The nation's largest banks enjoyed $111 billion in record profits last year — with more to come [Los Angeles Times (CA)]
Wells Fargo & Company (WFC)
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Source: Los Angeles Times
The nation's largest banks enjoyed $111 billion in record profits last year — with more to come The six biggest U.S. banks have never had a $100-billion year. Until now. Goldman Sachs Group, JPMorgan Chase and their peers have already reported more than $111 billion of profit for 2018. Morgan Stanley will only make that number bigger when it releases its fourth-quarter results Thursday. They have Republican tax cuts to thank, along with rising interest rates, a surge in deal-making and a retail banking boom. JPMorgan and Bank of America Corp. both had record years, while Goldman Sachs and Citigroup Inc. had their biggest hauls since the financial crisis. The impressive numbers and upbeat commentary from bank leaders may quell fears that rate hikes and trade wars risk bringing an end to good times for the biggest lenders. “Is it the end of a cycle? We don’t think so,” JPMorgan Chief Financial Officer Marianne Lake said Tuesday on a call with analysts. “We think the outlook for growth i
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- 4/12/24 - Beat
WFC
Sec Filings
- 5/7/24 - Form 424B2
- 5/7/24 - Form 424B2
- 5/7/24 - Form 424B2
- WFC's page on the SEC website