3Q profits of JPMorgan Chase and Wells Fargo exceeded Wall Street expectations, indicating a potential end to the dealmaking slump.

JPMorgan Chase and Wells Fargo reported third-quarter profits that, while lower than last year, exceeded Wall Street expectations. Both banks experienced a notable rise in investment banking fees, suggesting a potential end to the recent dealmaking slump. JPMorgan's CFO indicated the results align with a "soft landing" scenario for the U.S. economy, where inflation decreases without triggering a recession. Despite increased credit loss provisions, executives remain optimistic about economic resilience.

October 11, 2024
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