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.
It would, however, be preposterous to pretend that credit costs won’t eat into this.
Not to be outdone, Vikram Pandit took up the cheerleading last month, first touting Citi’s position as the strongest capitalized large US bank, with tangible common equity of up to $81 billion.
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