Major US Banks Post Solid Q3 Loan Growth
Major US banks reported solid third quarter loan and deposit growth, defying concerns that high interest rates would stifle demand. However, lenders faced mounting pressure to raise deposit rates to retain customer funds in a competitive market.
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Major United States lenders posted solid loan growth in the third quarter, though fierce competition for customer funds squeezed profit margins. JPMORGAN CHASE & CO, CITIGROUP INC, and WELLS FARGO & CO all reported higher net interest incomes.
