The Wall Street Journal probably wishes it could’ve held this article, posted Saturday, back for a few days:
While the backdrop is troubled, some stocks could do well, including those of trust banks like State Street and Northern Trust, the well-managed J.P. Morgan Chase and asset-rich PNC Financial.
Northern Trust and State Street don’t have much credit exposure and trade at reasonable price/earnings ratios, relative to their historical levels.
How are those doing?
State Street down 50%
Northen Trust down 11%
JPM down 18%
PNC down 40%!
But just think how cheap they must be now!