Jason Hall

This is definitely important, what we're dealing with.

We got results from three of the

big four U.S.

banks, JPMorgan, Wells Fargo, Citi reported, and of course, the investment banking giant, Goldman Sachs.

They all delivered really strong results last quarter.

Citi and Wells, their businesses, for different reasons, have long struggled.

We've seen some serious work from Jane Fraser, CEO of Citi, working hard to tear down this unwieldy low-profit empire that her predecessors built and try and turn Citi into a leaner, more profitable bank.

We saw some of that progress this quarter.

Really strong revenue and earnings growth.

even after the impact of a nearly $3.25 billion write-down tied to the partial sale of Banamex, its international subsidiary.

Credit quality is also holding up really well.

Return on tangible equity is improving.

It's worth noting that it's still way below its peers, but it's moving in the right direction.

If we look at Wells, similarly, it's on a big upswing.

It just reported its first full quarter free of the asset cap that the Fed imposed.

You go back to 2018 when that asset cap was put in place, that's part of the punishment.

You guys remember the fake account scandal?

Unfortunately.

We're finally free of that, and Wells can start growing its assets again.

Earnings were up 9%.