Bank of America, Citi results show hurdles ahead

Bank of America and Citigroup posted better-than-expected quarterly earnings on lower credit losses, but their shares fell as the banks highlighted the challenge of boosting revenue in a stagnant economy.

As with JPMorgan Chase & Co (JPM.N), which reported on Thursday, the banks' investment banking profits were down, a bleak sign for Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N), whose results are due next week.

All of the banks are grappling with how their business will be affected by the landmark financial reform bill passed by the U.S. Congress on Thursday.

Executives at Bank of America Corp (BAC.N) and Citigroup Inc (C.N) said the impact of the bill is uncertain. Like JPMorgan on Thursday, they were unable to quantify the possible costs for their business.

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- Posted: 2010-07-16 10:09:34

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