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New York: The US government piled trillions of dollars of emergency funds into Americans accounts during the pandemic. That s boosting the bottom lines of the banks that store their cash. Lending giants reported blockbuster profits this week, in part because stimulus payments have helped consumers bounce back from the Covid-19 crisis and prevented more severe economic damage. The emergency funds helped boost deposits at the four biggest U.S. banks to $6.9 trillion last quarter, up 15% from a year earlier. The resilience of consumers, thanks in part to those stimulus checks, also prompted the four lenders to reduce the amount they d set aside for soured loans by $12.7 billion. Those reductions, known as reserve releases, came after the banks spent most of 2020 provisioning billions of dollars for credit losses with the expectation that Americans would be so economically devastated by the pandemic that they d stop paying their credit-card bills and other loans in droves. That cala

New yorkUnited statesJane fraserPaul donofrioBrian moynihanCharlie scharfJamie dimonJpmorgan chase coWells fargo coAmerica corpImage creditChief financial officer paul donofrioWells fargoபுதியது யார்க்ஒன்றுபட்டது மாநிலங்களில்ஜேன் ஃப்ரேசர்