Word: bankes
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Dates: during 2000-2009
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...area battered by a series of hurricanes earlier this decade. Meanwhile, bankers in Charlotte, N.C., are awaiting their walking papers: No one knows how many of Wachovia's roughly 20,000 employees there will be cut in the company's merger with Wells-Fargo. Or how many of Bank of America's 15,000 Charlotte employees will survive the company's plans to shed some 35,000 jobs nationally in the coming years. "There's a whole lot of uncertainty, especially around Wells," says Bob Morgan, president of the Charlotte Chamber of Commerce...
...upshot is that, while the quarter was Citi's best since mid-2007, it's awfully hard to say what it signifies. The chances that the bank might eventually be able to earn its way out of its troubles without more taxpayer help seem to have increased. But it will take many more quarters before anybody can say that with confidence...
...same goes for the country's big banks as a group. This week's positive results, which had been anticipated by a monthlong rally in bank stocks, are certainly better than last year's multibillion-dollar losses. But bank earnings are extremely sensitive to assumptions about the future, and whether the banks are actually on the road to recovery will depend to a great extent on how the economy performs in the coming months. That said, there are a few dumbed-down lessons that can be taken from the earnings news thus...
...nice to forget December. Investment banks traditionally end their fiscal year in November, commercial banks in December. Since Goldman Sachs and Morgan Stanley shifted to commercial-bank status late last year, they decided to shift their fiscal years starting this year. In doing so, they orphaned the month of December 2008. For Goldman, it was revealed this week, that meant saying goodbye to $780 million in losses that will never show up on the bottom line of an earnings report...
...long red carpet flanked by a colorful dragon dance in Taiwan's Keelung harbor. The enthusiastic gang - 12,000 of them will arrive on nine different ships by the end of this spring - and Taiwan's eager welcome are a symbol of the vibrant new ties being formed (and bank notes being exchanged) between China and Taiwan. Chinese tourists have not been allowed in Taiwan for the past 60 years because of tensions between China and Taiwan, a democratic island that China claims...