US bank profits fall in choppy fourth quarter marked by special charges, falling lending margins
JPMorgan gained 0.9% and Citi fell 1.2%, while Bank of America fell 2.4% and Wells Fargo was down 2.3%. The banks combined set aside more than $8 billion to refill the Federal Deposit Insurance Corporation's deposit insurance fund (DIF), which took a $16 billion hit after Silicon Valley Bank and two other lenders failed last year.
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