New York, not Pamplona

12 October 2017 By Antony Currie, John Foley

Citi and JPMorgan’s results don’t justify the past month’s 12 pct surge in U.S. bank stocks. Tax cuts do, but they’re at best some way off. In the meantime, problems like sluggish loan demand, rising credit costs and less effective buybacks will challenge a rosy profit outlook.

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