That’s at least what some bank titans are winching about this Christmas as the CEOs of hobbled financial firms confront the prospects of another profit-zapping year ahead, according to the NY Post report.
Buffeted by a raft of new financial reforms under Dodd-Frank regulations; Basel III, the European fiscal rules; and a shaky global economy, banks have been fending off their most significant head winds in a generation.
Indeed, harder-hitting regulation has torched banks’ profits and stock prices since Dodd-Frank was signed by President Obama on July 22, 2010. Since that time financials like Bank of America run by Brian Moynihan are down double-digits, while the broader indices are up 20 percent, resulting in blistering investor losses.
And the outlook for 2012 appears on its face to be grim.
Bank of America’s raft of looming mortgage lawsuits after purchasing mortgage giant Countrywide Financial in 2008 have made the firm the poster child for the bevy of problems banks will have to overcome. But it’s not just BofA that’s sailing on choppy seas….
Read more: http://www.nypost.com/p/news/business/wit_hdra_wa_pains_SXJyeAe1koKWavdyxgmM6O
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