Big banks say business is humming along
The big picture: Investment banking business enjoyed a rebound in the latest quarter, signaling an uptick in activity.
Investment banking fees rose 9% year over year for Wells Fargo, 7% for JPMorgan and 13% for Citigroup.
Zoom in: All three banks sounded upbeat.
JPMorgan Chase CFO Jeremy Barnum said "it's just going to be hard, especially in our portfolio, to see a lot of weakness" among consumers.
Citigroup CEO Jane Fraser said the economy has "proven to be more resilient than most of us anticipated," as "the American entrepreneur and a healthy consumer has certainly been exceeding expectations of late."
Wells Fargo CEO Charles Scharf said the bank's view on the economy hasn't changed: "Consumers and businesses remain strong as unemployment remains low and inflation remains in check."
Yes, but: The big banks are still taking something of a wait-and-see approach.
Fraser flagged that Citigroup has noticed "some pauses" in capital expenditures and hiring from its clients.
But that said, "I've yet again been impressed by the adaptability of our private sector, aided by the depth and breadth of the American capital markets," she added.
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