While we were thinking that the financial industry is in shambles and that they need all kinds of help, the banks [1] are quietly racking up billions. Wells Fargo reports that they believe they will make $3 billion in the 1st quarter. With record deposits, ultra low interest rates [2] from the fed [3], retail banks are making a ton of money in this environment. Obviously, the big question is whether the loan losses will slow down and be small enough so that the banks can absorb them, but trying to project the outcome is why investing is fun right?
Personal Finance Articles
- Want further proof that retail investors can’t time the market? Oblivious Investor cites a study that investors lost $100 billion [4] in 2006 trying to do so!
- I actually found a great bank [1] that offers checking abilities and an ultra high yield [5] (even higher than savings accounts). Check out my EverBank Review [6] at MoneyNing.
- I wrote about and linked to this piece before, but it is worth mentioning again. Dividend yield [7] is very important and ABC talks about what it is.
- For those that still don’t know, TradeKing is offer a promotional $150 of transfer fees [8] if you decide to switch over to them. I highly recommend them (actually, I plan to switch from my Etrade account as well based on what I’ve seen).