NEW YORK (AP) — Four of the largest U.S. banks said their profits grew by double-digits last quarter, as a healthier U.S. economy has allowed banks to have fewer bad loans and charge-offs. But the results for Citigroup, Bank of America, Wells Fargo and Morgan Stanley benefitted from one-time boosts to their profits, and low interest rates remain a significant headwind for Wall Street’s financial titans. The banks with significant investment banking operations took advantage of a frenzy of mergers and companies going public.
Bank profits soar, helped by merger frenzy, fewer bad loans
