Exposing Ideas to the Envelope of Serendipity

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Monday, April 20, 2009

April 20, 2009

US Q1 Bank Results: Just a Blip?

So we've seen major US banks announcing great results in the last week withCiti dropping in with $1.6 billion after almost two years of losses; JPMorgan$2.1 billion; Goldman $1.8 billion; Wells Fargo (reporting Wednesday 22nd) expected to post $3 billion; and Bank of America reporting $4.2 billion profits at lunchtime today.

This is a great improvement on the last quarter, when JPMorgan made only $702 million Q4 net income; Citigroup lost $8.29 billion losses; and Bank of America made a $1.79 billion loss thanks to Merrill's $15.3 billion losses.

Now everything in the garden is rosy, isn't it?


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