More Bank Updates
January 22, 2009
Below are some of the recent bank earnings. Ouch!
Fifth Third swung to a $2.1 billion net loss.
KeyCorp reported a $554 million net loss.
SunTrust swung to a $348 million net loss.
Comerica’s net income fell to $20 million from $119 million.
BB&T’s net income fell 26% to $305 million.
M&T’s net income increased 57% to $102 million.
Yesterday’s Teleconference
January 22, 2009
I want to thank all the people who were on our teleconference last night. For those of you who didn’t make it, well, you missed out. We discussed the current state of the economy and what’s going on in the banking industry. We went over real examples of what has happened to some of our clients and what banks are doing. Lastly, we discussed the best strategies to move forward in 2009.
To our current clients, we thank you for your business. We continue to work on your behalf to build your business. To those of you who are not yet our client, we hope that you consider using our expertise to help you incorporate and build corporate credit. We also help with business networking, online marketing, and investment opportunities.
2009 Outlook
January 19, 2009
We are all anxiously awaiting President Obama’s inaugural speech. He has been one of the most vocal and active President-Elects I have ever seen, so I think we all know what he is going to say. He has already put together a stimulus package to try to get the economy and the banking industry back on track.
As most of you have probably heard already, Bank of America received yet more money from the federal government and Citibank has split into two companies. The thing that disturbs me most is that the banks are taking money from the government while at the same time reducing or cancelling people’s credit lines and giving much less money in the way of loans and credit. The banks are basically taking money from every possible angle and not giving any in return which is what they were supposed to do to stimulate the economy. Right now, the banks are the ones holding everything up.
One the positive side, once the banks get their house in order, they will begin doing what they are meant to do - lend money. We are still getting money for our clients, but the process has become a bit more difficult and more strategy is needed. We can see the light at the end of the tunnel. What we recommend now is to start planning and preparing now, so you will be in a good position for when the market turns around.
There are still many opportunities out there for people who have the money. We have billions of dollars of investment projects in real estate and green technology just waiting to be funded. If you are interested in real estate or green tech, give us a call and find out more.
The Corporate Code, Only $995
