America’s biggest banks issued warnings Friday of economic malaise on the horizon, even as some reported better-than-expected profits.
Brian Moynihan, Bank of America’s chief executive, also mentioned a “mild recession” as a prospect the bank is planning for. Wells Fargo is preparing for the US economy to “get worse than it’s been over the last few quarters”, said Mike Santomassimo, the bank’s chief financial officer. This comes after Moynihan of Bank of America described 2022 as “one of the best years ever for the bank”, with $US7.1 billion in net income for the fourth quarter, up slightly from the previous year and ahead of analysts’ forecasts. JPMorgan also beat expectations, earning a profit of $US11 billion last quarter, up 6% from a year earlier.
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