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Industry Report Card: For Large Complex U.S. Banks, 2008 Got Off To A Tough Start Apr 08 Product Image

Industry Report Card: For Large Complex U.S. Banks, 2008 Got Off To A Tough Start Apr 08

  • Published: April 2008
  • Standard & Poors

FEATURED COMPANIES

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

Abstract
First-quarter 2008 was the third in a row with poor results for most of the large complex U.S. banks. Another round of write-downs on mortgage-backed securities (MBS) and leveraged loans may mark the end of the first phase of the troubles hitting banks' capital-markets operations. It is also clear that the second phase of problems is well underway. Hefty increases in loan-loss provisioning signal the beginning of the more familiar and slower-moving cycle of credit problems in the loan book. Mounting charge-offs and the need to build reserves should severely depress these banks' earnings for the remainder of the year and into 2009. Ratings are under pressure as a result, although we note that Wells Fargo, JPMorgan Chase, and U.S....

Companies mentioned in this report are:
- Wachovia Corporation
- Bank of America Corp.
- Wells Fargo & Co.
- U.S. Bancorp
- JPMorgan Chase & Co.
- Citigroup Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users READ MORE >

- Wachovia Corporation
- Bank of America Corp.
- Wells Fargo & Co.
- U.S. Bancorp
- JPMorgan Chase & Co.
- Citigroup Inc.

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