Americans continue to whip out their credit cards - and bring high profits and record bonuses to the banks
Consumer sentiment in the US may be depressed, but nevertheless, on average, the population is financially well off.
US banks have reported excellent quarterly results, despite concerns about consumer sentiment. JP Morgan, Wells Fargo, and Citigroup have benefited from a booming stock market and increased borrowing by companies investing in AI and data centers. The banks' financial chiefs noted that consumers are currently doing well due to low unemployment, but expect high interest rates to eventually slow economic activity.
Meanwhile, Goldman Sachs has seen significant gains from its stock trading and mergers and acquisitions business. The strong performance of the banks is likely to lead to higher bonuses for employees, with estimates suggesting that the bonus pool could exceed $50 billion in 2026.
Written by urgent.news from NZZ Wirtschaft's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
