US banking giants report gloomy earnings despite strong trading | Malay Mail

📆 2020-04-16 2:25 AM
📰 malaymail

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NEW YORK, Apr 15 — Turmoil in financial markets created some profitable opportunities for large banks in the first quarter, but results released Wednesday underscored the industry’s expectations for a potentially deep US recession. Trading divisions at large banks garnered boom-like revenue...

A Citigroup logo is pictured from the floor of the New York Stock Exchange July 9, 2014. REUTERS/Brendan McDermid

But Citigroup, Bank of America and Goldman Sachs each set aside large sums of money in case of bad loans, significantly denting profits and reflecting expectations for potentially major defaults in a slowing US economy amid deep uncertainty over how long the coronavirus shutdowns will last. “We would imagine those would be severe-type scenarios,” Mason told reporters on a conference call, “but we’re in touch across our firm to make sure we can manage that.”

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