Wall Street Banks Pocket Nearly $32,000,000,000 As Americans Struggle To Make Ends Meet
Wall Street's biggest banks raked in nearly $32 billion in quarterly profits Tuesday, even as inflation, elevated borrowing costs and mounting economic uncertainty continued squeezing American households.
Wall Street’s biggest banks raked in nearly $32 billion in quarterly profits Tuesday, even as inflation, elevated borrowing costs and mounting economic uncertainty continued squeezing American households.
JP Morgan Chase, Goldman Sachs, Citigroup and Wells Fargo reported a combined $31.75 billion in third-quarter profits, fueled by strong stock trading and lending operations. The massive haul highlighted a contrast between Wall Street’s financial performance and the economic pressures facing ordinary Americans, as the Federal Reserve’s latest survey found that 37% of adults could not cover a hypothetical $400 emergency expense entirely with cash or its equivalent.
Goldman Sachs reported $5.29 billion in quarterly profits, a 29% increase from a year earlier, while revenue surged 23% to $18.68 billion, according to Reuters. The bank’s equities trading revenue jumped 72% to $6.44 billion as investors adjusted their portfolios amid financial market volatility.
JPMorgan Chase, the nation’s largest bank, reported $15.31 billion in profits despite missing Wall Street’s earnings expectations. Citigroup’s profits surged 40% to $5.2 billion, while Wells Fargo earned $5.95 billion, a 6% increase from a year earlier.
The large earnings followed reporting that roughly 20 Goldman Sachs executives were poised to collect more than $500 million in special stock-based bonuses