Banks are looking at a more difficult environment for loans in 2024.
Photo: etienne laurent/EPA/ShutterstockEven as the biggest banks have grown and diversified, lending remains a core part of their business.
And it looks like that will get tougher this year.
The outlooks that banks gave on Friday for 2024 net interest income—a measure of what they earn on yield from cash, loans and securities, minus what they pay in interest costs—were muted.
JPMorgan Chase expects it to be about flat versus 2023, while Wells Fargo anticipates a potential decline of about 7% to 9%, and Citigroup expects their core net interest income to be “down modestly.”
Persons:
Banks, etienne laurent, JPMorgan Chase, Wells, ”
Organizations:
JPMorgan, Citigroup