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Top U.S. banks smash profit estimates on rebounding economy

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Reuters

By Michelle Price WASHINGTON (Reuters) – The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life. Wells Fargo & Co, Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co posted a combined $33 billion in profits, buoyed by the release of reserves they had put aside last year to absorb feared pandemic losses. That was beyond analyst estimates https://www.reuters.com/business/finance/us-banks-see-big-jump-2q-profits-before-results-return-normal-2021-07-08 of abo…

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