It’s hard to be sympathetic when bank bosses effectively complain that their businesses are too safe and sound, and that customers are too conservative. Yet for the big U.S. lenders who reported third-quarter earnings on Friday, that’s the reality. JPMorgan , Wells Fargo and Citigroup have what might be thought of as first-world problems.
deposits both fell 3% in the three months ending Sept. 30 compared with the end of June. Bad debts rose a little – JPMorgan now expects 1.5% of its credit cards to go bad; auto-loan delinquencies are ticking up too. Since the consumer bank is making a return on equity of 33%, though, this is an inconvenience more than a worry.
JPMorgan’s earnings fell 17% year-on-year to $9.7 billion, but revenue increased 10% driven by a 22% rise in fixed-income trading revenue. Fees from merger advisory and underwriting roughly halved.
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