Big banks post record quarterly profits, but they don’t court our cash
Share Now on:
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.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.
Thank you to our Marketplace Investors!
Your generosity keeps nonprofit journalism strong, now more