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He is also reluctant to predict what may lie ahead for GM (shorn of brands and debt, but owned by the government), Chrysler (under the management of Italy's Fiat) and Ford (well-managed, valiantly avoiding the stigma of bankruptcy and bail-out, but still groaning under the weight of an only partially restructured balance sheet).
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Lenders may still need to raise more capital as they restructure balance sheets, the bank added.
This ia particularly likely to be the case when nominal GDP growth approaches the zero bound, given the need for nominal GDP growth to help restructure balance sheets, creating the ingredients to help drive recovery.
Compared with previous waves of restructuring, this one was more about generating operating efficiencies by cutting jobs and capacity than about restructuring balance-sheets.There's still a lot more juice to be squeezed from the lemon, says Hal Sirkin of Boston Consulting Group.
News Corp has restructured its balance sheet so that it carries only long-term debt.
Uncle Sam is already on the hook for some $20 billion and plans to transfer half of that to a restructured General Motors balance sheet in the form of debt.
They have restructured their balance sheet a year ahead of schedule and have the flexibility to go shopping or invest in their business".
The company's weak financial performance won't cause any defaults on its debt obligations, he said, because it has restructured its balance sheet so the first maturities on its bonds do not come due until 2014.
I think that the banks will show somewhere between 300% to 500% increase in earnings over the next four to five years, because they've restructured their balance sheets in a fashion to produce that type of result.
An era of corporate prudence of restructuring balance sheets and generating cash is giving way to a more swashbuckling appetite for acquisitions and growth.
Banks also are restructuring their balance sheets to squeeze out extra capital.
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