Finance

JPM, Citi shrug off low rates as strong economy propels profits; digital currencies start year with gains as optimism about its future grows.

Bank of America Corp.’s traders bounced back with their peers.

The Charlie Scharf era began with the company's lowest quarterly net income in more than nine years. Culprits included falling revenue, rising salaries and yet more financial fallout from the bank's sales scandal.

The banking giant is counting on continued growth in cards, deposits and digital accounts to drive returns higher in 2020.

The San Francisco bank is also bulking up in Florida and Wyoming, no-tax states where many of its affluent clients have retired or have second homes.

The country's biggest bank is leaning more on fee income to offset rate pressures, expanding in selected U.S. cities and laying the groundwork for operations in China that CEO Jamie Dimon hopes will endure “for 100 years.”

The rebound, combined with strong earnings from debt underwriting and consumer banking, pushed net revenue for the period to the highest since 2015.

Wells Fargo & Co. may have a new leader, but the work of reinvigorating the firm after years of troubles is far from over.

Bank beats estimates as earning soar 21%; a cyberattack on the American banking system could create havoc on financial stability.

Fueled by a rebound in trading, especially in fixed income, the company said profit jumped 21% in the fourth quarter, pushing annual earnings to a record $36.4 billion.