What Recession? A Boom for Big Banks
Bank of America and Citigroup have released their quarterly earnings reports, and both have beaten the forecasts by financial analysts. Bank of America reported $2.42 billion in profits, and Citigroup earned $3.1 billion. Bank of America received $45 billion in bailout funds as part of the Treasury Department’s $700 billion financial rescue package, but it has yet to repay the government loan. These earnings reports come on the heels of both Goldman Sachs and JP Morgan Chase also posting high profits. How are the banks faring so well despite the gloomy economic climate? The Takeaway talks to Marshall Eckblad, banking reporter for the Dow Jones Newswire Service.
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