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Strategies & Market Trends : Currents of Currency

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To: Ahda who wrote (8)	10/16/2002 10:18:22 AM
From: Ahda	Read Replies (1) of 594

Reuters Business Report Citigroup, Bank of America, Others Gain Tuesday October 15, 5:09 pm ET By Mary Kelleher NEW YORK (Reuters) - Top U.S. banks led by Citigroup Inc. (NYSE:C - News) and Bank of America Corp. (NYSE:BAC - News) on Tuesday posted higher quarterly profits as growth in mortgage lending and credit cards offset weak Wall Street businesses like investing and trading. Low interest rates helped Citigroup and Bank of America, along with Bank One Corp. (NYSE:ONE - News), Wells Fargo & Co. Inc. (NYSE:WFC - News) and U.S. Bancorp (NYSE:USB - News), sell mortgage loans and sign more customers up for credit cards. Banks also collected more deposit fees. This countered a stock market slump that dented the value of banks' investment portfolios and trading revenues. Some banks also are struggling with bad loans in the slack economy, restraining results. So banks have raised their service charges to increase income. Is this the makings of a healthy market rebound? INTC figures are saying that cost control is reducing purchases. If Toyoto comes out with reduced car sales it will be run for cover time.

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