Banks Post Healthy 2022 Profits Despite One-Time Charges and Economic Uncertainty
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Banks posted strong profits in 2022 despite one-time charges related to collapsed banks and a banking panic. Higher interest rates and a resilient job market helped performance.
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JPMorgan profits fell 15% due to a $2.9B FDIC assessment to cover costs from collapsed banks, but they still had record revenues and expect a soft economic landing.
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Citi posted a $1.8B Q4 loss due to the FDIC assessment and restructuring charges, and announced 20,000 job cuts.
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Bank of America profits fell 50% due to low bond yields, but executives remain optimistic about consumer financial health.
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Wells Fargo met profit expectations and boosted full-year revenue 11% on higher interest income. Two branches voted to unionize.