By Paul Ausick of 24/7
Following in footsteps of JPMorgan Chase (JPM), Citibank (C) today reported a net loss of $1.6 billion for 2009 on losses in mortgage and credit card lending that more than offset gains in the bank’s investment banking division. While JPMorgan was able to post earnings of $11.7 billion for the year, the problems in its consumer businesses are indicative of a serious problem facing all the big banks. That pattern is likely to put additional pressure on Bank of America (BAC) and Wells Fargo (WFC) shares, which still have to report fourth-quarter and full-year earnings.
Are You Ahead, or Behind on Retirement? (sponsor)
If you’re one of the over 4 Million Americans set to retire this year, you may want to pay attention. Many people have worked their whole lives preparing to retire without ever knowing the answer to the most important question: are you ahead, or behind on your retirement goals?
Don’t make the same mistake. It’s an easy question to answer. A quick conversation with a financial advisor can help you unpack your savings, spending, and goals for your money. With SmartAsset’s free tool, you can connect with vetted financial advisors in minutes.
Why wait? Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.