Bank Profits Not As Impressive As They Seem

NEW YORK – The big banks are making big money again, but they won’t be back to health as long as they have to deal with a recession and customers defaulting on mortgages and credit cards. The impressive numbers included a 3 billion second-quarter profit announced Friday by Citigroup and 2.4 billion for Bank of America. They followed similarly robust earnings for Goldman Sachs and JPMorgan Chase. That the banks managed to turn a profit at all is remarkable. Just 10 months ago, many of them looked