Paul J. Davies, Columnist

US Banks Have Millions of Consumers to Thank

Through the fog of economic uncertainty, a resilient consumer and mild slowdown are keeping the profit engines running.

January 13, 2023 at 5:35 PM UTC

Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times.

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co. is sanguine
*Photographer: Ting Shen/Bloomberg*

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In 2022, the world of US banking got weird.

Four big names unveiled their full-year results Friday, led by JPMorgan Chase & Co., and amid all the global macroeconomic fog the base story remains very familiar: Consumers are doing fine even as financial markets and investment bankers are stumbling through a waking nightmare. Investors can be forgiven for being unsure what to make of it all.