Bank of America Corp. made more in the 12-month period than Walt Disney Co. and McDonald’s Corp. combined. Citigroup Inc. (C), which like Bank of America took $45 billion in taxpayer funds, earned more than Caterpillar Inc. (CAT) and Boeing Co. JPMorgan Chase & Co. (JPM), the largest U.S. bank by assets, had profits of more than $17 billion even after reporting a $5.8bn trading loss.
Bloomberg reports, however, that Wall Street isn’t enjoying its good fortune.
Those billions of dollars in profits aren’t enough, according to interviews with more than a dozen bank executives and analysts. The lowest leverage in a decade, return on equity at a third of 2006 levels, higher capital requirements, shares trading below book value, declining bonuses, job cuts, the European sovereign-debt crisis and a backlash against bankers have damped the joys of profit, they said.
Hit the link below to access the complete Bloomberg article:
image: © Antonio Morales García