In the last week, six large US banks have indeed announced their financial results for the fourth quarter and therefore also for the whole of 2023. They show that the strongest bank, JPMorgan Chase, has become even stronger, but others are plagued by problems of a different kind : from the weakness of the Argentine peso, to the fading of the IPO boom, to a costly mistake made years ago.
Nonetheless, last year the combined profit of the big six banks was $122 billion, or 5.2% more than the previous year. The increase occurred thanks to two banks that managed to increase their profits in a year: JPMorgan Chase and Wells Fargo.
Profit indicators were weaker in the fourth quarter, as banks paid the price for avoiding the spread of the banking crisis last spring. The rescue operation of Silicon Valley Bank and Signature Bank has in fact emptied the so-called US deposit guarantee fund, which now had to be replenished, by an amount of 16.3 billion dollars. The lion’s share goes to the big banks: six banks had to pay a total of almost ten billion dollars.
But how exactly does the circulation of the American economy and therefore the world economy work? What problems are they facing? Read more here:
Comment Read comments (11)
2024-01-18 16:20:00
criminals-and-a-disturbing-crisis-us-banks-have-made-tens-of-billions-in-profits-despite-the-problems