 financial results on April 19. But I have to ask, What corner is he looking at? Can’t be the corner of 40th and Broadway near my office in Manhattan. There...Saving the big banks but destroying banking
There have been no obituaries. No eulogies. No burial services. But this quarter marks the death of traditional bank at the big money center banks. Oh, I know we’ve seen amazing earnings reports from the likes of Goldman Sachs (GS) and JPMorgan Chase (JPM) this...Washington isn't ready to let Bank of America and Citigroup out of the woodshed just yet
Shares of Bank of America (BAC) are under pressure today—down about 5.5% as I write this at 1 p.m.—on a Wall Street Journal report that the bank may have to raise billions more in capital before it can pay back taxpayer bailout funds. Here’s the problem. Before the...Citigroup puts lipstick on a pig in third quarter earnings report
Ah, bank accounting. I can’t think of any industry where the rules give a company more absolutely legal leeway to turn a terrible quarter into a good one. Exhibit 1: Citigroup’s (C) October 15 third quarter earnings report. The company reported a $101...Credit card defaults move up again in August
Credit card portfolios at the country’s major banks showed a rising tide of defaults in August. That pretty much wiped out the hope the July’s numbers, which showed a glimmer of improvement marked any bottom in bad loans for the sector. Consumers. whose...The next banking crisis: Commercial mortgages
Heard enough bad news about failing residential mortgages to last you a couple of lifetimes? Tired of headlines about huge losses at Citigroup and Bank of America? Cheer up. The subprime, alt-A, and prime home mortgage meltdowns are about to be blown off the front...The banking "recovery" is less than it seems from earnings
We’ve got half a banking recovery. That’s not at all the same as being halfway through a banking recovery. What the second quarter results from Goldman Sachs (GS), JP Morgan Chase (JPM), Citigroup (C), and Bank of America (BAC) tell us is that profits from the...Jim’s Daily Email Alerts:
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