NEW YORK, NY--(Marketwire -06/04/12)- The U.S. Banking Industry has continued to show signs of recovery coming out of the recent recession. The industry saw just 16 FDIC-insured banks fail in the first quarter of the year, the lowest total since the end of 2008, according to the FDIC's quarterly banking profile. Also the number of banks at risk of failure fell to 772, the lowest total since the end of 2009, from 813 in the previous quarter. Five Star Equities examines the outlook for companies in the Banking Industry and provides equity research on Wells Fargo & Company (WFC) and Goldman Sachs Group, Inc. (GS).
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Last Thursday, the FDIC stated that the U.S. Banking Industry posted a first quarter profit of $35.3 billion, their best since 2007. FDIC-insured banks first quarter profits grew 23 percent ($6.6 billion) from the year prior, marking the 11th consecutive quarter profits have shown a year-over-year increase according to the FDIC. "The condition of the industry continues to gradually improve," said Martin J. Gruenberg, the FDIC's acting chairman. "Insured institutions have made steady progress in shedding bad loans, bolstering net worth and increasing profitability."
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Wells Fargo & Company recently reported it has become the first major financial services company to natively support Macs for remote deposit capture. The new service is available to all Wells Fargo Commercial Electronic Office (CEO) Desktop Deposit users who connect Panini scanners with iMac, MacBook Pro, MacBook Air, Mac mini, and Mac Pro computers. Installation of a plug-in is only needed to begin scanning deposits.
Goldman Sachs continued its leadership in investment banking, ranking first in worldwide announced mergers and acquisitions for the year-to-date. Goldman Sachs reported net revenues of $9.95 billion and net earnings of $2.11 billion for the first quarter ended March 31, 2012.
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