...The final quarter of 2008 was awash in red ink as 12 of the top 20 institutions included in Fitch s U.S. Bank Quarterly reported ne t losses. Collectively, the institutions included herein lost $23bn in the fourth qu arter alone and reported $5.6bn in losses for all of 2008, excluding the lo sses of the companies they acquired such as Wachovia, National City, Washington Mutual and others . And 2009 is shaping up to be even more challenging, particularly as weakness acce lerates in the core fundamentals of traditional banking that resonates well beyond those institutions that waded deep into investment banking and structured finance territory. Macroeconomic indicators worsened quickly in the past quarter. Unemployment jumped from 6.6% in October 2008 to 7.6% at th e end of January 2009 (and from 4.9% in January 2008). Many individuals that remain em ployed have lost substantial portions of their income, as overtime pay and bonuses evaporated, and substantial portions of savings...
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| Report Type: | Special Report
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| Company(ies): | The Bank of New York Mellon Corporation, Citigroup Inc., Bank of America Corporation, Capital One Financial Corporation, Regions Financial Corporation, Comerica Inc., JPMorgan Chase & Co, PNC Financial Services Group Inc., BB&T Corporation, KeyCorp, Wells Fargo & Company, Northern Trust Corporation, Fifth Third Bancorp, SunTrust Banks, Inc., State Street Corporation, U.S. Bancorp, Marshall & Ilsley Corporation, Zions Bancorporation, M & T Bank Corporation, Huntington Bancshares Inc.
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| Ticker(s): | BK , WFC , MI , FITB , BBT , MTB , COF , NTRS , CMA , C , ZION , BAC , STI , HBAN , USB , KEY , STT , RF , PNC , JPM
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| Format: | | PDF |  |
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