Aug 27
Sheila C. Bair, chairman of the FDIC said, “By any
yardstick, it was another rough quarter for bank earnings, but the
results were not unexpected as the industry coped with financial market
disruptions, the housing slump, worsening economic conditions, and the
overall downturn in the credit cycle.”
Higher provisions for loan losses were cited as the
primary reason for the drop in industry profit. These provisions
totaled…