Banks Seek Relief from Effects of Oil Spill, Article by Eric Dyas
July 23, 2010
On April 20, 2010, an explosion at the Deepwater Horizon oil rig in the Gulf of Mexico claimed the lives of 11 platform workers, injured 17 others and set in motion a series of events that will significantly and adversely impact the entire Gulf Coast and many industries doing business there for years to come. Financial institutions in this area will not be spared.
For financial institutions with significant operations in this area—many of which were already struggling as a result of the ongoing recession—the spill could not have come at a worse time. Earnings reports of certain banks affected by the spill and analyst coverage of banks with exposure to these coastal markets have acknowledged the financial impact of the spill.
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by: Eric J. Dyas