Bove: Expect Lower Bank Earnings This Quarter
The major issue for banks this quarter is that core earnings are going down for the industry and that’s what investors will be looking at, said Richard Bove, financial strategist at Rochdale Securities.
“What you’ll see is a lot of gimmickry and a major effort to lower compensation cost to offset the fact that revenues just are not going to be there,” Bove told CNBC.
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The major issue for banks this quarter is that core earnings are going down for the industry and that’s what investors will be looking at, said Richard Bove, financial strategist at Rochdale Securities.
“What you’ll see is a lot of gimmickry and a major effort to lower compensation cost to offset the fact that revenues just are not going to be there,” Bove told CNBC.
Posted on October 12, 2010
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