Technical factors drive banks back into black

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

Citing improved market conditions, Bank of America, Citi, Credit Suisse, JP Morgan and Deutsche Bank have all predicted profits in the first quarter of 2009 - and analysts expect Barclays, BNP Paribas, Goldman Sachs, HSBC and Morgan Stanley could also finish March in the black.

But Jon Peace, London

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