Europe's debt woes not a top concern for US banks
The largest U.S. banks aren't immune to Europe's credit woes, but analysts view the overall exposure as low on the list of concerns for the industry. Investor fears of contagion have subsided—at least temporarily—in the wake of indications from the European Central Bank that it would support any country in need. But if concern mounts again, the risk is "modest" and "manageable," said Jonathan Glionna, senior U.S. banking analyst for Barclays Capital. The U.S. banking industry's total exposure to Greece, Ireland, Portugal and Spain dropped to $146 billion in the second quarter of 2010, compared with $176 billion in the third quarter of 2009, according to figures compiled by Barclays Capital. The information, taken from reports made by banks to federal regulators, includes loans, debt, equity, foreign exchange and repurchase agreements.