Earnings Fall Short at Bank of America, Citi, JPMorgan and Wells Fargo
The New York Times • • business
Key Points:
- Major U.S. banks, including Bank of America, Citi, JPMorgan Chase, and Wells Fargo, reported disappointing quarterly earnings, marking a setback after a year of strong market performance and easing regulations.
- Challenges cited include delayed mergers at JPMorgan, persistent expenses at Citi, and doubts about AI tool effectiveness at Bank of America, while banks focused on wealthy clients like Goldman Sachs and Morgan Stanley performed better.
- Wells Fargo noted stable customer activity metrics but experienced lower profits due to weak mortgage lending in a sluggish housing market, leading to its stock's largest decline in six months.
- These earnings reports are closely monitored as indicators of the broader economy and the financial health of everyday American consumers.
