Banks to Make a 'Boxcar Full of Money' This Year: Pro
The overall financial sector “looks great” this year, said Bill Spiropoulos, CEO of CoreStates Capital Advisors, a wealth management firm.
“If you look at JPMorgan and BofA , they are great proxies on a return to normalcy on the U.S. economy,” Spiropoulos told CNBC. “As business starts to go back to normal, you’re going to see very strong GDP…the bottomline is that [banks] are going to make a boxcar full of money.”
Meanwhile, Bank of China recently offered yuan trading to its U.S. customers, a sign that Beijing may increasingly promote the use of the Chinese currency in major financial centers. However, Spiropoulos said he would not buy the yuan.
“We are very much in favor of having exposure in foreign exchange and we typically stick to G10 for liquidity purposes, but it would be something interesting to watch,” he said.
Scorecard—What He Said:
- Spiropoulos' Previous Appearance on CNBC (Jan. 4, 2011)
More Market Intelligence:
- Watch These Banks Ahead of Earnings: Pro
- Forget Citigroup—Rotate Into These Banks Instead: Pro
- Cramer: Stocks That Shouldn’t Trade at All
CNBC Data Pages:
More From CNBC.com:
No immediate information was available for Spiropoulos or his firm.