Home ETFdb.com Banks Up Their Cash Reserves to Brace for a Slowdown

Banks Up Their Cash Reserves to Brace for a Slowdown

Net income for Wall Street’s largest banks – JPMorgan Chase, Morgan Stanley, Citigroup, and Wells Fargo – tumbled in the third quarter as volatile markets stymied investment activity. The Federal Reserve has been raising interest rates at an aggressive clip to tamp down record-high inflation. While rising rates tend to prop up profits for banks, the risk of an impending recession dampened banks’ earnings.

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