Those good folks at Bloomberg tell us that JPMorgan Chase and Citi, which report earnings this week, are under pressure to show that banks can increase revenue as the U.S. economic recovery sputters, Bloomberg reports
JPMorgan, which kicks off earnings season tomorrow, may say second-quarter revenue declined 0.8 percent to $24.9 billion, according to the average estimates of analysts surveyed by Bloomberg. Revenue at Citigroup, which reports results a day later, may fall 10 percent to $19.9 billion, with more than half of the decline tied to assets the company has tagged for sale.
“The street is going to be looking at revenue growth” that will be difficult for banks to produce in the current economic environment, Paul Miller, an analyst with FBR Capital Markets, said in a phone interview. “You need the economy to work, you need rates to go higher and you need to see continued improvement in credit.”
Boosting profit won’t be enough to impress investors…
Read more at http://www.bloomberg.com/news/2011-07-13/jpmorgan-citigroup-revenue-a-focus-as-analysts-downplay-profit.html
No comments:
Post a Comment