Morgan Stanley leads as US banks feel profit squeeze

摘要

Cushioning operations from the Covid-19 crisis proved tough even for some of the largest banks in the US. For most, profit margins shrunk year-on-year, while pre-tax profits were lower than previously reported for six of the country's top 10 banks. Wells Fargo showed the largest drop, closing 2020 with a pre-tax profit that was less than 3% what it secured a year earlier. Based on overall performance, the San Francisco, California-based lender is last among the group of 10. At the other end of the table is Morgan Stanley, which did particularly well in terms of growth metrics. These look at annual percentage growth in assets, loans, deposits and operating income. The Wall Street bank set itself comfortably ahead of all its large US peers.