![]() Commercial lending rates have been rising in anticipation of Fed rate hikes this year. JPMorgan Chase and other big banks are benefiting from rising interest rates, which makes their loans more profitable - and an economy that has bounced back from the depths of the credit recession. People use automated teller machines (ATM) outside a Bank of America branch in San Francisco, California, U.S., on Thursday, Jan. “Credit continues to be healthy … and we remain optimistic on US economic growth as business sentiment is upbeat and consumers are benefiting from job and wage growth.” “The economy continues to do quite well despite headwinds related to the Omicron variant, inflation and supply chain bottlenecks,” Dimon said in a statement. ![]() ![]() The bank posted an annual profit of $48.3 billion. Nonetheless, CEO Jamie Dimon was upbeat about the quarter and 2021’s full year results. Still, JPMorgan Chase’s earnings were down 14% from the same quarter the previous year as trading revenue fell.Ĭonsumers are starting to show signs that they’re fed up: Retail sales surprisingly fell in December. JPMorgan Chase posted strong results for the fourth quarter Friday, including a $10.4 billion profit that topped forecasts. Yet many Americans are hurting from surging prices and burnout from the Covid-induced labor shortage. Big banks had a stellar end to 2021 with rates on the rise. The Main Street and Wall Street gap is widening again.
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