Big US banks set for $31bn quarterly profit as Wall Street business booms

Q: How long will it take to read this news story?

The story "Big US banks set for $31bn quarterly profit as Wall Street business booms" has 842 words across 23 sentences, which will take approximately 4 - 8 minutes for the average person to read.

Q: Which news outlet covered this story?

The story "Big US banks set for $31bn quarterly profit as Wall Street business booms" was covered 13 hours ago by Financial Times, a news publisher based in United States.

Q: How trustworthy is 'Financial Times' news outlet?

Financial Times is a fully independent (privately-owned) news outlet established in 1888 that covers mostly markets, finance, and investing news. The outlet is headquartered in United States and publishes an average of 16 news stories per day. It's most recent story was published 10 hours ago.

Q: What do people currently think of this news story?

The sentiment for this story is currently Negative, indicating that people regard this as "bad news".

Q: How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.<ul><li>News ID: #25104169</li><li>URL: https://beamstart.com/news/big-us-banks-set-for-17367669539732</li></ul>

Financial Times 13h ago

Big US banks set for $31bn quarterly profit as Wall Street business booms - Financial Times

Quick Summary:

The prolonged period of elevated short-term interest rates has forced banks to pay up for deposits, which has eaten into lending profits.

The jump in the shares of the nation’s six largest banks have put the stocks at their highest valuation — a forward price-to-earnings multiple of 13 — in years, excluding 2020, when a temporary dip in earnings inflated the figure.

Overall, it was the best three-month period for investment bankers in three years, but fees were still 50 per cent below the $13bn the banks were collectively generating a quarter in 2021, when there was a frenzy of deals in the middle of the pandemic.