JPMorgan, Wells Fargo, Bank of America and Citi beat earnings expectations, but worries about ‘headwinds’ remain
JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. managed to beat Wall Street’s reduced expectations for their fourth-quarter profits as higher interest rates boosted income from loans.
The banks turned in stronger-than-expected results despite a slowdown in overall deal activity such as home mortgage loans and initial public offerings.
“We still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher, and the unprecedented quantitative tightening.”
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