Large US banks released a deluge of mixed earnings Thursday, pointing to the continued strength of US households and businesses while warning of rising risks from inflation, geopolitical upheaval and fast-changing monetary policy.
Citigroup, Goldman Sachs and Wells Fargo all reported lower profits compared with the year-ago period, when results were boosted by the release of reserves set aside at the outset of the Covid-19 pandemic in case of bad loans.
Executives painted a complex picture of puts and takes as uncertainty from the war in Ukraine complicates an already unpredictable economy that’s still grappling with Covid-19 disruptions.—AFP
