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By Staff Reporters
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America’s biggest banks just kicked off the corporate earnings season by revealing that they raked in massive profits last quarter.
CITE: https://www.r2library.com/Resource/Title/0826102549
The Fed rate hikes that spelled doom for smaller fries like Silicon Valley Bank and Signature Bank were a boon to the big potatoes since they could charge more for loans. With the money they made from lending shooting up, JPMorgan, Citigroup, and Wells Fargo all zoomed past expectations for Q1.
- JPMorgan, the biggest of the big, posted record revenues and saw its profits spike to $12.6 billion, 52% more than the same quarter last year.
- Citigroup, the third largest US bank, scored $4.6 billion in profit, 7% higher than in Q1 2022.
- Wells Fargo, the fourth largest, kept the hot streak going with a 32% increase in profits from the first quarter of ’22 to just under $5 billion.
The banking behemoths have made it through the chaos caused by the biggest bank failures since 2008 not just unscathed but stronger—though there’s some debate over whether they’ll be able to hang on to the many new deposits that came their way as customers fled from regional lenders.
But smaller banks are still struggling. And there were signs the three megabanks weren’t ready to declare total victory: They cautioned that credit is likely about to get more expensive and put aside a combined $2 billion in case a recession hits.
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Filed under: "Ask-an-Advisor", Accounting, Alerts Sign-Up, CMP Program, Experts Invited, Glossary Terms, Investing, Risk Management | Tagged: Bank America, banks, big banks, CitiGroup, inflation, JPMorgan Chase, Signature Bank, Silicon Valley Bank, Wells Fargo | Leave a comment »
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