So is Dodd-Frank "killing" the industry? In fact, "bank profits rose substantially" in the first quarter of the year, with banks showing the biggest profits since before the recession. Things were sunny in the second quarter as well:
- Profits at JPMorgan Chase, the nation's second largest bank, were up 13 percent.
- Third-largest Citigroup's profits soared 23 percent.
- Fourth-largest Wells Fargo's profits shot up 29 percent.
- Fifth-largest Goldman Sachs, meanwhile, "disappointed investors" when it merely "more than doubled its profits."
- Sixth-largest Morgan Stanley's profits were up an impressive 17 percent.
The only top-tier bank to have a rough second quarter was the nation's largest, Bank of America, which has been dragged down in part by its acquisition of investment house Merril Lynch -- a move that, ironically, would not have been allowed under the Glass-Steagall Act, the repeal of which Gingrich spearheaded as House Speaker in the 90s
- Profits at JPMorgan Chase, the nation's second largest bank, were up 13 percent.
- Third-largest Citigroup's profits soared 23 percent.
- Fourth-largest Wells Fargo's profits shot up 29 percent.
- Fifth-largest Goldman Sachs, meanwhile, "disappointed investors" when it merely "more than doubled its profits."
- Sixth-largest Morgan Stanley's profits were up an impressive 17 percent.
The only top-tier bank to have a rough second quarter was the nation's largest, Bank of America, which has been dragged down in part by its acquisition of investment house Merril Lynch -- a move that, ironically, would not have been allowed under the Glass-Steagall Act, the repeal of which Gingrich spearheaded as House Speaker in the 90s
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