Big US Banks Report Higher Profits in Q3 Despite Challenges, Though Face Economic Uncertainty

JPMorgan, Citi and Wells Fargo reported higher profits in Q3 compared to a year ago, showing resilience despite challenges for smaller banks.

JPMorgan CEO Jamie Dimon warned of economic risks like high inflation, rising rates, and geopolitical conflicts being "the most dangerous time" in decades.

JPMorgan saw increases in key areas like net interest income and investment banking fees, though took higher loan loss provisions.

Wells Fargo and Citi also showed improvements in net interest income, a key measure of bank profitability.

JPMorgan said new capital requirements proposed by regulators would increase its capital needs significantly more than the 19% estimated for big banks.