Big Banks Poised for Profit Renaissance
(CNNMoney.com) — This earnings season, investors won’t have the big banks to kick around anymore.
After a bumpy end to 2009, all six of the nation’s largest financial institutions are expected to report a profit for the first quarter. Even Citigroup (C, Fortune 500) and Bank of America (BAC, Fortune 500), long considered the laggards of the group, are both expected to report slim profits of less than a $1 billion each, after hemorrhaging a combined $13 billion last quarter as a result of paying back bailout funds to taxpayers.
The latest earnings season, which begins in earnest next Wednesday when JPMorgan Chase (JPM, Fortune 500) delivers its results before the opening bell, would represent the first time in a long, long while that all of the nation’s top financial institutions have collectively recorded a profit.