Bank profits mostly fall in fourth quarter, but banks remain upbeat on economy and consumer
Citigroup announced it was going to cut 20,000 jobs, roughly 10% of its workforce as part of Citi’s restructuring
Large US banks grow their profits due to rise in interest rates
JPMorgan, Bank of America, Wells Fargo, Citi and Goldman Sachs earn 20% more in the third quarter of the year
Big banks create $30 billion rescue package for First Republic
The effort seeks to stop the California-based bank from becoming the third bank to fail in less than a week. Shares of First Republic had fallen sharply this week, dropping 60% on Monday alone