Wall Street Seeks Patience After Worst 1st Half Since ’08

Wall Street’s five biggest banks reported the worst start to a year since 2008. They’re still asking investors to be patient.

JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley had combined first-half revenue of $161 billion, down 4.5 percent from 2011 and the lowest since $135 billion four years ago. The firms blamed the decline on low interest rates and a drop in trading and deal-making driven by concerns about European government finances and slowing growth in the U.S. and China.