Earnings from the nation’s big banks are likely to be pretty terrible, threatening the fragile confidence that has underpinned the market’s recent rally.
First-quarter profits will likely miss forecasts at both banking giants like Bank of America (BAC – Get Report) and JPMorgan Chase (JPM – Get Report) , and to a lesser extent at regional institutions like PNC Financial (PNC) and MT Bancorp(MTB) analysts at Keefe, Bruyette & Woods said last week. Analysts at banks including Morgan Stanley (MS – Get Report) and Credit Suisse are also pessimistic about the quarter.
