Stubborn inflation is taking a toll on the nation’s largest banks.
On Friday, JPMorgan Chase and Wells Fargo released earnings that were stuttered with indications that despite recent signs of cooling inflation, the economy continues to be a drag.
The bank reported profit of $4.9 billion, down slightly from a year earlier, on revenue of $20.7 billion, up 1 percent from last year.
On one hand, the nation’s largest bank pulled in $13.1 billion in profit, but it concurrently disclosed more than half a billion dollars in losses from having to offload sinking mortgage investments, among others.
Overall results were bolstered by its investment banking and trading business, and a one time windfall from the sale of shares in Visa.
Persons:
Wells, Wells Fargo’s, —, ”, Charles W, Scharf
Organizations:
JPMorgan Chase, Visa