Signs of consumers slowing down their spending and falling behind on their bills weighed down shares of the big banks on Friday. JPMorgan Chase and Wells Fargo
FILE - Pedestrians approach JPMorgan Chase headquarters on Dec. 29, 2023, in New York. JP Morgan reports earnings on Friday, July 12, 2024.
JPMorgan set aside $3.1 billion to cover potentially bad loans, up sharply from a year earlier, as the bank acknowledged that delinquencies were climbing among some Americans. Meanwhile Citigroup had to set aside more for potential losses as well. A significant contributor to JPMorgan's results was a $7.9 billion gain on its stake in Visa. The bank converted its ownership in the payment processing giant into common stock in the second quarter. The bank also donated $1 billion of Visa shares to JPMorgan's philanthropic organization.JPMorgan CEO Jamie Dimon repeated his warnings about heightened geopolitical risks and inflation in his statement to investors.
Wells Fargo earned $4.91 billion in the second quarter, or $1.33 per share, which beat Wall Street targets and last year's $1.25 per share profit. Revenue of $20.7 billion also beat analyst forecasts and last year's $20.5 billion.
Citigroup Wells Fargo Consumer Spending Interest Rates Profits Credit Cards Inflation
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