Consumer lending is expected to propel profits for big U.S. banks when they unve...
“The consumer-lending business is going to be very profitable for the banks,” RBC Capital Markets analyst Gerard Cassidy said in an interview.
Analysts expect tepid business borrowing to have continued through the fourth quarter. Global trade disputes, political uncertainties and market fluctuations have left CEOs wary of seeking financing to buy competitors or invest in operations, they said.As Americans’ loan balances have climbed, their incomes have grown even faster. That debt is now about equal to disposable personal income after climbing to as much as one-third higher in 2007.
However, analysts cautioned that credit mistakes often occur in the best of times and that it is hard to see them with the economy growing for the 11th straight year. And although unemployment is at a 50-year low and wages are higher, there are still lots of consumers living paycheck-to-paycheck.
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