In 2024, six major U.S. banks—JPMorgan Chase, Citi, Bank of America, Goldman Sachs, Wells Fargo, and Morgan Stanley—achieved a combined profit of $145.68 billion, a 20% increase from the previous year. JPMorgan led with $58.5 billion in net income, bolstered by strong investment and consumer banking activities, while Bank of America and Wells Fargo reported $27.1 billion and $19.7 billion, respectively. Goldman Sachs and Morgan Stanley also posted significant earnings, reflecting robust performances in investment banking and dealmaking.
about US Banks Achieve Record Profits Amid Economic Uncertainty in 2024
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Asian Stocks Mixed Ahead of Key US Inflation Data Release
Asian stocks showed mixed results as investors awaited key U.S. inflation data that could impact Federal Reserve rate cuts. Japan’s Nikkei rose 0.1%, while South Korea’s Kospi gained 0.2% amid political turmoil. In the U.S., the S&P 500 edged up 0.1%, driven by lower-than-expected wholesale inflation, although concerns over rising Treasury yields and disappointing earnings from major companies like Eli Lilly weighed on market sentiment.
about Asian Stocks Mixed Ahead of Key US Inflation Data ReleaseUS Stock Market Mixed Ahead of Key Inflation Report and Earnings Season
US stock indexes closed mixed as investors awaited a crucial consumer price index report following a cooler-than-expected producer price index. The PPI data, which showed a 0.2% increase in wholesale inflation for December, alleviated some fears of persistent inflation impacting Federal Reserve policy. Market attention will now shift to the start of fourth-quarter earnings, with major banks reporting this week.
about US Stock Market Mixed Ahead of Key Inflation Report and Earnings Season