U.S. banking heavyweights reaped windfalls from higher interest payments in the first quarter, brushing off a sector shakedown and taking the opportunity to set aside billions of dollars in case loans turn sour as the economic outlook dims.
One area where it has proven harder for the big banks to profit in 2023 has been investment banking, which was reflected in JPMorgan's business with a 24% fall in revenue at the unit.shrank to its lowest level in more than a decade in the first quarter, as rising interest rates, high inflation and fears of a recession soured the appetite for dealmaking.
Citigroup was also helped by the effects of the Fed's tighter monetary policy, although it set aside $241 million to cover potential loan losses compared to a reserve release of $138 million a year ago.
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