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Are we cooked? Cracks Begin to Appear at the Nation’s Biggest Banks

Discussion in 'BBS Hangout: Debate & Discussion' started by Ubiquitin, Jan 15, 2026 at 10:56 AM.

  1. Ubiquitin

    Ubiquitin Member
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    Economists are talking about a K shaped economy where the haves are thriving and the have nots are getting worse.

    Is our economic growth pattern sustainable?
    Or are we heading for Great Recession II: AI Spending Boogaloo

    https://www.nytimes.com/2026/01/15/...e_code=1.ElA.ujzL.xvWqtU8cetAx&smid=url-share

    Cracks Begin to Appear at the Nation’s Biggest Banks
    This week, Bank of America, Citi, JPMorgan and Wells Fargo released fraught earnings reports as President Trump’s threatened cap on credit card rates loomed large.


    For a year, Wall Street’s dominant theme has been the so-called K-shaped economy, in which the well-to-do have powered financial activity despite lower earners’ struggles.

    This week, the nation’s largest banks reported a broadly disappointing set of quarterly earnings, marking the first stumble after a yearlong spree of rising markets and softening regulations paid off handsomely for the finance set.

    Results at Bank of America, Citi, JPMorgan Chase and Wells Fargo all fell short of expectations and their shares fell. Troubles ranged from delayed merger deals (JPMorgan) to stubborn expenses (Citi) to questions about the efficacy of artificial intelligence tools (Bank of America). Banks that do business largely with rich individuals and corporations, such as Goldman Sachs and Morgan Stanley, fared comparatively better.

    Results from major lenders are closely watched because they contain hints about the state of the economy and ordinary American consumers.


    Wells Fargo’s chief executive, Charles Scharf, said his organization had not seen a “meaningful” shift among the customer data it collects, including checking account flows, direct deposit amounts, overdraft activity and payments. Another Wells Fargo executive described “very consistent activity.”

    Wells Fargo’s quarterly results disappointed for a different reason: Lower-than-expected profits, in part because mortgage lending stayed weak in a slow housing market. The bank’s stock saw its steepest fall in six months.
     
    #1 Ubiquitin, Jan 15, 2026 at 10:56 AM
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  2. The Captain

    The Captain ...and I'm all out of bubblegum

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    Is that Tony Montana?

    [​IMG]
     
    #2 The Captain, Jan 15, 2026 at 11:18 AM
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  3. juicystream

    juicystream Member

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    Oh how I wish this really meant bad news for those banks. Screw BOA, Wells Fargo, & Chase who all deserve to be broken up.
     
    #3 juicystream, Jan 15, 2026 at 11:24 AM
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  4. adoo

    adoo Member

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    #4 adoo, Jan 15, 2026 at 12:12 PM
  5. Rocket River

    Rocket River Member

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    Didn't we bail them out once or something

    Rocket River
     
    #5 Rocket River, Jan 15, 2026 at 2:42 PM
  6. Buck Turgidson

    Buck Turgidson Member

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    "No s!!t", says humanity

    Glad my economics minor is paying off.
     
    #6 Buck Turgidson, Jan 17, 2026 at 3:08 AM
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  7. Buck Turgidson

    Buck Turgidson Member

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    You don't really want that to happen though, do you?
     
    #7 Buck Turgidson, Jan 17, 2026 at 3:11 AM
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  8. juicystream

    juicystream Member

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    Bank of America is awful. Wells Fargo has violated their customers so many times, and Chase tried to steal $10k from me. Yes, I want them to burn.
     
    #8 juicystream, Jan 17, 2026 at 4:46 AM
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  9. Space Ghost

    Space Ghost Member

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    Can we stop using the phrase K-shaped economy? Kthx
     
    #9 Space Ghost, Jan 17, 2026 at 6:57 AM
  10. Ubiquitin

    Ubiquitin Member
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    We will be using a different term soon.
     
    #10 Ubiquitin, Jan 17, 2026 at 7:11 AM
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  11. LosPollosHermanos

    LosPollosHermanos Clutch Crew
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    Do we need to do sensitivity training here to cater to your emotions?
     
    #11 LosPollosHermanos, Jan 17, 2026 at 7:32 AM
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  12. Space Ghost

    Space Ghost Member

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    no. Its an inaccurate depiction. But i dont expect you to understand
     
    #12 Space Ghost, Jan 17, 2026 at 8:24 AM
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  13. rimrocker

    rimrocker Member

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    Wells Fargo is nothing but a criminal enterprise at this point. They should have been burned to the ground years ago.

    I get it with the banks and their cracks, but the real chasms are coming with the increases in health insurance. I think we are underestimating the consequences the Big Beautiful Bill will have on society.
     
    #13 rimrocker, Jan 17, 2026 at 8:46 AM
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  14. Buck Turgidson

    Buck Turgidson Member

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    ...and the economy with it?

    If you're not a corporate customer or in the "private client group" you will get crapass service at any large bank. Thanks, Phil Gramm.

    One great thing about living in the country is you can still do your personal banking at a small local bank where you actually know the people and can get the damn president on the phone if you have to.
     
    #14 Buck Turgidson, Jan 17, 2026 at 8:50 AM
  15. No Worries

    No Worries Wensleydale Only Fan
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    FWIW I hope that the banks do not get bailed out the next time. It is time to stop socializing the losses while privatizing the gains.
     
    #15 No Worries, Jan 17, 2026 at 10:14 AM
    Last edited: Jan 17, 2026 at 1:51 PM
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  16. Buck Turgidson

    Buck Turgidson Member

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    The last round of bailouts, TARP, actually made a few billion for the federal government while staving off a total economic collapse. Pretty good outcome.
     
    #16 Buck Turgidson, Jan 17, 2026 at 10:23 AM
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  17. juicystream

    juicystream Member

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    We could break up the banks without the economy crumbling, we just won't. The fact that they didn't break them up after 2008, means they never will regardless.

    I use a credit union for my regular banking. I'm floored by the number of clients using the big banks. Unless you are a large company, I don't get using the big banks as your primary.
     
    #17 juicystream, Jan 17, 2026 at 6:13 PM
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  18. Buck Turgidson

    Buck Turgidson Member

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    Absolutely agree with this. Maybe someday before doomsday?
     
    #18 Buck Turgidson, Jan 17, 2026 at 6:25 PM
  19. rimrocker

    rimrocker Member

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    We had a local bank. It got bought out by a small regional bank and service was still OK so we stuck with it. They recently got bought out by a larger regional bank and we have noticed service going downhill. In the process of moving over to a credit union and man, is it a pain to change banks these days.
     
    #19 rimrocker, Jan 17, 2026 at 9:20 PM
  20. ThatBoyNick

    ThatBoyNick Member

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    #20 ThatBoyNick, Jan 17, 2026 at 9:30 PM
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