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Industry Report Card: Fourth-Quarter 2009 Marked A Weak End To A Difficult Year For Large Complex U.S. Banks Feb 10 Product Image

Industry Report Card: Fourth-Quarter 2009 Marked A Weak End To A Difficult Year For Large Complex U.S. Banks Feb 10

  • Published: February 2010
  • Region: United States
  • Standard & Poors

FEATURED COMPANIES

  • Bank of America Corp.
  • Citigroup Inc.
  • JPMorgan Chase & Co.
  • Morgan Stanley
  • U.S. Bancorp
  • Wells Fargo & Co.
  • MORE

Abstract
The pace of deterioration in loan quality slowed in fourth-quarter 2009, which prompted cautious optimism among managers and markets that loan losses may have peaked and that future earnings could be positive. Standard & Poor's Ratings Services, however, remains unconvinced. We do not believe that banks have experienced most of the embedded losses in their portfolios, so even if losses may be close to peaking, we believe they will remain high for a long time. The added possibility that trading and mortgage-banking revenues that bolstered banks' total revenues during the year may not be repeatable portends another year of very weak earnings for the sector, in our view. We believe that legislative and regulatory initiatives may have a disproportionate impact...

Companies mentioned in this report are:
- Bank of America Corp.
- Wells Fargo & Co.
- PNC Financial Services Group
- U.S. Bancorp
- Morgan Stanley
- JPMorgan Chase & Co.
- Citigroup Inc.
- The Goldman Sachs Group Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, READ MORE >

- Bank of America Corp.
- Wells Fargo & Co.
- PNC Financial Services Group
- U.S. Bancorp
- Morgan Stanley
- JPMorgan Chase & Co.
- Citigroup Inc.
- The Goldman Sachs Group Inc.

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