JPMorgan, Bank of America, Wells Fargo, Citigroup and Goldman Sachs all put aside more money to cover loans that might go bad.
Bloomberg WireYear-end earnings reports from the biggest US banks met less-than-enthusiastic receptions on Wall Street, amid signs that a shakier economy lies ahead.
“The US economy currently remains strong with consumers still spending excess cash and businesses healthy,” Chief Executive Officer Jamie Dimon said in a statement Friday. “We still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher, and the unprecedented quantitative tightening.
“Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns,” CEO Charlie Scharf said in a statement. “Rising interest rates drove strong net interest income growth, credit losses have continued to increase slowly but credit quality remained strong, and we continue to make progress on our efficiency initiatives.
“We ended the year on a strong note growing earnings year over year in the fourth quarter in an increasingly slowing economic environment,” CEO Brian Moynihan said.Citigroup fixed-income traders turned in a record-setting finale to 2022 as the bank, under pressure to improve returns, braced itself for a less certain economy.
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