The big banks post a surprisingly strong quarter
In the past week, profits at Bank of America, JP Morgan Chase, and Goldman Sachs all beat expectations. The big banks are seeing stronger results even though the interest-rate and regulatory environments haven’t changed, factors that the banks have blamed for disappointing results in the past.
The reasons: a mix of insecurity over the British pound driving investors toward stocks and commodities; stabilizing credit and increased consumer borrowing; and the costs of regulatory compliance have leveled off for many of the big banks. Plus, banks have succeeded at cutting costs.
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