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.

Last year was a bumper one for the US banks. From the local and regional retail outfits to the international money centre groups, to the specialised investment banking and fee-earning businesses, circumstances conspired in their favour.

The US banks are enjoying a period of calm and they are hoping it will last.