US bank earnings decline 7.7 percent in 1Q

[Omaha Steve]

Source: AP-Excite

WASHINGTON (AP) — U.S. banks' earnings declined 7.7 percent in the January-March quarter from a year earlier, as higher interest rates dampened demand for mortgage refinancing and reduced banks' revenue from the mortgage business.

The data issued Wednesday by the Federal Deposit Insurance Corp. highlighted the impact of the increase in interest rates that occurred in the spring of 2013.

It was only the second time in the last 19 quarters that the banking industry, which has been recovering from the financial crisis, posted a decline in net income from the year-earlier quarter.

The FDIC reported that the banking industry earned $37.2 billion in the first quarter of this year, down from $40.3 billion in the same period in 2013.


Read more: http://apnews.excite.com/article/20140528/us-bank-earnings-6d72d55dbd.html

[KurtNYC]

1. Meanwhile George Soros sold his bank stocks and went to Tech and gold mining

He sold all of his BofA, Citi and JP Morgan and the guy is king of the short plays:

http://intellihub.com/george-soros-sells-shares-citigroup-bank-america-jp-morgan/

[dixiegrrrrl]

4. Yeah, I noitced that.

Also read that Wells Fargo gave up its "market making" computer division.
I read that as its HFT division....correctly?

[cosmicone]

2. Quick! Give them a $200 billion bailout

I'm sure Republicans will pass it unanimously!

[dixiegrrrrl]

3. I read the headline as

earnings decline in IQ. (intelligence)

which is also valid, methinks.