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US Banks Signal Economic Trouble: Declining Deposits and Loan Risks Hit Profits

Inflation's impact has hit American banks hard, with Citi, JPMorgan Chase, and Wells Fargo showing signs of struggle. Despite some profit increases, they face declining deposits and rising loan risks. High interest rates have deterred borrowing, affecting revenue. Wells Fargo reported a 9% drop in net interest income and faced ongoing costs from past scandals. Both Citi and JPMorgan noted the significant burden on lower-income customers. Mounting credit card balances and commercial real estate investments pose major risks. Stock prices for these banks briefly recovered amid hopes of Federal Reserve rate cuts and eased regulations. Read More. 

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Iran Promotes De-Dollarization Among BRICS to Counter US Dominance

Iran is pushing to eliminate the US dollar from its business transactions with key partners to weaken US global economic influence. At the 10th Parliamentary Forum of the BRICS nations in St. Petersburg, Iran's parliament speaker, Mohammad Bagher Ghalibaf, emphasized de-dollarization as a response to US pressure on emerging economies. This strategy is part of Iran's broader foreign policy to counteract US sanctions. Read More.