Word: bankes
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...compared to rivals, Citi's performance looks even paler. Goldman Sachs and Wells Fargo both reported higher earnings in the second quarter than a year ago. JPMorgan's earnings were down from a year ago, but it still outperformed Citi in many parts of its business. Investment-banking revenues at Citi, for instance, fell 13% in the second quarter from a year ago; JPMorgan's investment-banking revenues rose 29% in the same time, according to Bernstein's McDonald. Then there's the issue of talent loss. As Citigroup's troubles have continued, the bank has begun to lose executives...
...most discouraging news remains Citi's loan portfolio. The bank's costs for bad loans jumped in the quarter by 81%, to $12.4 billion. The percentage of loans the company expects to go unpaid also continued to rise, though slightly less than before. Still, Citi's loans are going bad faster than those of many of its rivals. In the third quarter, the bank had a so-called net charge-off ratio, which is the percentage of loans that are likely to not be paid back compared to total loans, of 5.1%, according to CreditSights. That compares to a charge...
Citigroup and Bank of America will set up the line of credit for the next year, Bloomberg said. In a report published last April, credit ratings agency Moody's Investors Service said the previous line of credit was funded by a consortium of banks, but it is unclear whether Citigroup and Bank of America participated. Spokesmen from Bank of America and Citigroup declined to comment...
...proceed with a residential project in the Sheikh Jarrah neighborhood in East Jerusalem, noting that the U.S. views such construction in the same light as settlement expansion. But while the Netanyahu government may be willing to dismantle some of the settlement outposts built without permission in the West Bank (they're usually rebuilt by settlers within days), the Prime Minister made clear on Sunday that "Israel will not agree to edicts of this kind in East Jerusalem...
...Much of the concern is focused on China, where government stimulus efforts have been large and effective. Money in China has been especially easy to find. Aggregate new bank lending surged 201% in the first half of 2009 from the same period a year earlier, to nearly $1.1 trillion. Exuberance over a quick recovery - which was given a boost by China's surprisingly strong 7.9% GDP growth in the second quarter - has buoyed investor sentiment not just for stocks but also for real estate. According to government data, new home prices in 36 Chinese cities rose 6.3% in June from...