JPMorgan, Citigroup and Other Big Banks See Profits Drop
As some of the biggest banks have reported their third-quarter earnings, they have been facing tough times. Even more so, these banks are seeing a big drop in profits. Among the biggest banks, JPMorgan Chase (JPM) and Citigroup (C) have had their worst financial year on record.
They have also had bad quarters.
The three banks are expected to report a combined fourth-quarter net income of $3.1 billion, down from the $4.3 billion that the companies received in the third quarter.
JPMorgan’s year-to-date net income was $26.2 billion, down from the $28.1 billion that the company brought in for its fourth quarter in 2011.
Citigroup’s third-quarter net income was $26 billion, compared to $19.7 billion that the company brought in for the third quarter of 2011. JPMorgan’s year-to-date net income is $19.9 billion, compared to $18.6 billion from Citigroup.
There are many reasons for the drop in these companies. The biggest one is that they have been facing tough times and have been having troubles trying to maintain their businesses.
It should also be noted that the banks have been facing challenges that aren’t new. This is not the first time these banks have had troubles. In fact, they have had their toughest fiscal year on record as well.
However, the banks have also been doing more with less lately. They’re focusing on core areas, such as loan growth, while they’ve been trying to improve their operations and increase profits.
The banks have also focused on things that should help them better during the next few years.
The banks will also be able to expect a good 2014 earnings and the companies will be able to get the needed funds to improve their businesses.
JPMorgan Chase’s CEO Jamie Dimon has said that profits from the banking division should increase and the company is expecting a solid fourth-quarter earnings announcement on Thursday, according to the New York Post.
The bank has been facing many challenges