The three largest U.S. banks by market capitalization—JPMorgan, Citi and Bank of America—all made headlines in the past 24 hours, with the least bad, bad news coming out of the executive offices of JPMorgan, which announced that its fourth quarter profit fell 34 percent from a year ago. This wasn't nearly as sour news as what Citi announced yesterday—a $9.8 billion fourth quarter loss and another 4,000 layoffs. Meanwhile, BofA, which is expected to announce its poor fourth quarter results soon, said it will be cutting 650 jobs and significantly scaling back its investment banking activities, retreating from a business in which it recently invested $625 million to build.
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