As Wall Street’s Boom Cools, Bank Leaders Start Talking Up Loans
- JPMorgan has ‘huge firepower’ to lend, CEO Dimon Says
- Weaker trading revenue dragged JPMorgan and Citi shares lower
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Top U.S. bank executives are taking turns tamping down expectations for Wall Street profits this year, while giving shareholders some reason to stick around: Lending is set to grow.
Trading has cooled after a surge set off by the pandemic, and costs to reward rainmakers are climbing, leaders of JPMorgan Chase & Co. and Citigroup Inc. told analysts and investors on Friday. But the economy is strong, and rising interest rates will help burnish returns on loans, they and their counterparts atop Wells Fargo & Co. said.