Skip to Content
AP National Business

Big bank profits decline as deal-making, mortgages slow

<i></i><br/>
KMIZ

By
Published 8:48 AM

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Four big banks reported noticeable declines in their first quarter profits on Thursday, as the volatile markets and war in Ukraine caused dealmaking to dry up and a slowdown in the housing market caused the mortgage market to slow. The results from Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo were similar to the results out of JPMorgan Chase, which on Wednesday reported a double-digit decline in profits for similar reasons. At Goldman Sachs, profits fell 43% to $3.63 billion. Citigroup posted a 47% decline in profits to $4.00 billion, Wells Fargo’s profits fell 21% and Morgan Stanley’s earnings fell 11%. 

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

ABC 17 News is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content