Two of America’s biggest banks enjoyed a rapid rebound in profitability in the third quarter, fuelling hopes of a nascent economic recovery even as the country’s new Covid-19 cases hover near record levels.
JPMorgan Chase and Citigroup both made more than twice as much money in the third quarter of the year as they did in the three months to the end of June, as loan loss charges at both banks plummeted from record levels and trading revenues surged.
“Things do feel better than we thought they would [three months ago],” JPMorgan chief financial officer Jennifer Piepszak said on Tuesday. She was referring to the economic outlook and likely loan losses arising from a pandemic that shut down vast swaths of the US economy from late March.
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