While the US gets further embroiled in Iraq, economies such as China and Brazil are starting to assert themselves.

European banks are rushing to buy American banks, but will they make money? Or will it all end in tears, as it did the last time they tried in the 1980s.

US banks reported strong first quarter results on the back of a solidifying economic recovery, demand for banking products and improved asset quality. Here are the highlights of some of the top banks:

Andrew Smithers argues that the US current account deficit is too small and its financial markets need to fall.

Top US banks, led by Citigroup, again produced strong profits growth in the fourth quarter and for all of 2003, reflecting imp-roved credit quality and strength in retail financial services.

US concern over domestic banks looks set to put back the Capital Accord again, and may jeopardise hopes of a level playing field.

Wall Street banks are facing damages to the tune of $25bn but are reluctant to set aside reserves as they fear it may encourage new claims. Suzanne Miller reports on the legal battle that threatens to spread overseas.

Wall Street is finding that there is no quick fix when it comes to winning back public confidence. Suzanne Miller reports from New York on leading banks' attempts at restoring investor faith

As merger and acquisition activity in the US banking sector slows and foreign heavyweights circle, major players are choosing to diversify their portfolio of interests. Michael Blanden reports.