Business thriving but US banks crushed by conduct

By Owen Sanderson
16 Oct 2014

Conduct charges defined third quarter results at Bank of America, while Citi and JP Morgan also saw their numbers marred by litigation provisions or conduct failings. Only Goldman, of the first crop of US investment banks reporting this week, largely escaped a blow from past misdeeds.

But litigation costs for European banks could be uglier still, as the market believes the worst is yet to come.

“We believe that the US banks are further through this process with around 15%-20% of provisions still to come vs the Europeans where we model around 40% still to ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial