All of the biggest US banks saw profits take a hit in the first three months of 2022, ending a pandemic-era boom
. Citi, Goldman Sachs, Morgan Stanley and Wells Fargo all announced large year-over-year profit declines in their first-quarter earnings reports Thursday, joining JPMorgan Chase, which announced Wednesday that its first-quarter profit fell 42%. Citi saw a drop of 46%, Goldman Sachs fell 42%, Morgan Stanley dropped 11% and Wells Fargo fell 21%.
1 billion, aided largely by increased management fees and credit card balances.Citi also prepared for big losses caused by geopolitical strife. The bank added $1.9 billion to its reserves in order to prepare for losses from Russia and the Ukraine war. The bank beat estimates, bringing in $2.02 per share, compared with forecasts for $1.43 per share. Morgan Stanley beat earnings estimates and saw strong revenue from equity and fixed income.
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