The megabanks kicked off third-quarter earnings Friday, with results from JPMorgan , Wells Fargo and Citigroup . Everything is about interest rates these days, and the bank results are no exception. Most large players have turned in big profits this year. The high rates that felled some smaller players have let them charge more for loans. They have also scooped up customers who were frightened by the turmoil in the regional banks. Those gains could be starting to fade.
BlackRock profit rose in the third quarter from a year ago, despite the overall market slump that weighed on flows to its investment products. Citigroup profit and revenue both rose, topping expectations in its third quarter. And in industry news: The business of investment banking has been in the doldrums for more than a year. Third-quarter bank earnings point to light at the end of the tunnel.
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