JPMorgan and Citigroup on Friday reported record full-year earnings for 2021. Wells Fargo might have too, had regulators not forced it to shrink. But after a period playing on the same side, the lenders’ chief problem is now each other, argues johnsfoley
for 2021. Wells Fargo might have too, had regulators not forced it to shrink. Customers and financial markets were exceptionally cooperative in 2021 and will probably continue to be so in 2022. But after a period playing on the same side, the lenders’ chief problem is now each other.
Second, some of the gains from interest income will get eaten up by increased competition. The bank run by Jamie Dimon warned that spending on marketing, including credit card promotions, will go up, as will pay. No wonder: the big banks are all well capitalized and keen to expand in businesses like payments where relatively young rivals are hyperactive.
and even the scandal-prone Wells Fargo saw their valuations rise in 2021. That reflects the battles won, but perhaps not the fights to come.- JPMorgan on Jan. 14 reported fourth-quarter revenue on a managed basis of $30.3 billion, beating analyst estimates of $29.9 billion, according to Refinitiv. - What JPMorgan calls managed revenue strips out the effect of tax perks that come with certain kinds of activities to make them comparable with taxable securities and investment.
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