Despite healthy personal banking revenues, banks stockpiled cash for expected loan losses. Meanwhile, investment banking took a beating.
The news: The biggest banks in the US released their Q3 earnings over the past few days. Most of the results mirrored Q2 results, but with a less-upbeat outlook for the rest of this year and 2023. Revenue and earnings were up in most cases, beating analysts' expectations. But the looming recession looks closer than ever, and banks are preparing.
