ReutersThe biggest banks in the United States have smashed profit forecasts as the economy improves. After pandemic loan losses failed to materialize and the US economy began roaring back to life, the four largest U.S. consumer banks reported record second-quarter results this week. Wells Fargo & Co, Bank of America Corp, Citigroup Inc, and JPMorgan Chase & Co reported combined profits of $33 billion, helped by the release of $9 billion in reserves set aside last year to cover projected pandemic losses. That exceeded analyst projections of around $24 billion combined, compared to $6 billion in the previous quarter https://www.reuters.com/business/finance/us-banks-see-big-jump-2q-profits-before-results-return-normal-2021-07-08./n
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