JP Morgan Chase, Wells Fargo, and Citigroup posted results Friday that topped estimates for first-quarter earnings, signaling resilience through the banking crisis in March.
Consumer and corporate spending held up in the face of interest rate hikes by the Federal Reserve, though the financial giants are building up rainy-day funds as fears of an economic slowdown mount.
JPMorgan Chief Executive Jamie Dimon warned that while the U.S. economy remains robust, the sudden collapse of Silicon Valley Bank and Signature Bank last month could make lenders more conservative and at the same time impact consumer spending.
While Wells Fargo’s financial chief pointed out the bank expects some slowing in the economy given the increase in interest rates, so far it has been strong, boosted by the labor market.
NTD’s Don Ma talks with Stuart Plesser, senior director at S&P Global Ratings, to get his take on the bank earnings.