Charlotte banks to take financial news spotlight Wednesday
Both of Charlotte's biggest banks are expected to announce year-end earnings tomorrow, capping a tense week of financial news from the banking industry. WFAE's Julie Rose reports: JP Morgan Chase kicked off the cascade of earnings reports Friday with news that it earned nearly $12 billion last year. That's double the bank's profit in 2008. Citigroup's news today was less stellar. While the behemoth bank posted profits during the first three quarters of 2009, it lost 33 cents a share in the 4th quarter. Citigroup officials say that's because of charges they had to swallow when they repaid their TARP loan in December. Tomorrow morning, the earnings spotlight will be on Bank of America and Wells Fargo. Analysts predict Bank of America will post a 52 cent loss per share for the quarter. Wells Fargo was expected to report a 2 cent loss. But some analysts now say they won't be surprised to see Wells Fargo post a small profit, since the U.S. economy has begun growing again.