Profits plunge across Big 4 US Banks
But the reality is a little different
First-quarter profits across the big 4 US banks, Bank Of America, J.P Morgan Chase, Wells Fargo, and Citibank plunged as they set aside money to cover for loan defaults.
- Revenue declined by 1% for Bank of America, 18% for Wells Fargo, 3% for J.P Morgan, and increased 12% for Citigroup.
- Profits fell by 45% for…