Bank Earnings Climb in Growing Economy, but Lending Doesn’t Keep Pace
ByTax cuts, deregulation and a buoyant economy were always expected to drive profits higher at most American banks in the latest quarter.
But a nagging question has been hanging over the industry: Would banks, taking their cue from rising economic optimism and a friendlier White House, significantly increase their lending to businesses and households?
On Friday, earnings reports from four of the United States’ biggest banks showed scant evidence of such a revival. JPMorgan Chase, Citigroup and PNC all reported another quarter of healthy profits, most of which will end up in shareholders’ pockets. Wells Fargo, operating under regulatory constraints after a series of scandals, reported a decline in profits…
Bank Earnings Climb in Growing Economy, but Lending Doesn’t Keep Pace
