Top U.S. banks must make deeper cost cuts to drive earnings growth, with revenue...
NEW YORK - Top U.S. banks must make deeper cost cuts to drive earnings growth, with revenue expected to remain under pressure for the foreseeable future, analysts said.
But Bank of America Corp, Citigroup Inc, Goldman Sachs Group Inc and Morgan Stanley still managed to beat analyst profit forecasts even as revenue slipped. With that major revenue source under pressure and the outlook on other business areas uncertain, expense controls may be the only reliable way for banks to boost profit, analysts said.
“Credit can only really get worse from here,” he said. “That is going to be a headwind at some point and all the more reason for the banks to be trying to control their expenses.” Banks are also juggling the need to support short-term earnings with making investments in the longer-term growth of their businesses.
Analysts and bankers said that any uptick in revenue across the sector is likely to come from banks’ trading operations. Equities revenues in particular fell sharply during the first quarter, but could improve if a return of market volatility spurs client activity.
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