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US banks look to beat 2015 earnings record

To achieve that goal, they will have to cut costs even deeper than last year, when they also shed 20,000 jobs

The five major US investment banks generated US$70 billion of net income in 2015 by shaving expenses to the lowest level in seven years, and boosted fourth-quarter net income to the highest level since 2006 under generally accepted accounting principles.

New York

WALL Street banks just eked out their most profitable year since before the financial crisis by slashing budgets. Can they top that?

The sobering answer for many is that they can - if they cut even deeper than they did in 2015, when they reduced costs by 13 per cent and...