SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Sep 11, 2012) - In the face of a global economic slowdown U.S. bank stocks have shown investors strong gains in 2012. The SPDR S&P Bank ETF (KBE) has gained 18.5 percent this year more than double the Dow Jones gain nearly 9 percent over the same period. Despite having most banks return to profitability since 2010 Moody's Investors Service says the outlook for U.S. banking remains negative. Five Star Equities examines the outlook for companies in the Banking Industry and provides equity research on Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C).
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"Our negative outlook for the U.S. banking system reflects a challenging domestic operating environment, with prolonged low interest rates, high unemployment, weak economic growth and fiscal policy uncertainties," Senior Vice President Sean Jones said. Jones mentioned that the threat of the Euro zone crisis spreading through the global economy "undermines economic recovery in the U.S. and exposes banks to a heightened risk of shocks."
Moody's forecasts gross domestic product growth to range from 1.5% to 2.5% in 2012, followed by 2% to 3% growth in 2013.
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Bank of America is one of the world's largest financial institutions. The company provides unmatched convenience in the United States, serving approximately 56 million consumer and small business relationships with approximately 5,600 retail banking offices. Shares of the company have surged 14 percent in the last month.
Citigroup, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. The company recently launched a commodity trade finance unit, and has hired Kris Van Broekhoven from Deutsche Bank to head the unit. Shares of Citigroup have gained over 11 percent in the last month.
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