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Solid Profits at Banks as Execs Debate US Economic Risks

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Large American banks reported solid earnings Friday behind still-high interest rates while offering varying views on the likelihood the United States can avoid a near-term recession.

JPMorgan Chase reported higher profits, citing increased asset management and investment banking fees as well as the lift from lofty interest rates, while Citigroup and Wells Fargo reported dipping profits on higher costs.

"The market is probably too happy," Dimon said on a conference call with reporters. "I think the chance of bad outcomes is higher than other people think." While noting that "there's a lot of risk out there," Mason characterized the global economy as generally "resilient," with consumers mostly healthy and inflation "moving in the direction that central banks want."

While JPMorgan increased its estimate for full year NII by $1 billion, to $89 billion, the bank said it expects the boost from higher interest rates on profits to erode or "normalize" over time.

Source: News Formal (newsformal.com)

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