Costs At U.S. Banks Are Growing Faster Than Revenues
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Many analysts figured banks were due for a belt-tightening this year after America's biggest lenders splurged to keep their operations running during the pandemic. The spending spree, however, has persisted.
Costs at the top five U.S. banks — JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, and Citigroup — jumped 10% in the latest quarter to more than $6.6 billion. Driving the wild expenditures, executives say, are rising compensation and technology costs needed to fend off enterprising fintechs that are tearing up the old ways of doing business.
Source Fool.com
