Quarterly results from four of the largest U.S. banks show that American consumers are helping to prop up the economy even as businesses quiver with recession fears For complete earnings coverage, follow ReutersBiz
“The consumer is not under strain. The consumer is doing fine,” JPMorgan CEO Jamie Dimon said on a call with journalists.
As the largest U.S. bank by assets with significant operations in Europe and Asia, JPMorgan is viewed by many investors as a benchmark for how the global economy is doing. Wells Fargo’s results were clouded by a $1.6 billion litigation accrual, a $1.1 billion one-time gain and a CEO transition scheduled to happen next week.
Goldman has been investing heavily in the business by hiring staff, advertising its savings accounts and launching a new credit card with Apple Inc during the quarter. The $55 billion worth of consumer deposits Marcus has gathered now represents the largest source of deposit funding for Goldman Sachs.
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