Search

The article reports on the expected decrease in revenues of Wells Fargo & Co. in the third and fourth quarters of 2010 due to new regulations on overdraft and credit card fees in the U.S.

The article reports on the return of U.S. banks into profitability following the financial crisis but still have difficulty making new loans due to economic uncertainties.

The article reports on the trend of raising fees charged to customers among banks in the U.S. According to Mike Moebs of Moebs Services Inc., all depositories aim to raise fees as the period of low fees has passed. It notes that such trend depicts how bank executives are pressured to turn in profits amidst bad loans to homeowners and businesses. Several increases in bank fees are cited which include that of the monthly maintenance fee for the MyAccess checking account of Bank of America Corp.

The article reports on the business performance of banks in the U.S. Bank of America Corp., for one, reported a $5.2 billion boost from trading in the first quarter of 2009 which helped it avoid losses on bad loans. Also, Citigroup Inc., J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. have all reported a total of $27.1 billion in combined trading revenue or profits also during the quarter.

The article reports on the warning made by Citigroup Inc. chief financial officer (CFO) Gary Crittenden that the bank's financial performance for the second quarter of 2008 will still be affected by write-downs. He said that the bank will continue to experience losses on its exposure to leveraged loans and bond insurers. He added that the $15 billion write-downs in the first quarter have resulted to a $5.1 billion net loss. Analysts predicted that the bank still could face $10 billion in second quarter write-downs.