Obama Optimism Pathetic Hobbledehoy

CNBC News | 20 Jan 2009 | Inauguration Day

Stocks Skid as Banks Take a Beating

Big banks dragged down the Dow, with Bank of America [BAC 6.00 -1.18 (-16.43%), Citigroup [C 3.13 -0.37 (-10.57%) and JPMorgan [JPM 20.35 -2.47 (-10.82%) all down more than 10 percent.

Bank of America may slash as many as 4,000 jobs in its capital-markets unit, the Financial Times reported.

State Street [STT 18.00 -18.35 (-50.48%) plunged 50 percent after the Boston-based bank reported rising unrealized losses in its commercial-paper program and investment portfolio along with lower fourth-quarter profit. State Street, the world's biggest institutional asset manager, said Tuesday net income shrunk to $65 million, or 15 cents per share, compared with $223 million, or 57 cents per share, a year earlier. Analysts had expected 58 cents a share.
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