Regional banks' results hurt by credit crisis

Financial Crisis Posted on

The credit crisis weighed on results at six large U.S. regional banks located throughout the country, as they reported lower profits or continued losses.

Profits fell at U.S. Bancorp, which operates in the western two-thirds of the country, as well as at southeast bank Regions Financial Corp and the mid-Atlantic's M&T Bank Corp.

Ohio's largest banks all suffered losses, with National City Corp posting its fifth straight quarterly deficit and Fifth Third Bancorp and KeyCorp their second straight. National City also set plans to cut 4,000 jobs, or 14 percent of its workforce, over three years.

All the banks more than doubled their reserves for loan losses compared with a year earlier, and net charge-offs also soared. Results echoed deteriorating credit at big rivals such as Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co and Wells Fargo & Co.

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