Standard & Poor’s analysis has suggested that changes implemented by management teams at Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland only played a small role in the banking sector's return to profitability in 2010. The ratings agency indicated that factors beyond the banks' control, such as government stimulus programmes, were far more important in increasing their performance levels.
When will people realise that banking economists and modelling people know no more than you and I in how the banking sector will react to market conditions. It sort of suggests you should go with common sense and gut feeling!
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