Banks: Gauging the Subprime Spillover
What a difference a few weeks can make. Through mid-July, U.S. financial institutions seemed to be weathering the subprime fallout fairly well, broadly speaking. The large, complex bank sector produced strong pretax margins in the second quarter of 2007, powered by robust trading revenues and loan growth. At the big U.S. broker-dealers, mergers-and-acquisitions activity and healthy investment management growth resulted in solid profitability.
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