World News Trust World News Trust
World News Trust World News Trust
  • News Portal
  • All Content
    • Edited
      • News
      • Commentary
      • Analysis
      • Advisories
      • Source
    • Flatwire
  • Topics
    • Agriculture
    • Culture
      • Arts
      • Children
      • Education
      • Entertainment
      • Food and Hunger
      • Sports
    • Disasters
    • Economy
    • Energy
    • Environment
    • Government
    • Health
    • Media
    • Science
    • Spiritual
    • Technology
    • Transportation
    • War
  • Regions
    • Africa
    • Americas
      • North America
      • South America
    • Antarctica
    • Arctic
    • Asia
    • Australia/Oceania
    • Europe
    • Middle East
    • Oceans
      • Arctic Ocean
      • Atlantic Ocean
      • Indian Ocean
      • Pacific Ocean
      • Southern Ocean
    • Space
  • World Desk
    • Submit Content
  • About Us
  • Sign In/Out
  • Register
  • Site Map
  • Contact Us
  • How Palestinians Defeated Netanyahu and Redefined ‘Unity’ | Ramzy Baroud
  • Transphobia | Wikipedia
  • Did Entheogens Cause Human Intelligence? | Bard
  • How To Deinstitutionalize The Practice Of Human Warfare | Bard
  • How Khader Adnan Unified Palestinians from His Prison Cell | Ramzy Baroud
  • European Cities Boycott Apartheid Israel | Ramzy Baroud
  • No Respite from the Slow-Motion US-China Collision | Nouriel Roubini

New Orleans Banks, Brokers Thrive on Insurance Checks | Will Edwards & Bradley Keoun

More items by author
Categories
Edited | News -- WNT Selected | All Content | News | Culture | Economy | Finance | Business | North America
Tool Bar
View Comments

Will Edwards and Bradley Keoun

Sept. 1, 2006 (Bloomberg) -- Banks and brokerage firms in New Orleans say they're faring better than before Hurricane Katrina caused a record $80 billion of damages along the Gulf Coast a year ago.

JPMorgan Chase & Co., the third-biggest U.S. bank, said deposits from the New Orleans region jumped 78 percent in the past year, helped by the opening of 50,000 checking accounts. Merrill Lynch & Co., the largest brokerage firm, said revenue in July from its four branches near New Orleans was 10 percent higher than a year ago.

Earnings at Louisiana's 134 state-chartered banks jumped 23 percent to $185 million in the first half of 2006 from a year ago, according to the Federal Deposit Insurance Corp. New Orleans residents are opening bank and brokerage accounts with money received from insurance companies and government relief agencies, and are taking out loans to repair homes.

``It's ironic that New Orleans was a little- to no-growth market,'' said Kevin Fitzsimmons, a banking analyst at Sandler O'Neill & Partners LP in New York. ``If things get rolling and the city starts to rebuild, you could have several years of growth.''

(more)

READ MORE: Bloomberg

back to top
  • Created
    Friday, September 01 2006
  • Last modified
    Sunday, March 29 2015
  1. You are here:  
  2. Home
  3. All Content
  4. Edited
  5. New Orleans Banks, Brokers Thrive on Insurance Checks | Will Edwards & Bradley Keoun
Copyright © 2023 World News Trust. All Rights Reserved.
Joomla! is Free Software released under the GNU General Public License.