Investors are preparing for big US banks to report their lowest income from lending in almost two years as they grapple with the end of the Federal Reserve’s era of high interest rates.
JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are together expected to report total net interest income of just under $62bn when they unveil quarterly results in the coming weeks, a decline of close to 5 per cent from the third quarter of 2023.
Net interest income — the difference between what banks pay on deposits and what they earn from loans and other assets — boomed when the Fed raised rates rapidly from the start of 2022 and banks raised rates for savers more slowly than for borrowers.
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