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Big bank profits are about Wall Street, not Main Street

October 14, 2020. Summarized by summa-bot.

MANHATTAN, NEW YORK, UNITED STATES - 2020/10/02: Main entrance at JPMorgan Chase headquarters in New York City. (Photo by Erik McGregor/LightRocket via Getty Images)

You'd expect the biggest US banks to be having a tough time right now.

But JPMorgan Chase (JPM), the largest US lender, just reported $9. 4 billion in profit between July and September, up 4% from the year before — blowing Wall Street analysts' expectations out of the water.

While revenue from mortgages jumped as Americans rushed to take advantage of low interest rates, people are spending less on credit cards — and the bank continues to worry about the economic situation.

Citi (C) also reported Tuesday that its trading and investment banking revenue rose, helping the bank bring in $3. 2 billion in profits.

Unlike JPMorgan, that's down a massive 34% compared to last year — though it is still notable that Wall Street's top players can make money in the current environment.

The investment bank said Wednesday that its profit nearly doubled last quarter to $3. 6 billion.

The latest: AMC Theatres, the world's largest movie theater chain, could run out of money by the end of the year, my CNN Business colleague Frank Pallotta reports.

A messy election could harm more than just faith in democracy — it could also cost the United States its perfect credit rating from Fitch Ratings, my CNN Business colleague Matt Egan reports.

The United States has a pristine AAA credit rating from Fitch in part because of its track record for strong governance, including "well-understood rules and processes for the transfer of power," the report said.

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