US banks report gains but shares sink
Profits at JP Morgan Chase, Citigroup and Wells Fargo rose in the first three months of the year, but their shares slumped on Friday despite the gains.
JP Morgan's profits soared 35% year-on-year, with more modest increases reported at Citigroup and Wells Fargo.
Analysts said the share decline was a sign investors had already factored in some of the rise.
They were expecting more active stock markets and a lower tax rate to boost results.
Shares in all three banks sank more than 2% in early trading, providing a sour start to earnings season, when companies report quarterly performance to... read more
- 20:19 Middlesbrough judge tells beggar jail 'may save your life'
- 20:17 Get souped up at Howlands evening
- 20:15 Nine teenage hikers killed in Israel flash floods
- 20:12 Bercow should stand down before next election, Boothroyd hints
- 20:09 Zika virus could be a CURE for brain cancers that kill children,...
- 20:09 Why 'little and often' exercise is so good for you: Daily workouts...
- 20:05 Teenager screams ‘I’m Jesus’ when he is arrested for leading cops...
- 20:04 Theft probe GP found dead with girlfriend in Cape Verde
- 20:00 Avicii's family say DJ 'could not go on any longer'
- 19:59 Family of DJ Avicii say ‘he could not go on any longer’
- 19:59 Bill Cosby found guilty of sexual assault
- 19:57 Eoin Morgan not daring to dream of World Cup glory despite...
- 19:57 FA’s proposed sale of Wembley to Shahid Khan is a sign of the times
- 19:56 Arsene Wenger explains why David Ospina starts for Arsenal against...
- 19:54 Cancer researchers claim 'extraordinary results' using T-cell therapy
- 19:52 Home Office ditches targets for removing immigrants from UK
- 19:52 'Our standards should be higher' - Wolves fans react to £20m...
- 19:52 Leader comment: Preparing a best of British welcome for Mr Trump
- 19:52 Saido Berahino's problems increase at Stoke City - here's Paul...
- 19:48 'Alfie Evans has a right to life' - Protesters gather at Leicester...
- 19:46 Fans claim Avicii’s team ‘has blood on their hands’ as family...
- 19:45 TSB rift with Spanish owner emerges as IT crisis drags on
- 19:44 Alfie Evans' parents urge supporters to stand down as they prepare...
- 19:44 High street gloom: What are your redundancy rights?
- 19:41 Aldi branded 'ruthless' over compensation offer in planning battle
- 19:39 Russell Brand cancels Aberdeen stand-up show
- 19:37 Canada data firm AIQ may face legal action in UK
- 19:35 Russia says its witnesses discredit alleged chemical attack in Syria
- 19:35 Israel flash flood: Nine teenaged hikers dead in south
- 19:35 Container fire at Chorley village