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On Tuesday, Citigroup posted a $7.6-billion loss for the last three months of 2009, the banking giant’s first unprofitable quarter since 2008. Similar bad news is expected today when Bank of America Inc., Wells Fargo & Co. and U.S. Bancorp report their earnings.
Although these commercial banks may have substantial Wall Street operations, they rely heavily on bread-and-butter consumer lending — a business whose problems only now may be peaking along with the joblessness and other financial woes of ordinary Americans.
The picture is very different at Wall Street pillars Goldman Sachs Group Inc. and Morgan Stanley, which mainly serve the financial needs of the world’s largest companies.
Read more from the Los Angeles Times
