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Since the financial crisis, JPMorgan Chase and Wells Fargo have reported healthy report quarterly earnings. So can we finally stop worrying about the health of our financial system?
Investors have high expectations for Wells Fargo -- the first big bank to report fourth-quarter results -- after turning in nearly three years of solid earnings.
After the Justice Department announced a $175 million settlement with Wells Fargo for alleged discrimination against thousands of African American and Hispanic borrowers, the bank looks to cease operations with independent mortgage brokers, whom they blame for the prejudicial lending.
The two major banks beat expectations with JPMorgan reporting a $5.4 billion profit last quarter, and Wells Fargo making a $4.2 billion profit. Both said an uptick in mortgage lending helped their bottom lines.
Wells Fargo announced a 20 percent yearly profit today, making money on its mortgage business. But Citigroup stumbled as trading revenue dips for stocks and bonds.