<!-- Swiftype Variables -->


Rates up, banks up

Estimates compiled by Bloomberg for the largest U.S. banks suggest higher revenues into 2017 as the Federal Reserve raised the federal funds rate earlier this week and anticipates as many as three more this year.

J.P. Morgan Chase, Wells Fargo and Bank of America, the three largest banks by market capitalization, had average revenue increases of 1.9% in 2016 over 2015; 2017 estimates see average revenue growth of 5.6%. Citigroup’s revenues declined 8.5% in 2016, to $69.9 billion from $76.4 billion. U.S. Bank’s revenue was up 5% in 2016 and estimates have revenues growing another 5% in 2017. PNC’s revenues were relatively flat in 2016 from 2015, but are expected to grow 4.6% in 2017.