Earnings Season?…How about financial loss season?
By Daniel at 15 January, 2010, 10:24 am
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Many of the nation’s largest financial firms are set to soon report their latest quarterly results — and analysts think bonuses won’t be the only thing that will be big.
Many forecasts are calling for another bloodbath…
Bank of America…the nation’s largest lender, is expected to report a loss of $3.7 billion in the quarter, according to estimates from Thomson Reuters. That would be BofA’s biggest quarterly loss since the crisis first erupted.
Where the banks are failing…
Bank failures and foreclosures keep mounting…losses at Citigroup…are expected to be even greater, with analysts estimating that the bank ended the fourth quarter $6.4 billion in the red.
Even supposedly stronger rivals like Wells Fargo…are expected to take it on the chin. The San Francisco-based bank is expected to report a profit of just $71 million - down 97% - from the $2.6 billion it earned in the previous quarter.
The poor results are largely a direct result of last month’s decision by those three banks to repay billions of dollars in bailout money they owed to the government.
http://money.cnn.com/2010/01/14/news/companies/banks_quarter/index.htm
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