Big bank profits decline as deal-making, mortgages slow

Published April 14, 2022 6:48 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

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