Wednesday, November 4, 2009

US banks gain from rally in toxic assets

US banks such as Citigroup and JPMorgan Chase have earned billions of dollars from their "toxic" portfolios in the past three months as a rally in some of these distressed assets enabled them to book accounting gains or sell them.

Bankers say the gains revealed by Citi and JPMorgan in last week's third- quarter results bode well for other banks, after the sector suffered more than $1,000bn in writedowns globally on troubled assets such as mortgage-backed securities, as a result of the crisis.

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