Citi expects U.S. banks to outperform in near-term

Citigroup said stocks of large U.S. banks such as Wells Fargo & Co, Bank of America Corp and JPMorgan Chase & CO are likely to outperform in the near-term, driven by better-than-expected third-quarter results.

The brokerage said the bar set for the larger banks in the third quarter is quite low, and they have a strong chance of surprising on the upside through better margin trends and optimism on loan outlook.

Wells Fargo is expected to report strong results from its mortgage banking operations, while JPMorgan's beat will be driven by a combination of better-than-expected fees from the investment bank and credit improvement, Citi analysts said.

Read Full Article from Reuters

- Posted: 2010-10-11 13:20:25

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