Major U.S. Banks Report Strong First Quarter Profits Despite Industry Turmoil
- JPMorgan Chase, Citigroup, and Wells Fargo beat first quarter earnings expectations due to higher interest rates and increased deposits.
- JPMorgan's profits jumped 52% while Wells Fargo's rose 30% and Citigroup's 7%.
- JPMorgan and Wells Fargo gained significant deposits in the quarter following the failure of two regional banks.
- Bank executives warned of potentially lower future profits and lending pullbacks due to a weakening economy.
- Analysts expect midsize banks that report next week to garner more attention after the collapse of banks similar in size and business.
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