First the good news: The biggest US banks have had time to brace themselves for a wave of losses.
The
bad news: They are still bracing themselves to withstand a wave of
losses. Their earnings this week suggest the worst is yet to come for
the American economy, and that Washington may need to provide even more
support for workers and businesses.
Six of the
biggest lenders all expect heavy credit defaults and soured loans, as
shown by their loan loss provisions, which jumped 43% from the already
hair-raising totals in the first quarter to a combined $36 billion in
the second quarter.
Read more at:
US banks earnings signal bad news about the US economy — Quartz
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