Banking Labor Law References

US Bancorp, parent company of US Bank, has joined those that are being affected by the weakening U.S. economy in terms of performance. Yesterday, it announced that its first quarter earnings has gone down by 4 percent.

Topix.net reports that the Minneapolis-based bank earned $1.09 billion (62 cents per share) this first quarter compared to its $1.13 billion (63 percent per share) for the same period last year. US Bancorp said the drop in earnings was due to mortgage crunch and that their credit problems is still manageable.

Despite the drop in earnings of most banks today, I still believe that they can rise above the challenge. Sub-prime crisis may still be active and it affects most banks, but it’s just one aspect of banking. The fact remains that banks exist for many other reasons such as providing banking services to the public and growing assets.

For the link to the article, click here.

Image Source: http://money.cnn.com

A news article from NaplesNews.Com reports that the FDIC secures the public that the US banking industry is �in a good position to withstand turbulence.� This is in response to the issue of sub-prime mortgage crisis that is affecting the industry at present and is seen as far from over.

The sub-prime crisis raised serious supervisory concerns, prompting the FDIC and other federal bank regulators to issue guidance and statements on prudent loan underwriting, Curry pointed out.

FDIC Director Thomas Curry advises bankers to plan ahead when doing business in a slowing economy as there will going to be �significant losses� as a result of the sub-prime mortgage crisis.

For the link to the news article, click here.