<p class="title">Large US banks reported mixed quarterly results on Tuesday, challenged by a shifting interest rate landscape and uncertainty about global trade but bolstered in some cases by strong consumer activity.</p>.<p class="bodytext">The biggest US bank by assets, JPMorgan Chase, scored higher profits due to robust consumer lending even as Chief Executive Jamie Dimon offered a subdued outlook on the US economy, due in part to lingering worries about an economic slowdown due to the trade war.</p>.<p class="bodytext">Earnings also rose at Citigroup, but profits fell sharply at Goldman Sachs amid a drop in key advisory services and at Wells Fargo, which was hit by higher legal costs as it continues to try to pivot from a series of scandals and regulatory issues.</p>.<p class="bodytext">JPMorgan reported profits of $9.1 billion, up 8.4 percent from the year-ago period.</p>.<p class="bodytext">Revenues were $29.3 billion, up 7.3 percent.</p>.<p class="bodytext">The increase in profits comes as large banks manage a shift in monetary policy by the US Federal Reserve that has dampened the industry's profit outlook somewhat.</p>.<p class="bodytext">Lower interest rates typically weigh on earnings at banks, which earn profits from the margin between their loans and deposits.</p>.<p class="bodytext">On the upside, JPMorgan scored higher revenues in home lending as mortgage costs for consumers eased. The company also reported another increase in credit cards and auto lending.</p>.<p class="bodytext">US economic growth has "slowed slightly," Dimon said.</p>.<p class="bodytext">"The consumer remains healthy with growth in wages and spending combined with strong balance sheets and low unemployment levels," Dimon added.</p>.<p class="bodytext">"This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade."</p>.<p class="bodytext">At Goldman Sachs, third-quarter profits were $1.8 billion, down 26.9 percent from the year-ago period.</p>.<p class="bodytext">Revenues were $8.3 billion, down 5.6 percent.</p>.<p class="bodytext">The investment bank suffered a drop in financial advisory and equity and debt underwriting revenues but won an increase in trading businesses that have been a headwind in recent quarters.</p>.<p class="bodytext">Wells Fargo also suffered a significant drop in profits, which came in at $4.6 billion, down 23.3 percent.</p>.<p class="bodytext">Revenues edged up slightly to $22 billion.</p>.<p class="bodytext">Results were dented by $1.6 billion in litigation costs connected to a fake accounts scandal that has weighed on the bank since late 2016.</p>.<p class="bodytext">Wells Fargo announced late last month that it named Charles Scharf as its new chief executive to begin later this month.</p>.<p class="bodytext">At Citigroup, net income was up 6.3 percent at $4.9 billion on a one percent rise in revenues to $18.6 billion.</p>.<p class="bodytext">Chief Financial Officer Mark Mason described the client environment as cautious.</p>.<p class="bodytext">"You look in the market and see cautious sentiment around things like capital spending, things like mergers and acquisitions and things like IPOs," Mason said on a conference call with reporters. "You certainly hear that in conversations with clients."</p>.<p class="bodytext">Shares of JPMorgan rose 2.2 percent to $118.95 in pre-market trading, while Goldman Sachs fell 2.3 percent to $201.10. Citigroup fell 0.9 percent to $69.62 and Wells Fargo shed 1.1 percent to $48.73.</p>
<p class="title">Large US banks reported mixed quarterly results on Tuesday, challenged by a shifting interest rate landscape and uncertainty about global trade but bolstered in some cases by strong consumer activity.</p>.<p class="bodytext">The biggest US bank by assets, JPMorgan Chase, scored higher profits due to robust consumer lending even as Chief Executive Jamie Dimon offered a subdued outlook on the US economy, due in part to lingering worries about an economic slowdown due to the trade war.</p>.<p class="bodytext">Earnings also rose at Citigroup, but profits fell sharply at Goldman Sachs amid a drop in key advisory services and at Wells Fargo, which was hit by higher legal costs as it continues to try to pivot from a series of scandals and regulatory issues.</p>.<p class="bodytext">JPMorgan reported profits of $9.1 billion, up 8.4 percent from the year-ago period.</p>.<p class="bodytext">Revenues were $29.3 billion, up 7.3 percent.</p>.<p class="bodytext">The increase in profits comes as large banks manage a shift in monetary policy by the US Federal Reserve that has dampened the industry's profit outlook somewhat.</p>.<p class="bodytext">Lower interest rates typically weigh on earnings at banks, which earn profits from the margin between their loans and deposits.</p>.<p class="bodytext">On the upside, JPMorgan scored higher revenues in home lending as mortgage costs for consumers eased. The company also reported another increase in credit cards and auto lending.</p>.<p class="bodytext">US economic growth has "slowed slightly," Dimon said.</p>.<p class="bodytext">"The consumer remains healthy with growth in wages and spending combined with strong balance sheets and low unemployment levels," Dimon added.</p>.<p class="bodytext">"This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade."</p>.<p class="bodytext">At Goldman Sachs, third-quarter profits were $1.8 billion, down 26.9 percent from the year-ago period.</p>.<p class="bodytext">Revenues were $8.3 billion, down 5.6 percent.</p>.<p class="bodytext">The investment bank suffered a drop in financial advisory and equity and debt underwriting revenues but won an increase in trading businesses that have been a headwind in recent quarters.</p>.<p class="bodytext">Wells Fargo also suffered a significant drop in profits, which came in at $4.6 billion, down 23.3 percent.</p>.<p class="bodytext">Revenues edged up slightly to $22 billion.</p>.<p class="bodytext">Results were dented by $1.6 billion in litigation costs connected to a fake accounts scandal that has weighed on the bank since late 2016.</p>.<p class="bodytext">Wells Fargo announced late last month that it named Charles Scharf as its new chief executive to begin later this month.</p>.<p class="bodytext">At Citigroup, net income was up 6.3 percent at $4.9 billion on a one percent rise in revenues to $18.6 billion.</p>.<p class="bodytext">Chief Financial Officer Mark Mason described the client environment as cautious.</p>.<p class="bodytext">"You look in the market and see cautious sentiment around things like capital spending, things like mergers and acquisitions and things like IPOs," Mason said on a conference call with reporters. "You certainly hear that in conversations with clients."</p>.<p class="bodytext">Shares of JPMorgan rose 2.2 percent to $118.95 in pre-market trading, while Goldman Sachs fell 2.3 percent to $201.10. Citigroup fell 0.9 percent to $69.62 and Wells Fargo shed 1.1 percent to $48.73.</p>