Bank of America reported gains, but shares fell.

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Profits at jpmorgan chase, citigroup and Wells Fargo rose in the first three months of the year, but their shares fell on Friday, despite gains.
Jpmorgan’s profits rose 35 per cent from a year earlier, while citigroup and Wells Fargo reported modest increases.
Analysts said the drop was some indication that investors had taken into account.
They expect more active stock markets and lower tax rates to boost performance.
Shares in all three Banks fell more than 2 per cent in early trading, providing a boost to the company’s quarterly results.
Jp Morgan chase
Despite the drop in investment banking, jpmorgan’s profits last year were $8.8 billion (6.11 billion pounds), compared with $6.4 billion last year.
Revenue rose 10 per cent to $28.5bn as the strong economy boosted its consumer banking activity, and a rebound in market volatility pushed trading to a record quarter.
Citigroup inc.
Citigroup’s profit rose 13 percent, to $4.6 billion from $4.1 billion last year.
Revenue this quarter was $18.4 billion, a 3% increase over the same period in 2017.

The company said increased volatility in its stock trading units helped offset declines in bond trading. Like jpmorgan, investment banking has been hit.
Wells Fargo
Wells Fargo made an initial profit of $5.9 billion this quarter, up 5% from a year earlier.
The results were obscured by the company’s continuing problems with oversight.
Wells said us regulators had proposed a solution to the vehicle insurance investigation and could force it to reiterate its results.
“At the moment, we cannot predict the final resolution… And there is no reasonable estimate of our loss contingency, “the bank said.
The bank has been in the cloud since the bank created more than two million fake accounts to meet sales targets and ignore or punish whistleblowers.
Last year, the bank said it had wrongly charged customers with car insurance.
In February, the U.S. federal reserve, which regulates Banks, said it would limit the company’s growth until it improved risk management oversight.
Revenue fell to $21.9 billion from $22.3 billion in the first quarter of 2017, partly because of the “customer friendly” changes that Banks use to pay for CARDS and overdraft fees.

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