Big Banks Post Profits After Banking Turmoil

WSJ What’s News

The Wall Street Journal

Daily News, News

4.1 • 4.2K Ratings

🗓️ 14 April 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for Apr. 14. Earnings for JPMorgan, Wells Fargo, and Citigroup show the biggest banks did well in the wake of turmoil for the sector last month. Banking reporter David Benoit discusses what led to their profits. Plus, senior video producer Shelby Holliday reports after a conversation with the family of detained Wall Street Journal reporter Evan Gershkovich. Annmarie Fertoli hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	3, 2, 1
0:03.0	What will the world look like 10 or 20 years from now?
0:07.3	The Wall Street Journal's future of everything podcast is here to give you a peek, and we
0:11.3	can't wait to show you what's coming.
0:13.7	Subscribe now.
0:14.4	Big Banks appear to thrive despite last month's banking turmoil, and the US Air Guardsmen
0:26.2	charged over leaked documents makes his first court appearance.
0:30.6	Plus we'll hear from the family of detained Wall Street Journal reporter Evan Gearskowicz.
0:35.5	One of the American qualities that we absorbed, be optimistic, believe in happy, happy
0:43.0	ending, that's where we stand right now.
0:47.3	But I am not stupid, I understand what's involved, but that's what I choose to believe.
0:55.3	It's Friday, April 14.
0:57.0	I'm Ann Marie Fertoli for the Wall Street Journal.
0:59.7	This is the PM edition of What's News, the top headlines and business stories that moved
1:04.2	the world today.
1:08.3	The nation's largest banks have begun reporting their first quarter earnings.
1:18.6	They're providing a glimpse into how the sector is faring after the failure of two mid-size
1:22.6	banks shook the industry last month.
1:24.9	JP Morgan defied the crisis of confidence, posting a 52% increase in first quarter profit
1:29.7	and record revenue.
1:31.3	City Group and Wells Fargo both reported a boost from higher interest rates, which allowed
1:35.1	them to charge more for loans, but both also set aside more money for potential bad loans.
	...

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