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

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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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US stocks open higher as banks report results | Malay MailNEW YORK, April 14 — Wall Street stocks opened solidly higher today, bouncing back from a lacklustre session as major banks kicked off earnings season in the wake of economic hit from coronavirus shutdowns. About 25 minutes into trading, the Dow Jones Industrial Average had gained 2.5 per cent to...
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