Three Major Banks Combine for Almost $100 Billion in 2021 Profit Despite Pandemic

Three Major Banks Combine for Almost $100 Billion in 2021 Profit Despite Pandemic

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Three Major Banks Combine for Almost $100 Billion in 2021 Profit Despite Pandemic

Three of the biggest banks in the nation reported major increases in profit Friday for 2021, despite the pandemic.

Citi and Wells Fargo saw increases despite the pandemic, and even JPMorgan saw an increase despite a 14 percent decline in the fourth quarter, according to the Associated Press.

JPMorgan made nearly a $50 billion profit, which exceeds their report of $36.4 billion made in 2019, right before the COVID-19 pandemic hit. Citi reported a slight increase from $21.2 billion in 2006 to $21.95 billion in 2021. Wells Fargo saw a slight increase from previous records to $21.55 billion. Their operations remain restrained by the Federal Reserve after problems and scandals due to sales practices.

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