Business this week | The Economist
American banks had a bumper first quarter, with profits and revenues beating analysts’ expectations. They were helped by frenzied market activity, such as the surge in special purpose acquisition companies (SPACs) and retail investing. And, thanks to America’s recovering economy, some banks were able to release funds that had been set aside to cover bad loans. JPMorganChaseand Goldman Sachs both reported record revenues. Returns on tangible common equity, a measure which compares profits