© Reuters.
Giants including JPMorgan Chase & Co. (NYSE:), Wells Fargo & Company (NYSE:), and Citigroup Inc (NYSE:). demonstrated robust earnings and revenue growth in Q3 despite ongoing economic volatility. This performance is largely attributed to the Federal Reserve’s main rate hike, which increased their interest income over deposit payouts.
Crestwood Advisors’ CIO John Ingram acknowledged this financial strength but cautioned about potential future economic challenges. This recent uptick in performance marks a stark contrast to the crisis experienced in the first half of the year that led to the bankruptcy of regional banks such as First Republic Bank (OTC:), Silicon Valley Bank, and Signature Bank (OTC:). Notably, Signature Bank was later acquired by JPMorgan Chase.
This development highlights the resilience of larger American banks during this turbulent period. The global investment banking industry continues to be dominated by key players like JPMorgan Chase & Co., with total assets of $3.774 trillion; Bank of America Corporation (NYSE:), which holds approximately 10.73% of all U.S. bank deposits; and Wells Fargo & Company, with its extensive network of 13,000 ATMs and 8,050 branches.
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