JPMorgan & Citi, Charlotte’s BoA, Wells Fargo beat Q3 estimate as economy rebounds

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JPMorgan & Citi, Charlotte’s BoA, Wells Fargo beat Q3 estimate as economy rebounds

Four of the largest US lenders such as JPMorgan, Citi, Wells Fargo & Bank of America, had reported another strong quarter of growth this week, as of Q3, 2021 earnings’ season had set off in an upbeat tenure as anticipated.

In point of fact, robust third-quarter growth momentum in leading US consumer banks came against the backdrop of a sharp rebound in the US economy what in effect had enabled the lenders to release more liquidities what they had to set aside in a bid to cover up the losses in pandemic associated bad debts, while a slew of scintillating deal-making efforts, a roaring US capital market alongside equity financing had fared well for all four large US lenders.

In tandem, four of the largest consumer banks in the United States, JPMorgan, Citi, Wells Fargo and Bank of America - often dubbed as a bellwether for a broader US economy – had combinedly reported a profit of $28.7 billion over the third quarter, handsomely beating an analysts’ estimate.

Top four US lenders, including Wells Fargo post robust profits over third-quarter

Citing statistics, JPMorgan had reported a net income of $11.7 billion or $3.74 a share over the third quarter of 2021 that ended on September 30, while Citi’s Q3 revenues declined marginally to $17.2 billion compared to the second quarter, however, the lender’s quarterly profits had handily beaten Wall Street estimates.

Aside from that, Wells Fargo reported a net income of $3.22 billion or 70 cents per share, while Charlotte’s Bank of America posted net earnings of $7.69 billion or 85 cents a share. Meanwhile, addressing a pluperfect US economic landscape, Wells Fargo Chief Executive Charles Scharf said to the analysts in a post-earnings conference call, “The outlook for the economy is promising.

Consumers' financial condition remains strong with leverage at its lowest level in 45 years and the debt burden below its long-term average. Companies are also strong as well”.