Marketplace has a new podcast for kids, "Million Bazillion!" EPISODE OUT NOW

Big banks post record quarterly profits, but they don’t court our cash

Adam Allington Jul 14, 2017
HTML EMBED:
COPY

Big banks post record quarterly profits, but they don’t court our cash

Adam Allington Jul 14, 2017
HTML EMBED:
COPY

Four big banks (JPMorgan Chase, Citigroup, PNC, Wells Fargo) reported earnings today, all beating expectations, especially JPMorgan, which posted its best quarter ever. That wind in the banks’ sails comes in the form of higher interest rate levels after three straight rate hikes by the Federal Reserve. That means banks get to charge you more for the products they sell. One thing they aren’t doing is paying out more on good old-fashioned deposits. That tenth of a percent interest rate you earn on your checking or savings account is basically peanuts. So what does that mean for our cash when the banks don’t seem to want it?

Click the audio player above to hear the full story. 

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.