What US banks gained biggest profit?

Market Leader informed

In the 3rd quarter the major US banks gained the biggest profits from investment banking while retail banking was loss-making.
Thereby, Bank of America, the leading bank in terms of retail banking, lost more than $10B. It happened as there were some commission limitations. At the same time the Investment Banking Division of Goldman Sachs earned $1.899B of net profit.

On Monday Citigroup released its quarterly report indicating $2,2B profit. The data exceeded all the analytic forecasts, which made the analysts expect that the reports of other banks would also be positive.

However the results have come up to the expectations only partially. Investment experts have already started making preliminary short-term forecasts for the market in general. According to them, first it is necessary to trace the current situation and find out the reasons of the retail banking failure. Only then it will be possible to say something specific on the situation.

Tatiana Ketran, an analyst of the Department of Market Sentiment Analysis, notes that Bank of America shares haven’t come out of the $14.1 –18.8 price range over the last 12 months. At the beginning of the 3rd quarter the price fell below the support level at $14.1 and settled below it, indicating the forthcoming downtrend. The quarterly report accelerated the downtrend. The latest down-bars have fairly big volume, which confirms that the shareholders are actively selling the shares. The closest support level which may restrain the downtrend is $9.8. If the level is overcome in the same easy way, the price may go down to the absolute price minimum.



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