Banks head toward overall loss for Q4, a first since 1990

12/30/2008 | Wall Street Journal, The

With troubled loans piling up more rapidly than governmental efforts to rescue the financial industry, U.S. banks and savings institutions are on track to record their first overall loss for a quarter in nearly two decades. The institutions posted a combined third-quarter profit of $1.7 billion, a 94% drop from the same quarter the previous year. The situation of the about 8,300 companies has since worsened in the fourth quarter.

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Wall Street Journal, The

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