Big Banks Are Still Going Gangbusters

According to the Wall Street Journal, all the big banks except Wells Fargo are reporting great results for the second quarter. So naturally here’s what happened:

I’m sure this all makes sense to the literati. The bottom line, I guess, is not just that big banks are raking in money, but they’re raking in even more money than analysts expected. However, they aren’t raking in stratospheric amounts of money, so their stock prices are down.

Or something. This article says bank stocks are anemic because of fears about the flattening of the yield curve. Sure. Whatever. I’ll bet that Wall Street won’t let that interfere with bonus season.

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BEFORE YOU CLICK AWAY!

Mother Jones was founded to do journalism differently. We stand for justice and democracy. We reject false equivalence. We go after stories others don’t. We’re a nonprofit newsroom, because the kind of truth-telling investigations we do doesn’t happen under corporate ownership.

And the essential ingredient that makes all this possible? Readers like you.

It’s reader support that enables Mother Jones to devote the time and resources to report the facts that are too difficult, expensive, or inconvenient for other news outlets to uncover. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

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