Tuesday, March 31, 2009

Banks raise earnings expectations

Last month executives of the world’s largest banks, alarmed at collapsing share prices, told everyone what a profitable start to 2009 they had enjoyed. By the end of the month, shares were rallying. Let’s hope that actual first-quarter 2009 earnings announcements don’t pour cold water on their hopes. Peter Lee reports.

JPMORGAN STARTED IT at the very end of February. Mike Cavanagh, chief financial officer, told analysts that results for the first two months of the year had been “solidly profitable”, and roughly in line with his audience’s forecasts, which are for $40 billion in pre-provision pre-tax profit for the year. ...

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