RelativeResourceManager5 - Pain Spreads to Biggest Banks -...

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Find a copy Abstract (summary) Full Text Back to document Rappaport, Liz; Fitzpatrick, Dan. Wall Street Journal [New York, N.Y] 19 Oct 2011: .1. URL to local SFX server: Spreads to Biggest Banks --- date=2011-10-19&volume=1&issue=&spage=A.1&au=Rappaport, Liz;Fitzpatrick, Dan URL to local ILLiad server: date=2011-10-19&volume=1&issue=&spage=A.1&aulast=Rappaport, Liz;Fitzpatrick, Dan [...] Tuesday's milestones highlight the grim new reality for U.S. banks: slow economic growth that tamps down loan demand, low interest rates that pressure investment returns, volatile markets that inhibit risk-taking and tighter regulation that adds to… In a sign of the pain rippling through the financial system from Wall Street to Main Street, investment-banking giant Goldman Sachs Group Inc. on Tuesday posted a rare quarterly loss while Bank of America Corp. lost its title as the nation's biggest bank as it pared back its struggling consumer empire. Results at Goldman were hammered by falling stock and bond prices and soft merger activity. The slowdown starved its once-roaring trading engine and sent Goldman to its sixth straight year-over-year drop in quarterly revenue. Bank of America posted a third-quarter profit, reversing a year-ago loss. But the results were boosted by accounting gains and came as the lender dropped behind rival J.P. Morgan bank by assets. Plagued by problems in its mortgage business, Bank of America is shedding assets and employees in an attempt to get leaner and, its executives hope, healthier. Shares in Goldman and
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This note was uploaded on 11/10/2011 for the course ECON 4610 taught by Professor Xiaohuang during the Fall '11 term at Kennesaw.

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RelativeResourceManager5 - Pain Spreads to Biggest Banks -...

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