How Are the Banks Doing?

With this crazy economy how are the banks doing? Wells Fargo reported a 3 billion dollar gain for there first quarter in 2009! Wells Fargo says it has to do with strong operating results from its acquisition of Wachovia and that lending activity has been brisk. Many are saying that although the Wells Fargo incident is nice to hear it is more then likely a one-time event.

As for the rest of the banks they are playing it cool. “A lot of banks got caught with their pants down,” said Dave Rovelli, managing director of U.S. equity trading with Canaccord Adams. But with the improved economic data, government plans to aid help and positive comments about the stock market many people do not expect the economy to recover as fast as they would like.

Unemployment is still down which reflects that it is still difficult to find work for the unemployed. Hopefully better news is right around the corner for many and with the government’s help the big banks can get back on track! I guess only time will tell and hopefully it will tell positive news sooner then later ☺