WASHINGTON — Fifth Third Bancorp and TD Banknorth are the latest regional banks to state that third quarter profits are not likely to meet Wall Street expectations.
|BankNet 360 reported that analysts anticipate more warnings, according to a report in the Wall Street Journal, due to interest rate pressure and competition. Credit unions and their trade associations have been quick to point out bankers' record profits every quarter.
|Additionally, Fifth Third has had to deal with executive departures and bad loans. Portland, Maine-based TD Banknorth blamed slowing profits on consumers moving their money to higher-yielding savings accounts and CDs and slower loan demand. It also recently purchased Hudson United Bancorp.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
