'Technical' factors inflate bank profit forecasts

Major US and European banks are predicting profits for the first quarter of 2009 - but analysts caution that the apparent upturn has more to do with technical factors than a real recovery in performance.

Bank of America, Citi, Credit Suisse, JPMorgan and Deutsche Bank have all predicted profits in Q1 2009 - and analysts expect that Barclays, BNP Paribas, Goldman Sachs, HSBC and Morgan Stanley could also finish March in the black.

Jon Peace, equity analyst at Nomura, warns that technical anomalies

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