NEW YORK – Big banks facing big drops in revenue are looking to Main Street to make up the difference.
Checking accounts, bank statements, even popping into your local bank branch could carry a hefty cost as the nation's mega-banks scramble to offset expected damage from the sweeping financial overhaul. The uncertain future has overshadowed otherwise strong second-quarter earnings at JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp.
All three companies beat expectations this week with profitable results. Yet their stocks tumbled, helping send the wider market sharply lower Friday.
The reason: Investors are worried about banks' future earning power after Thursday's passage of the most dramatic rewriting of banking rules since the Great Depression. Adding to the pessimism are falling trading profits — which all three banks mentioned in the their earnings reports — and weak U.S. loan demand.
Not at all. I am just surprised that there seems to be such ardent support for this type of reform when we see over and over again that the only people that are effected by this type of policy is the consumer. Banks and businesses are not going to take a hit without passing the pain onto the customer.
Answer by QuinnMae at 5:29 PM on Jul. 18, 2010
Answer by Carpy at 6:26 PM on Jul. 18, 2010
Answer by lovinangels at 7:01 PM on Jul. 18, 2010
Answer by NotPanicking at 10:01 PM on Jul. 18, 2010
Natesmom: I've been saying the same thing on here for months. Read the damn book. To know your adversary (yes, I called the dems in power now adversaries because some of them have put themselves in that position - calling no one by name.) is to know how they think and plan. Alinsky is not only PBO's guru, he taught his strategies at Harvard. You will be surprised just how many of the rules are used when you start paying attention to what is going on and then applying them back to the Rules for Radicals. It is disconcerting.
Answer by jesse123456 at 9:06 AM on Jul. 19, 2010
Answer by pixie_trix at 4:24 PM on Jul. 18, 2010
Answer by UpSheRises at 6:14 PM on Jul. 18, 2010
Answer by Sisteract at 6:25 PM on Jul. 18, 2010
Next question overall
Can a court refuse to repeal a petition for divorce?