U.S. banks beat profit estimates on economic rebound, red-hot markets

Published by
Reuters

By Michelle Price WASHINGTON (Reuters) – The four largest U.S. consumer banks posted another strong quarter this week as the rebounding economy allowed them to release more cash they had set aside for pandemic losses, while sizzling deals, equity financing and trading activity also boosted their bottom lines. JPMorgan Chase & Co, Citigroup, Well Fargo & Co and Bank of America Corp, seen by analysts and economists as bellwethers of the broader economy, reported a combined profit of $28.7 billion for the third quarter, beating analyst estimates. Much of that was driven by the release of a combin…

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