/biz/ - Business & Finance

>bank earnings were good!!
no they weren’t. WFC saw a 57% decline in mortgage/home lending in a single quarter - a quarter where we still were not in retraction - Citi saw a 21% decline in profits; JPM / BAC, the only reason that they didn’t completely shit the bed is due to bonds rallying last quarter padding their books and fixed income trading desk - they no longer have this headwind. without this padding, JPM / BAC did equally as bad as WFC and C. all banks reported the same collapse in investing, lending, mortgages - and again, this was in a quarter where we weren’t even in retraction yet - things are getting worse in the economy since, not better. all banks have had to put side record hundreds and hundreds of millions for expected credit losses