As big financial institutions like Goldman Sachs and JPMorgan Chase get set to report earnings over the next week, they are under pressure to show investors they can correct mistakes from the financial crisis and still post big profits. While profitable of late, there are worries that the recent run-up in earnings is just masking the problems.
The Federal Reserve’s annual “stress tests” of major U.S. banks have become better able to detect risks, Chairman Ben Bernanke said Monday night. He said the tests show that the banking industry has grown much healthier since the financial crisis.
Billionaire Warren Buffett says American banks are stronger than they’ve been in years, and won’t derail the economy.
U.S. banks are ending the year with their best profits since 2006 and fewer failures than at any time since the financial crisis struck in 2008. They’re helping support an economy slowed by high unemployment, flat pay, sluggish manufacturing and anxious consumers.
The Federal Reserve has for the first time given approval for a large Chinese bank to purchase a U.S. bank. It also gave approval to two other large Chinese banks to expand their operations in the United States.
Billionaire Warren Buffett says American banks are in much better financial shape than European counterparts because of measures taken during the financial crisis.
U.S. states have reached a $25 billion deal with the nation’s biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst. Take a look at each state’s breakdown.
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