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NEW YORK, Oct 10 - Profits at the biggest U.S. consumer lenders are likely to rise in the third quarter, in contrast with investment banks still facing a dealmaking slump, analysts said.
"This quarter is all about higher interest rates for longer," said Mike Mayo, an analyst at Wells Fargo."They will affect banks' funding, lending, ability of borrowers to repay loans, losses in securities and capital requirements." Wall Street CEOs have cited the return of some initial public offerings, including for SoftBank's Arm Holdings , as signs of a market revival after months in the doldrums. The outbreak of war in Israel could further dampen market sentiment.
Markets could be further shaken by surging U.S. Treasury yields, knocking investor confidence and posing some risks to banks that hold a large volumes of the securities on their books. For instance, Bank of America had more than $100 billion of unrealized losses on its securities portfolio that it aims to own until maturity, which have weighed on its shares. Its stock is the worst performer among the top six U.S. lenders, falling 21% so far this year.
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