Investors wary on bank growth despite executives’ optimism

Published by
Reuters

WASHINGTON (Reuters) – While big U.S. bank bosses were optimistic on the economic outlook on Friday, pointing to an uptick in some lending businesses and a jump in consumer spending, investors were skeptical on the growth outlook for the sector. JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co, bellwethers of the U.S. economy, reported combined profits of $19 billion for the fourth quarter, each comfortably beating analyst estimates. However, analysts noted that the beats were helped by reserve releases and other one-off items and that underlying performances were less compelling. Bank …

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