Citigroup and Bank of America became the latest big US banks to report better than expected quarterly earnings on Tuesday, adding to hopes among investors that the US is heading for an economic “soft landing”.
Third-quarter profits at the second- and third-largest US banks fell compared with the same quarter a year ago, echoing declines at peers JPMorgan Chase and Wells Fargo, which reported results on Friday.
But although earnings have been decreasing — as banks have belatedly passed on higher interest rates to savers and loan losses have started to rise along with debt levels — the falls were less severe than analysts had feared.
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