Big US banks raked in nearly $50bn (£37bn) worth of profits in the first three months of the year, as they benefited from stock market turbulence triggered by the US-Israeli war on Iran.
Wall Street’s largest lenders have reported a jump in first-quarter earnings, reflecting the surge in demand for trading services as investors dumped risky stocks and bonds and sought safer havens for their cash.
On Wednesday, Bank of America and Morgan Stanley posted a leap in profits, joining Goldman Sachs, JP Morgan, Citi and Wells Fargo in announcing strong results this week. Collectively, the six banks reported $47.4bn in profits.
I’ve been using credit unions exclusively for years. So much better. It feels as good as switching to Linux for the first time.