Big banks across the country posted their Q3 earnings reports this past week. Although the earnings seemed to beat investors’ expectations, many industry analysts fear that economic uncertainty might have an adverse impact on the banking sector.
Banks like JP Morgan Chase, US Bank, Citibank and Goldman Sachs posted profits while Wells Fargo and Bank Of America fell short of expected revenue. With economies across the globe still looking reopen, credit demand still remains low.
JP Morgan Chase posted a net income of $9.44 billion, according to its Q3 earnings as compared to $4.7 billion in the last quarter. Goldman Sach also posted net revenue of $10.78 billion with net earnings of $3.6 billion in their Q3 earnings report.
US Bancorp posted net revenue of $1.5 billion as c…