Revenues rise for US banks as litigation costs taper off
Analysts expect revenue for six largest firms to climb to US$413.6b in 2014, second only to record set in 2010
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IT WOULD have been a good year for the biggest US banks if it were not for US$30 billion in legal costs.
Revenue at the six largest firms, which start reporting results this week, probably climbed to US$413.6 billion in 2014, second only to a record set in 2010, based on results from the first nine months of last year and analysts' estimates for the fourth quarter. That is providing hope that an increase in profit will follow once banks move past 2014's record legal expenses.
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