A new rally attempt is already struggling. Netflix and Tesla earnings loom. Shockwave is a stock to watch. Read More...
Reuters
Wall Street banks’ profits slide as economic clouds loom, some beat forecasts
(Reuters) -Profits slid at Wall Street’s biggest banks in the third quarter as they braced for a weaker economy while investment banking was hit hard, but investors saw a silver lining with some banks beating estimates. JPMorgan Chase & Co, Morgan Stanley, Citigroup Inc and Wells Fargo & Co’s showed a slide in net income after turbulent markets choked off investment banking activity and lenders set aside more rainy-day funds to cover losses from borrowers who fall behind on payments. “We’re in an environment where it’s kind of odd,” said JPMorgan Chief Executive Officer Jamie Dimon, who said that while the bank was “hoping for the best, we always remain vigilant and are prepared for bad outcomes.”
