US Banks Remain Resilient (2 min read)
Some of the largest US banks reported increased profits in their recent earnings due to higher interest rates and signs of recovery in investment banking. JPMorgan and Wells Fargo saw significant growth in net interest income, driving up their profits, while Citigroup experienced a decline in profit due to weakness in its trading business, but still beat estimates. All three bank stocks rose after the news. Despite the strong earnings, the banks warned about slowing consumer spending and potential losses in commercial real estate.