Mixed Profits At US Banks Amid Weaker Signs From Low-income Customers

JPMorgan Chase and Citi experienced higher credit costs in the second quarter, reflecting greater stress on lower-income consumers (Credit: AFP)

JPMorgan Chase and Citigroup reported increased second-quarter profits Friday despite somewhat higher costs to account for bad loans in light of greater stress on lower-income customers.

Citigroup Chief Financial Officer Mark Mason pointed to a "bit of a pullback" from consumers with lower credit scores who are strained from higher interest rates and the consumer price hikes of recent years.