Banks Say 2023 Was the Peak After $250 Billion Interest Haul
- Wells, Citi see NII dip, JPMorgan points to quarterly declines
- Interest rate hike uncertainty, consumer health feed caution
This article is for subscribers only.
On Friday morning, leaders at some of Wall Street’s biggest banks took turns calling an end to the record run for their biggest source of revenue.
Wells Fargo & Co. surprised analysts by predicting a 9% slide in net interest income for 2024, while Citigroup Inc. forecast a modest decline this year. Even JPMorgan Chase & Co., which sees its 2024 haul holding up at 2023 levels, predicts it will drop off over the course of the year.