Big banks’ profits are doing better than the economy
By Justin Ho
We got earnings reports for the last quarter of 2020 from some of the country’s big banks Friday. Profits at JPMorgan Chase jumped by 42% compared with a year ago, before the pandemic. Wells Fargo, Citigroup and PNC Financial reported profits, too…. While a booming stock market is helpful for the big banks, it’s not as helpful for the overall economy, said Karen Petrou at Federal Financial Analytics. “This is another example of the huge divide between how great the markets are doing and how poorly pretty much everybody else is doing,” she said.