SOURCE: The Bedford Report

The Bedford Report

December 02, 2010 08:46 ET

Major Banks Poised to Soar as Job Market Shows Signs of Stabilizing

The Bedford Report Provides Analyst Research on KeyCorp & Citigroup

NEW YORK, NY--(Marketwire - December 2, 2010) - Yesterday the S&P 500 index surged an impressive 1.64 percent following signals that the United States job market is improving. Paul Zemsky, the head of asset allocation at ING Investment Management, argues that "The U.S. economy is all about jobs and anything that leads folks to believe that there's a better job market will be good for equities." This is especially true for Banks. When the Obama Administration administered the much publicized stress tests on the banking sector, banks were tested for their ability to withstand the pressure stemming from a hefty 10% unemployment rate. High unemployment has led to a wave of foreclosures, a series of delinquencies in consumer lending and has compressed most banks' bottom lines. Surely any signal that that the unemployment rate will fall is welcome by the banks. The Bedford Report examines the outlook for companies in the Major Banking Industry and provides research reports on KeyCorp (NYSE: KEY) and Citigroup, Inc. (NYSE: C). Access to the full company reports can be found at:

According to ADP Employer Services, in November, small businesses added the largest amount of workers in roughly three years. Ben Herzon, the economic advisor who puts together the report for ADP, claims that "Conditions in the labor market are improving. As GDP growth picks up as we expect it will, job growth will rise, and that should create opportunities across all industries." According to the report over 93,000 jobs were added to the US economy in the month of November. 

The Bedford Report releases regular market updates on the Major Banking Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us for free at and get exclusive access to our numerous analyst reports and industry newsletters.

Already banks have begun to post improving credit quality. More thorough and cautious credit checks have led to fewer delinquent loans and greater financial stability. As such, Banks are setting aside less money to cover bad loans, and some are seeing loan losses recede. While credit quality improved, the high unemployment rate has been damaging to banks' long term loan growth. The improved employment numbers will hopefully, in time, lead to a boost in loan growth across the banking sector.

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