Major U.S. Banks Report Higher Earnings But Warn of Economic Uncertainty Ahead

Three major U.S. banks - JPMorgan, Wells Fargo, and Citigroup - reported higher than expected third quarter earnings, driven by rising interest rates.

Bank executives warned that economic and geopolitical headwinds remain, with consumers showing early signs of financial stress.

Higher interest rates boosted banks' net interest income, but also increased their expenses for deposits.

JPMorgan CEO Jamie Dimon said ongoing wars in Ukraine and Israel could disrupt food and energy markets globally.

Wells Fargo and Citigroup reported declines in credit card spending and increases in delinquent loans, indicating consumer resilience may be declining.