Bank Results Basically Come Down To Legal Bills

Goldman and Citi know what we're talking about.
Author:
Updated:
Original:

That pen is really bearing the brunt of this bad news.

Got some big ones? Bad quarter. Didn’t? Goodquarter!

Goldman Sachs Group Inc. reported a drop in quarterly profit after the Wall Street firm set aside more than $1 billion to cover legal costs and debt-trading revenue fell. Citigroup’s expenses fell 30% to $10.93 billion from $15.52 billion a year earlier, largely because of much smaller legal costs. BofA, which has paid at least $70 billion in legal expenses since 2008, said its legal costs fell for the second straight quarter, suggesting the bank was finally putting to rest its problems stemming from the crisis.

Goldman Sahcs Posts Weaker Results on Big Litigation Provision [WSJ]
Citigroup Profit Soars on Lower Litigation Costs [WSJ]
BofA profit soars as costs fall to lowest since 2008 [Reuters]

Related

By Paul Elledge Photography [CC BY-SA 3.0], via Wikimedia Commons

Goldman Doesn’t Want To Pay *Its* Legal Fees, Either

Joseph Jiampietro knows what we're talking about.

Up Or Down, People Find Sport In Kicking Brian Moynihan

Mike Mayo knows what we're talking about.

By joho345 (Own work) [CC BY-SA 3.0], via Wikimedia Commons

There’s More Than One Way To Become Small Enough To Fail

GE Capital knows what we're talking about.

ZuckerWolf

Beloved Institutions—Facebook And Banks—Discuss How To Increase Their Popularity

Mark Zuckerberg wants to know your credit card balances. What could possibly go wrong?