CHARLOTTE, N.C. – The pandemic and recession aren’t over by a long shot, but banks are feeling optimistic enough to start taking potentially “bad” loans off their books and move them back into the “good” pile.The financial performance of the big U.S.
banks has improved from earlier in 2020, when the virus pandemic walloped the global economy. JPMorgan and Wells Fargo saw fourth quarter profits rise; Citigroup’s profit fell in the last quarter of 2020, but increased from the third quarter.
The three banks have a more positive, though cautious outlook for the economy, which was reflected in an accounting maneuver each employed that contributed significantly to their better results.