As big U.S. commercial banks close their books on the third quarter, analysts expect them to report a 30% to 60% plunge in profits on the year-ago period due to the pandemic-induced recession and near record low interest rates. Citigroup Inc and Wells Fargo & Co, the third- and fourth-biggest U.S. banks by assets respectively, will report net income down by about 60%, according to I/B/E/S analyst survey data from Refinitiv. Investment banks Goldman Sachs Group Inc and Morgan Stanley, which are benefitting from being more concentrated in the busy capital markets, are expected to report more modest …read more
Source:: Yahoo Finance
