BofA, JPMorgan Fueled by ‘Incredibly Strong’ U.S. Consumer
- Top four banks post another record quarter from retail units
- No sign of downturn some economic indicators are signaling
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If U.S. consumers are on the brink of a downturn, the nation’s biggest banks aren’t seeing it.
The top four lenders logged their fifth straight quarter of record revenue from businesses serving households, even as some economic indicators suggest a looming dip. The firms pulled in a combined $40.6 billion, with JPMorgan Chase & Co. powering the gains with the most revenue it’s ever generated from the business.