Costs at the top US banks jumped more than $6.6bn in the most recent quarter, as the intensifying battle for talent and the increasing threat from new fintech rivals forced executives to step up spending.
The 10 per cent increase in costs compared to last year at JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, and Citigroup surprised analysts. Many had predicted that expenses would fall modestly this year as the extra spending associated with doing business during the pandemic faded away.
However, on a series of conference calls to discuss quarterly earnings, executives forecast higher annual expenses due to pay increases for bankers and bigger investments in technology and marketing.
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