US banks have achieved good results as of Q1-21
Wells Fargo shares rose 5.53% after filing its quarterly report in the US, while Goldman Sachs advanced 2.34% and JP Morgan only fell 1.87% on Wednesday on Wall Street.
US banks posted gains from the economic recovery. JPMorgan Chase earned $ 14.3 billion, Wells Fargo earned $ 4.74 billion, and Goldman Sachs achieved a quarterly record of $ 6.8 billion, up from the same quarter of last year.
JPMorgan, seen as a barometer of the health of the US economy, said consumer spending on their business has returned to pre-epidemic levels and is up 14% compared to the first quarter of 2019.
“With revitalization spending, potential infrastructure spending, ongoing quantitative easing, financial health of consumers and businesses, and euphoria about the eventual end of the pandemic, we believe the economy has very strong growth potential for several years,” said JPMorgan Chase Chairman. Jimmy Damon.
JP Morgan Chase provided fewer loans in the first quarter and retail banking revenues fell 6%. In Wells Fargo’s case, consumer and small business banking is down 6%, compared to the first quarter of 2020
Goldman Sachs recorded 73% growth in investment banking – which allows companies to raise capital or carry out mergers and acquisitions, for example – with a record turnover in this division.
“Future teen idol. Hardcore twitter trailblazer. Infuriatingly humble travel evangelist.”