Wall Street banks' profits slide as economic clouds loom, some beat forecasts

The top banks on Wall Street reported a decline in profits in the third quarter as they prepared for a weaker economy and were particularly hard hit in investment banking.

However, investors found some bright spots as certain banks exceeded expectations.

After volatile markets choked off investment banking activity and lenders set aside additional rainy-day funds to cover losses from borrowers who fall behind on payments

JPMorgan Chief Executive Officer Jamie Dimon remarked that although the firm was "hoping for the best

we always remain attentive and are prepared for negative outcomes," the atmosphere in which they were operating was "sort of strange."

Global central banks have been fighting a predicted rise in inflation.


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