What the Big 3 Banks’ Quarterly Earnings Revealed About Consumers
Consumer spending accounts for roughly two-thirds of the American economy. Increased consumer spending usually leads to higher corporate profits, which in turn results in stock prices growing. Getting different perspectives and insights into how consumer spending is shaping up is helpful to investors who want to better inform their decisions.
JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), and Wells Fargo (NYSE: WFC) are the biggest banks in the U.S. under a variety of measurements. Collectively, the big three have 104 million digital account holders and more than 13,000 retail branches across the U.S.
These three banks offer unique insight into the financial conditions of the group who make up the lion's share of the American GDP. Here's what their recent earnings releases tell us about the future of the U.S. economy.
Source Fool.com
