Several major U.S. banks posted revenue declines in the most recent quarter. Although they managed to post higher earnings, they depended more on reduced overhead and shrinking reserves for losses on soured loans. At JPMorgan Chase, income rose 33 percent to a record $6.53 billion, and revenue fell 3.6 percent. Wells Fargo posted record income of $5.17 billion, a year-on-year increase of 22 percent, and revenue was down 1,7 percent. Bank of America's net income quadrupled to $2.62 billion, and revenue fell 8.4 percent. Citigroup, which is less dependent on U.S. consumers than its rivals, posted a 30 percent rise in income and a 6 percent increase in revenue.
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