JPMorgan Chase and Citigroup shares fell today — despite delivering solid quarterly revenue and profit — amid concerns that the banks won’t be able to outrun inflation.
largest banks, inflation may be too much of a good thing.Inflation in moderation is typically a good thing for banks as it often triggers higher interest rates, leading to better revenue and earnings.of 7%, JPMorgan warned it may get singed.
“Elevated inflationary pressures on expenses could more than offset the rates benefit,” JPMorgan CFO Jeremy Barnum said on a conference call.Citigroup, JPMorgan and Wells Fargo said outstanding loans increased from the previous quarter.
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