Profits of four big banks decline as deal-making, mortgages slacken

Four big banks reported noticeable declines in their first-quarter profits on Thursday, as the volatile markets and war in Ukraine caused deal-making to dry up while a slowdown in the housing market meant fewer people sought mortgages.

The results from Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo were similar to the results out of JPMorgan Chase, which on Wednesday reported a double-digit decline in profits.

At Goldman Sachs, profits fell 43 per cent to $3.63 billion.Citigroup posted a 47 per cent decline in profits to $4 billion, Wells Fargo’s profits fell 21 per cent and Morgan Stanley’s