U.S. Banks Report Strong Earnings: JPMorgan Chase, Wells Fargo, Citigroup

Major U.S. banks exceed profit expectations. JPMorgan Chase, Wells Fargo, and Citigroup share robust earnings for the last quarter. Get the latest financial news.

Oct 13, 2023 - 09:17
Oct 13, 2023 - 09:17
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U.S. Banks Report Strong Earnings: JPMorgan Chase, Wells Fargo, Citigroup
U.S. Banks Report Strong Earnings: JPMorgan Chase, Wells Fargo, Citigroup

Big banks in the U.S. have shared good news about their money-making. JPMorgan Chase, Wells Fargo, and Citigroup, which are big companies that deal with money, have told everyone that they made more money than expected.

JPMorgan Chase's profits were higher than people thought. This is because the bank got more interest money and bought another bank. Wells Fargo also did better than expected in making money in the last three months. Citigroup, another big bank, said they made about the same amount of money as before.

The banks' good news made the stock market feel good. A man who knows about money, Stuart Cole, said that this means the big problems with banks might be finished. But he also said next year might be harder, because the government might change how much money there is.

A company called BlackRock didn't do as well. They didn't get as much new money as they hoped. This made their stock price go down.

A company that helps people get health insurance, UnitedHealth, did better than people thought. They didn't have to pay as much for people's medical costs, so they made more money.

Some other big companies like Apple, Amazon, and Tesla didn't do as well. Their stock prices went down a little.

The stock market had a hard day on Thursday, but it's doing better now. A man named Patrick Harker will talk about money later today. There will also be news about what people think about money.

So, some big companies made more money than people thought. This made the stock market feel good, even though some other companies didn't do as well.

Also Read: Steady Stocks and Inflation: How Fed Rates Might React - Latest Stock Market Update

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