It is suddenly hip to be bullish crude oil again. Bearish calls that oil could crash to $10.00 a barrel seem be off of the table. Talk that oil would never exceed $40.00 a barrel ever again has been proven to be wrong. Now the market and the analysts are starting to understand the impact the oil price crash has had. It has created a long lasting effect on future oil production and has sparked a surge in demand.
Citigroup Inc, the No. 3 U.S. bank by assets, reported a 51% jump in quarterly profit as lower costs more than made up for a fall in revenue amid increased market volatility and uncertainty about the timing of a U.S. interest rate hike.
Profits have soared since the global financial crisis at the five biggest U.S. banks with market-making dealing operations, New York Federal Reserve economists said in an article released on Wednesday.
A weak performance in September could leave investment banks' revenues in the third quarter down about 10% from a year ago, putting 2015 revenues on track to fall from a year ago and intensifying pressure on European firms to scale back.