Citigroup, meanwhile, has been in the middle of a significant, multi-billion-dollar tech overhaul aimed at improving legacy software systems, and Bank of America has faced losses that could top $100 billion on its bond portfolio.
Still, JPMorgan CEO Jamie Dimon isn’t ready to “just declare victory,” pointing out that the bank’s rivals are gaining ground.
“All of our major bank competitors are back growing and expanding,” Dimon said on an earnings call on Tuesday. “We’re quite cautious to just declare victory, like somehow we’re entitled to these returns forever.”
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