Banks’ Revenue Bonanza Seen Under Threat From Looming US Recession
- Fourth-quarter results overshadowed by threat of a downturn
- ‘Everyone is scared of their shadow’ as 2023 gets under way
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The market volatility and interest-rate hikes that gave US banks their biggest windfall last year may prove to be their biggest headache in 2023.
When Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. kick off the industry’s fourth-quarter earnings on Friday, investors will be less interested in seeing how robust profits were in the final three months of last year and more focused on signs the nation’s biggest banks are girding for a major downturn as rate increases crimp economic activity.