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U.S. bank profits could be hit by Russia-linked asset swings

Swings in asset prices following Russia’s invasion of Ukraine could hit first-quarter profits at big U.S. banks depending on what happens before the end of the month and how markets react, analysts said. Trading losses, provisions for expected loan losses, writedowns of assets and charges for closing businesses could muddy what was expected to be an OK quarter as banks benefited from higher interest rates and more lending even as the flood of investment banking revenue subsided. Big banks could take one-time hits totaling $5 billion, or twice that, or none at all, said Gerard Cassidy, an analyst at RBC Capital Markets.

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