21 Jan '11, 11pm

US banks show recovery in 2010

US banks show recovery in 2010

NEW YORK: Business bounced back at the major US banks in 2010, with most showing improved earnings, but some of the largest firms faced lingering symptoms of the crisis and faced new curbs on lucrative business. Quarterly earnings season got under way this past week with most banks serving Wall Street and Main Street showing better health, but with legislation and a new financial reality weighing on a few. "The banks are getting healthier but are having trouble increasing revenue," said Gregori Volokhine, at Meeschaert Capital Markets, pointing to the end of some profitable business that sustained banks during the boom years. While a rosier credit market allowed firms to put rainy-day savings back to work, curbs on own-account trading and the end of the bond market boom made growth difficult. Nowhere was that more evident than at Goldman Sachs, the most storied of all Wall...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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