JPMorgan's Cash Strategy Outperforms Bank of America's During Pandemic
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#14624f0b ver:0.26

Major US banks, including JPMorgan Chase, Bank of America, Morgan Stanley, Citigroup, Goldman Sachs, and Wells Fargo, are experiencing a negative impact on their bottom line due to the increase in interest rates. While these banks quickly passed on the rate hikes to their loans, they were slower to adjust the rates on deposits and other interest-paying products. As a result, expenses related to high interest expenses have skyrocketed, leading to a 3% decrease in profits for these banks in the first quarter of this year .

The rise in interest expenses has particularly affected Wells Fargo, Bank of America, and Citigroup, causing a decline in their interest margin and contributing to a drop in profits. However, these banks are seeing a recovery in their investment banking commissions due to...

#newstr #UsBanks #InterestRates #Profits #InvestmentBanking #CreditLosses #Dividends 

 https://here.news/story/14624f0b?ver=0.26