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Another rotten day for banks

Results season this week for Q4 earnings:

JPMorgan – a $702 million Q4 net income compared to $3 billion a year ago;
Citigroup – $8.29 billion losses and breaking into two banks;
Bank of America – $1.79 billion loss, and $138 billion bailout thanks to Merrill making a $15.3 billion  loss;
Deutsche Bank – $6.4 billion loss;
Anglo Irish Bank – nationalised and Ireland's banks placed into turmoil;

and UK, US and other banks still sinking in a quagmire of toxic debts.

Solution?  Follow the Swedish (again).

And the good news?


Gary Markstein, copyright 2009 Creators Syndicate

TFI Friday!

About Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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