NEW YORK, Jan 14 — Major US banks reported mixed fourth-quarter results yesterday as executives pointed to the rising odds of a “mild recession,” with inflation and interest rate hikes challenging households and businesses.
But Mason cited the moderate winter thus far in Europe as an ameliorating factor in the outlook, while noting that credit card delinquencies are still coming in at exceptionally low levels, a sign of consumer resilience. The addition of reserves in the fourth quarter reflects a shift from the year-ago period when many of the banks released reserves, boosting profits.
But he pointed to war in Ukraine, persistent inflation and tightening Federal Reserve policy as headwinds, adding that “we remain vigilant and are prepared for whatever happens,” according to a JPMorgan press release.