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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