Jul 15, 2025 - Business
Big banks say business is humming along
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America's big banks sounded a positive note about their businesses Tuesday, striking a theme of resilience despite tariffs and economic uncertainty.
The big picture: Investment banking business enjoyed a rebound in the latest quarter, signaling an uptick in activity.
- Investment banking fees rose 9% year over year for Wells Fargo, 7% for JPMorgan and 13% for Citigroup.
Zoom in: All three banks sounded upbeat.
- JPMorgan Chase CFO Jeremy Barnum said "it's just going to be hard, especially in our portfolio, to see a lot of weakness" among consumers.
- Citigroup CEO Jane Fraser said the economy has "proven to be more resilient than most of us anticipated," as "the American entrepreneur and a healthy consumer has certainly been exceeding expectations of late."
- Wells Fargo CEO Charles Scharf said the bank's view on the economy hasn't changed: "Consumers and businesses remain strong as unemployment remains low and inflation remains in check."
Yes, but: The big banks are still taking something of a wait-and-see approach.
- Fraser flagged that Citigroup has noticed "some pauses" in capital expenditures and hiring from its clients.
- But that said, "I've yet again been impressed by the adaptability of our private sector, aided by the depth and breadth of the American capital markets," she added.
The impact: Investors had a so-so reaction to the bank earnings reports: Wells Fargo's stock fell 5.4% and JPMorgan Chase edged down 0.7%, but Citigroup rose 3.7%.
