Three big U.S. banks reported strong earnings on Tuesday even as warning signs e...
- Three big U.S. banks reported strong earnings on Tuesday even as warning signs emerged that the playing field is beginning to tilt against the financial industry.
“We’re not as dynamically correlated to rate changes,” Goldman Sachs Chief Financial Officer Stephen Scherr told analysts, noting the bank holds fewer deposits “than the big commercial banks.” And even as investors have been concerned over the impact of the U.S.-China trade spat on global growth, JPMorgan Chief Executive Officer Jamie Dimon remained bullish about the economy. The bank’s performance is often considered a bellwether for the health of the U.S. economy.
Analysts expected earnings of $2.51 per share and revenue of $28.90 billion, according to IBES data from Refinitiv. Wells Fargo is also being squeezed by the changing interest-rate environment. Its net interest margin dropped 11 basis points to 2.82% in the most recent quarter. The bank reported non-interest expense of $13.4 billion, down $533 million from a year earlier, while total loans rose 0.6% to $949.88 billion.Goldman Sachs Group Inc’s fixed-income business suffered another disappointing quarter with net revenues falling by 13%, impacted by interest rate products and currencies.
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