Wall St. Banks Expected to Post Weak 2nd-Quarter Results

[alp227]

Source: The New York Times

Only a few short months ago, JPMorgan Chase traders were on such a roll that they did not have a single losing day in the first quarter.

But when the bank reports its second-quarter results this week, that hot streak will have come to an end. Analysts expect JPMorgan to count an almost 20 percent drop in its sales and trading revenues, reflecting a slowdown in investor activity and the dismal performance of its fixed-income and commodities groups.

Bank of America, Citigroup, Goldman Sachs and Morgan Stanley are expected to report similar news. After helping prop up Wall Street during the financial crisis, core trading revenue is projected to drop, on average, by as much as 25 percent from the first quarter, according to Credit Suisse research.

That will put further pressure on the banks’ growth prospects, which are already strained by stagnant loan growth and more stringent regulation. It is also prompting nearly every major Wall Street firm to contemplate another round of layoffs amid growing concerns that at least part of the weak results are permanent.

Read more: http://www.nytimes.com/2011/07/11/business/economy/banks-expected-to-post-weak-2nd-quarter-results.html?partner=rss&emc=rss&pagewanted=all

[Autumn]

1. Oh no, do they need a little more help? poor guys

:rofl: :rofl: :popcorn:

[naaman fletcher]

2. The question of course

Is, who is on the other side of these trades? If JPM and GS are winning every day, who is losing? The answer is the government. The government is giving them loans at zero percent, and then GS and JPM are loaning the money back to the government at slightly higher than zero percent. It is the biggest scam every, and both parties are guilty.

[ShockediSay]

5. Spot On

[farmbo]

3. Great news! What's bad for Wall Street is good for the country!

Eom

[russspeakeasy]

4. "contemplating another round of layoffs" ??

:nopity:

[ShockediSay]

6. see NPR's Income Gap article herein

The Top Two Percent Big Corporate Money Billionaire Bosses ripped off the wealth from the rest of us, and now there is not a broad enough tier of our nation to fuel our consumer economy, or investments by 98% of us.

Also, without the taxes of the Top Two Percent, we as a nation don't have the money to put to our economy and our people to work. Cut, cut, cut as the Republicans dictate, kills any chance of recovery from the recession and national debt they gave us.

[JDPriestly]

7. So, the Bush tax cuts were left intact, and yet, unemployment

has not improved at all and Wall Street profits are in decline.

The tax cuts create jobs and prosperity thingee isn't working at all, is it John Boehner and your Tea-Bagger friends? It just doesn't work. It is a crazy bonehead idea. It will never work, and the sooner you are all out of office including Obama to the extent that he "compromises" with those who espouse these silly ideas, the better.