2 min read · Oct 15, 2019
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The pressure was on for major banks as they recently released their third quarter earnings. The results were mixed, but to no surprise, J.P. Morgan Chase had the most successful day.
The famed bank’s profits and revenue leaped 8% this past quarter. Most of the growth was attributed to their home loans, auto and credit cards. Some will look at this and say this is sign of positive growth for economy. However, J.P. Morgan Chase is not like other major banks. Goldman Sachs is a behemoth, but is primarily known for their investment banking and catering to the very wealthy. Wells Fargo has had it’s successes recently, but their brand’s image has been damaged due to the many scandals they’re involved in. Bank of America has been aggressive with new approaches to banking technology, but they haven’t returned to their highs from before the 2008–09 financial meltdown like others in the industry.
J.P. Morgan Chase is the cream of the crop because they can do it all. They are the swiss army knife of banks. They have some of the best mobile banking and finance technology. They’re one of the most trusted and elite investment banks. Plus their commercial banks lead the way in major cities and are a favorite among consumers. Given what we know about the bank’s brand equity as well as their successes, we can’t say the financial industry is thriving if they’re doing well, but the others aren’t. However, if they’re in trouble, then that may be one of the initial warning signs for trouble ahead. Looks like we’re far from that as of now.
