U.S. Banking Quarterly Comment: 1Q14

...Net Income Mixed: Reported net income for the largest U.S. banks included in this report decreased in aggregate on a linked-quarter basis due to challenging revenue growth, higher provision expenses for some, and elevated legal and regulatory-related costs. This was partially offset by a continued focus on cutting costs and higher capital markets results. Around half of the banks reported higher earnings, with the other nine down on a linked-quarter basis. Mostly Clean Quarter: Core results for the top six U.S. banks, included in the table below, improved on average, from both the prior quarter and last year, despite a still challenging economic environment. Excluding BAC`s large one-time legal related items, results were fairly clean, with little impact from noncore items. Revenue Headwinds Continue: Almost all banks reported lower spread income in 1Q14 partially due to the lower days in the quarter, but also representative of the continuing low interest rate environment and its impact...

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