ORLANDO: Profits soared in the first quarter at three US banking giants, thanks to an improving macroeconomic backdrop that has reduced the need to set aside funds for bad loans.
JPMorgan Chase, Goldman Sachs and Wells Fargo each notched earnings at least four times higher than the same three-month period of 2020, boosted in part by releasing funds that had been held in reserve in anticipation of a big pandemic downturn.
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