Bank profits soared in 2021, but inflation is front of mind

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Three of the nation’s biggest banks reported blowout profits for 2021 on Friday, helped by the improving economy and consumers and businesses willing to spend and take on loans. But Inflation is clouding the outlook for 2022, based on comments from bank executives to reporters and industry analysts. They foresee higher inflation this year and are faced with higher costs for compensation as the banks compete for talent and employees. Wall Street could hear similar comments in the next few weeks as the rest of Corporate America releases results and shares its outlook for the upcoming year.