Luca Pietro on Big Banks Reporting Stellar Earnings
Luca Pietro
Big Banks Reporting Stellar Earnings
Claims and stances
Transcript
- 0:00 It's interesting to see right now big big banks are doing very well.
- 0:05 You've got banks quarter three earnings season, so you've got all the biggest banks, um, such as JP Morgan, Goldman Sachs, Bank of America, Wells Fargo, Citibank, along with a long list of others, and they're reporting earnings very, very well.
- 0:22 Um higher revenue than expected, um, lots of deal flow, which is great to see.
- 0:29 Uh so it's kind of painting a picture for the economy that the consumer is doing well.
- 0:33 However, it is a little bit of a misconception because the people who are spending all this money and all the this deal uh deals through the pipeline is really spent by the top one percent um in the population right now.
- 0:49 Uh we can see consumers um consumer sentiment at the lower end of the the income disparity index uh really start to freeze up on spending a little bit and uh not having as much um disposable income.
- 1:03 So I think it's something to uh think about.
- 1:06 It's pretty interesting that only a small population is holding up these banks afloat uh as well as pretty much the entire economy as a whole.
- 1:14 So