Big Banks Report Record Profits Despite Industry Turmoil

JPMorgan Chase, Citigroup, and Wells Fargo reported higher-than-expected profits in the first quarter, despite the recent failures of smaller banks causing industry turmoil. The banks warned of a potential credit crunch and economic downturn, but expressed optimism about their prospects. Rising interest rates helped boost earnings, and the crisis has strengthened the position of larger banks. Smaller regional banks, some of which face uncertain futures, will report results later this month.