US Bank revenues fell by 30-60%

05.10.2020

Net income of Citigroup and Wells Fargo, the US Banking Groups, which are ranked 3rd and 4th in terms of assets in the country, in Q3 2020 decreased by about 60% compared to the same period last year.

Revenue of JPMorgan Chase and Bank of America, ranked 1st and 2nd, respectively, fell by 30%.

"The volume of concessional lending is growing, and banks are still suffering from the aggressive policy of the US Federal Reserve this year" - Jason Goldberg said, an analyst at Barclays Bank.

Experts note that although the capital markets and investment banking sectors are expected to see revenue growth of 5-20%, this will not be enough to compensate for the decline in revenues in the lending and securities sectors.

It should be noted that the staff in the world's banks has been reduced by almost 70,000 people.


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