Times are a bit tougher for US banks.
After posting historically strong results in 2021, their profits fell sharply in the first quarter.
The profits of JPMorgan, the first American bank, thus shrunk by 42% (8.3 billion dollars) between January and the end of March, those of Citigroup by 46% (4.3 billion dollars) and those of Goldman Sachs by 43% ($3.83 billion).
Wells Fargo's results fell 21% ($3.67 billion).
Only Morgan Stanley held up a little better, with an 11% drop in profits ($3.5 billion).
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“The first quarter of 2021 was exceptional, and it was impossible for them to do as well
,” notes Matthew Williams, finance sector analyst at Carmignac.
In fact, last year the American banks had recorded record results with their market activities, thanks to the abundant liquidities of the central banks.
And they also had...
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