Top US banks smash second quarter profit estimates on rebounding economy

Topics US banks | US economy

By Michelle Price WASHINGTON (Reuters) - The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S.

economy began roaring back to life. Wells Fargo & Co, Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co posted a combined $33 billion in profits, buoyed by the release of $9 billion in reserves they had put aside last year to absorb feared pandemic losses. That was beyond analyst estimates

This article is no longer available in our repository.

There could be multiple reasons for this.