Finweek English Edition - - THE WEEK -

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, 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, 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”, re­ported.

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