, Columnist
Banks Delivered on Earnings. So What Gives, Investors?
The promise of higher interest rates hasn't played out.
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You could excuse bank executives for being a little perplexed by their investors. JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. all reported earnings on Friday morning that largely beat expectations. But shares of all three slumped soon after the market opened.
For the past few years, those executives have been spinning the same story. Yes, our revenue and profit growth has been slow, but just wait until interest rates pick up. Then everything will really take off. It's not us. It's interest rates (and the Federal Reserve).