Banks are mostly doing fine … but are little anxious
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 18 October 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
While Morgan Stanley reported a drop in quarterly profits this morning, most major banks have posted strong earnings thanks to higher interest rates. But some are finding evidence of financial strain among businesses and consumers. Then, X experiments with an annual fee for users in New Zealand and the Philippines. And later: a look at why mandated diversity training doesn’t really work.
Transcript
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| 0:39.6 | The country's banks are mostly doing fine, but they're a little anxious. |
| 0:44.7 | From Marketplace, I'm some Rebenashore, in for David Brunkhaccio. |
| 0:47.9 | A few minutes ago, Morgan Stanley released quarterly results. |
| 0:51.2 | Profit was down a bit, which has not been the norm for banks. |
| 0:55.1 | We've now heard from most of the biggest banks in the country, |
| 0:57.6 | and many have done better than people who analyze banks expected. |
| 1:01.8 | But these banks have also expressed a little bit of anxiety |
| 1:05.6 | about us, the American consumer. |
| 1:08.0 | Marketplace's Novosafo has more. |
| 1:10.3 | Most major banks have reported strong quarterly earnings |
| 1:13.3 | thanks to higher interest rates charged on things like credit card accounts. |
| 1:17.2 | Some have also benefited from an upturn in investment banking |
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