banks, quarterly earnings

U.S. banking industry posts highest quarterly profit since 2007

The U.S. banking industry posted a $35.3-billion profit in the first quarter of the year, its best performance since 2007, the Federal Deposit Insurance Corp. said Thursday.

Goldman profit tops estimates; raises dividend

Goldman Sachs Group Inc reported higher-than-expected quarterly earnings thanks to aggressive cost-cutting and strong investment banking and trading revenues, and the Wall Street bank raised its dividend.

Wells Fargo Net Up 20%

Fourth-quarter profit at Wells Fargo rose 20% as the banking giant posted more loan growth and again reduced the amount of money it sets aside to cover potential loan losses.

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FDIC: Bank earnings hit highest level in 4 years

Bank earnings rose over the summer to their highest level in more than four years, while the number of troubled banks fell for the second straight quarter, federal regulators reported Tuesday.

Senh: And yet Bank of America still tried to charge us for services we used to get for free.

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ING to cut 2,700 jobs, takes Greek bond hit

Dutch financial services group ING is to cut 2,700 staff and contract jobs, it said on Thursday in announcing third-quarter results, slashing the headcount at its Dutch retail banking operations by 10 percent in the face of deteriorating markets.

Senh: The Greek debt crisis takes another bank victim.

Citigroup earnings rise 74 percent, to $3.8 bln

itigroup's strategy of slimming down and focusing on a few core businesses is paying off. The New York bank reported third quarter earnings rose 74 percent in the third quarter, to $3.8 billion, due to lower losses from loans and an accounting gain. Its international consumer lending business grew in Asia and Latin America. The bank also decided to keep its credit card partnership with retailers as that business improved.

Senh: I was wondering what "accounting gain" meant. It sounds like one of those abstract accounting practices that gets companies in trouble. But apparently all that meant was that the value of their liabilities are lower, and they have to report that as a gain. It sounds like a one-off though, and not something they can reproduce over time.

First Drop in Number of Problem U.S. Banks Since 2006

Twenty-three lenders fell off the government’s list of so-called “problem banks” in the second quarter, bringing the total to 865.

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Morgan Stanley profit drops nearly 50 percent

Morgan Stanley's first-quarter profit dropped nearly 50 percent, hurt by a steep decline in bond trading revenue.

DealBook: Wells Fargo Profit Jumps 48%

The nation's largest retail bank said first-quarter earnings rose to $3.8 billion from $2.6 billion in the period a year earlier.

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Bank of America posts $1.2B loss

Bank of America reported Friday that it had a $1.2 billion loss in the fourth quarter of last year, including a previously announced charge of $2 billion reflecting a decline in the value of its home loans and insurance business.

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