Overview
- Bank of America reported $7.6 billion in fourth‑quarter profit as trading revenue rose 10% to $4.5 billion.
- Wells Fargo posted $5.36 billion in net income and booked $612 million in severance costs as it continued cost-cutting efforts.
- Citigroup took a $1.2 billion pre‑tax loss tied to the sale of its Russia unit even as investment‑banking revenue jumped 35%.
- JPMorgan remained the sector’s pace‑setter but faced costs related to taking over Apple’s credit‑card business from Goldman Sachs.
- Analysts highlighted that earnings leaned on volatile trading while political proposals such as a temporary 10% cap on credit‑card rates pose new risks.