Large US banks reporting fourth-quarter and full-year 2010 earnings last month revealed widely divergent fortunes.
JPMorgan took star billing, with solid revenues across its divisions, including from client business in investment banking. Rivals, notably Goldman Sachs, reported marked fall-offs in client activity. JPMorgan also boosted its numbers with releases from credit reserves on cards and record revenues in commercial banking.
Wells Fargo enjoyed record quarterly and annual results as strong revenues across many of its 80-odd businesses, declining credit costs and market share gains from the Wachovia acquisition fed through.
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