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Reviews: US banks weaken in the first quarter

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Ukraine War, inflation worries, stock market billing: The prelude of the new fiscal year was difficult for the successful US banks.

Der US-Finanzkonzern Citigroup ist mit deutlich weniger Gewinn ins Geschäftsjahr gestartet. © Justin Lane / EPA / DPA The US financial corporation Citigroup has started significantly less profit in the financial year.

The industry sizes Goldman Sachs, Citigroup, Morgan Stanley and Wells Fargo had to cope with significant profit declines in the first quarter. In view of high geopolitical and economic risks, the outlook sees behavior.

Goldman Sachs

The US investment bank Goldman Sachs has not been able to repeat its record gain from the beginning of 2021 at the beginning of this year. Under the line, the shareholders in the recent quarter was a surplus of $ 3.8 billion (3.5 billion euros) and thus 43 percent less than in the previous year, as the cash building communicated in New York.

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In view of the growing economic uncertainties, for example, as a result of Russia's war against Ukraine, Goldman Sachs returned 561 million dollars for threatening loan losses. One year before, she had resolved such provisions. Meanwhile, the bank's returns fell by more than a quarter to $ 12.9 billion in the past quarter year-on-year.

Morgan Stanley

Goldmans US Rival Morgan Stanley also earned less, but suggested much better. Here, the quarterly profit fell by around 11 percent to 3.5 billion dollars compared to the previous year's figure (3.2 billion euros). Income fell by six percent to 14.8 billion dollars. Nevertheless, the results exceeded expectations. Above all, the trading business developed better than accepted.

The classic investment banking weakened, including the stock exchanges, mergers and acquisitions, where banks earn as a consultant through fees. According to the boom at the end of the year, there was a large restraint in view of the market turbulence because of Russia's war against Ukraine and inflation risks.

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The Citigroup also started significantly less profit in the financial year. In the first quarter, the surplus fell by 46 percent to $ 4.3 billion (4.0 billion euros). All revenues only returned by two percent to $ 19.2 billion. Especially the trading business with securities such as stocks and bonds showed relatively stable during the stock market bill. However,

Citi had to handle balancial burdens of almost two billion dollars because of Ukraine war. In contrast to most other major US banks, the cash office still has a strong business presence in Russia, which has developed into the problem by the war and sanctions. Bank Chef Jane Frazer also warned of increasing geopolitical and economic risks in the quarterly report.

Wells Fargo

Citis Competitor Wells Fargo earned just under $ 3.7 billion in the first quarter (3.4 billion euros) and thus almost a billion less than a year earlier. The Bank's income decreased by five percent to 17.6 billion dollars.

On the previous day, the largest US cash office JPMorgan Chase had already opened the balance sheet season with weak numbers. High burdens by Ukraine conflict and a weaker day-to-day business were offset by 42 percent to around 8.3 billion dollars (7.6 billion euros).

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