US BANKS UNDER PRESSURE
The six biggest US banks have suffered their steepest decline in quarterly revenues since 2011, as an increase in consumer business failed to offset the impact of a “profound slump” on Wall Street, ft.com reported. JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo generated revenue of $98bn in the first quarter of the year, reflecting a year-on-year decline of 9% − the steepest drop in five years, ft.com said. Collective net income fell 24% year-on-year to $18bn. Debt trading was particularly hard hit in the first quarter “as uncertainty over US monetary policy, combined with jitters over China’s economic growth and sinking commodity prices put investment banks’ clients off dealing”, ft.com reported.