The Week Ahead: Big Banks’ Earnings Reports, and E.U. to Act on Bank Laws

Posted by Unknown on Sunday, April 13, 2014

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Business Day |Big Banksâ€™ Earnings Reports, and E.U. to Act on Bank Laws

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Business Day |The Week Ahead

MORE BANKS TO REPORT FIRST-QUARTER EARNINGS

Several of the nationâ€™s biggest banks will report first-quarter earnings this week. Citigroup will report on Monday, followed later in the week by Bank of America, Morgan Stanley and Goldman Sachs. JPMorgan Chase opened the earnings season last week with a sharp decline in profit, an indication that the first quarter may have been a weak one for Wall Streetâ€™s biggest banks. BEN PROTESS

E.U. EXPECTED TO APPROVE 2 LAWS ON BANK FAILURES

The European Union is set to take another major step on Tuesday to create a so-called banking union, with the European Parliament expected to approve two laws aimed at reducing the vulnerability of nations to the problems of their big banks. One law, a bank recovery and resolution directive, would give the unionâ€™s 28 member states a common rule book for handling failing banks. It would also oblige creditors to take extensive losses before state funds are used. A separate regulation for a single-resolution mechanism would establish a board to ensure owners and creditors of major euro zone lenders pay first in cases of failure. The regulation would also establish a common fund financed by all euro zone banks to help pay for closings. Both laws would still need final approvals from the blocâ€™s Council of Ministers. JAMES KANTER

CREDIT SUISSE TO ISSUE REPORT AFTER LOSING MILLIONS IN 2013

Credit Suisse, the Swiss bank recently weighed down by legal concerns, will report its first-quarter results on Wednesday. The lender is facing a continuing investigation into American citizens who secretly held assets in Swiss accounts. It has paid hundreds of millions of dollars to settle mortgage litigation in the United States. This month, the bank revised its fourth-quarter results downward for a second time to reflect additional legal costs related to the tax inquiry, posting a fourth-quarter loss of 476 million Swiss francs, or about $544 million. CHAD BRAY

DATA IS DUE ON RETAIL SALES AND CONSUMER PRICES

Among economic reports coming out this week are retail sales for March and business inventories for February, on Monday; the Consumer Price Index for March, on Tuesday; housing starts and building permits and industrial production and capacity utilization, all for March, on Wednesday; and initial applications for unemployment benefits for the latest week, on Thursday. The stock market will be closed to observe Good Friday.