Wall Street banks stockpile funds for possible recession, show resilience

Published by
Reuters

NEW YORK (Reuters) – Wall Street’s biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. The outlook for big U.S. banks has been clouded by the Russia-Ukraine conflict and fading economic stimulus measures. Higher borrowing costs as the U.S. Federal Reserve hikes rates have also softened demand for mortgages and car loans. There were notes of caution about the economic situation. “The U.S. economy currently remains strong with consumers still spe…

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