Big Banks Reap $32B Windfall From Trump Tax Cuts: Report

These are among other trends at the six banks, Bloomberg reports:

• Outstanding loan growth was 1% last year vs. 3% in 2018;
• The banks’ collective workforce shrank by about 1,200 people over th past two years; and
• After the midyear stress tests, the six companies said they planned to raise shareholder payouts by $21.5 billion in 2019, up 14% from 2018.

The tax savings helped bank profits, with the six institutions posting $120 billion in total net income for 2019, above 2018’s tally. Prior to the tax cuts, they had not topped a collective $100 billion, according to Bloomberg.

The news service said Trump told JPMorgan wealth and asset management chief Mary Erdoes on Wednesday that the bank she works for should be grateful: “They just announced earnings, and they were incredible. They were very substantial. Will you say, ‘Thank you, Mr. President,’ at least, huh?”