Good Bank Earnings Report: Strategist

Don Ma
By Don Ma
July 15, 2023NTD Business

Big U.S. banks reported earnings Friday. JPMorgan Chase’s and Wells Fargo’s profits both surged. They climbed 67 percent and 57 percent respectively.

Profits got a boost from higher interest rates. The banks are watching for signs whether the economy was slowing and are concerned about losses in commercial real estate.

NTD spoke with Sam Burns, chief strategist of Mill Street Research, for his thoughts.

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