Business
Bad quarter expected for National City
Cleveland | May 10, 2008 12:01:13 AM IST
Observers say they are anxiously awaiting an announcement about National City Corp.'s finances, but warn the news might not be good. The Cleveland bank is to release its first-quarter financial results Tuesday, The (Cleveland) Plain Dealer reported Sunday. The newspaper said observers want to see if the bank was able to turn a corner after posting losses of $333 million in the fourth quarter. At that time, Chairman and Chief Executive Peter Raskind called the quarter the most difficult and disappointing in the recent history of this company. Analysts say they are not predicting that the bank was able to turn its finances around. It will be ugly, banking analyst Terry McEvoy of Oppenheimer &Co., predicted of the bank's upcoming quarterly report. Last year, the company was able to $314 million, or 51 cents per share. This year, the company is expected to make investors about 30 cents per share, according to a JPMorgan Chase & Co. report issued last month, the newspaper said. (UPI)
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