Tuesday, April 5, 2011

Bankers' (BAC) (C) (MS) (JPM) (WFC) Profits Could Plunge 30% in 2012

According to the Independent Budget Office in New York City, big banks like Bank of America Corp. (NYSE: BAC), Wells Fargo (NYSE:WFC), Citigroup Inc. (NYSE: C), Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE: JPM) could have profits plunge in 2012 by 30 percent, dropping to $14.9 billion.

The concern is it would substantially reduce city taxes in New York, which is heavily dependent on the industry of revenue.

Of course all New York have to do to deal with that is reduce taxes and quit offering endless and costly programs which are unsustainable. Problem solved.

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