Wall Street’s biggest banks reported higher third-quarter profits on Tuesday, supported by resilient consumer spending and strong business investment in artificial intelligence. However, executives warned that persistent inflation and elevated interest rates could eventually strain household finances and slow the economy, Reuters reported.
JPMorgan Chase earned $15.3 billion, or $5.57 a share, compared with $14.4 billion, or $5.07 a share, a year earlier. Earnings fell short of analysts’ estimate of $5.93 a share, marking the bank’s first miss in nearly three years.
