Shares of several major banks tanked on Friday—even after reporting solid quarterly earnings—as reports underwhelmed investors and some firms warned about rising expenses and “inflationary pressures,” which could impact future profits.Shares of JPMorgan Chase, the largest U.S. bank by assets, lost nearly 6% on Friday, despite beating profit and revenue estimates.
Shares of Citigroup similarly fell over 2% after reporting solid revenue and profit numbers, as investors were particularly alarmed by the bank’s steep drop in profits.
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