OPINION: Wall Street’s biggest banking names are enjoying a surprising profit boost thanks largely to the continued spending of ordinary folk.
announced their full-year results on Friday
When COVID-19 struck, people stopped spending money and reduced debt while stuck at home for months on end. The recovery in lending has been slow. JPMorgan’s total credit card balances finally got back to pre-pandemic levels in 2022; Bank of America and Wells Fargo are still rebuilding.
These numbers will worsen, but none of the banks is currently expecting them to accelerate much beyond what used to be normal. “Currently” is the keyword, however. As Jeremy Barnum, JPMorgan’s finance chief said at the end of his presentation to investors: “I’ve emphasised the uncertainty.
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