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October 15, 2014

Behind big banks profits, a sea change

“Wells Fargo, Citigroup and JP Morgan Chase all reported earnings Tuesday morning. The results were more or less what analysts expected, with two banks barely beating expectations, and JP Morgan Chase barely missing. But all three are profitable, with gains in the single-digit billions of dollars for the quarter.”

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“A less profitable Citigroup, but a safer financial system?

“So that’s the good news,” says Dennis Kelleher is the president of Better Markets, an organization that  pushes tighter regulation of the financial industry. “The bad news is if those circumstances repeat themselves, we’re not in dramatically different  position than we were in ’08.

“The problem, he says, is that while the big banks may be less likely to fail, if they do fail, they’re still too big to avoid having taxpayers bail them out.”

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Listen to the full report from here.

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