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Saturday, January 15, 2022 1:00 am

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3 big US banks report major profits for 2021

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NEW YORK – Three of the country'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.

JPMorgan brought in nearly $50 billion in profits for 2021, up significantly from a profit of $36.4 billion in 2019, before the pandemic hit.

Citi brought in $21.95 billion last year. That exceeds what Citigroup made in 2006, when it was a financial conglomerate significantly larger than what it is today. Wells Fargo's full-year profits were $21.55 billion, slightly below previous records but multiples better than where it was a year earlier.

Sony to shutter CD plant in Terre Haute

Sony DADC is cutting about 100 workers at a Terre Haute plant that began making compact discs in the 1980s, and will move all the plant's gaming and disc manufacturing to Austria.

The workforce reduction will likely occur in March and disc manufacturing will end at the plant in mid-2022, said Lisa Gephardt, senior director of corporate communications for Sony Corp. of America.

She said the affected workers will not be offered other positions because the plant is Sony's last disc production facility in the U.S., but they will receive a severance package, the Tribune-Star reported. The company plans to retain about 150 workers at the plant, which will become a Sony assembly and distribution facility.

2 Black women get nods for Fed board

President Joe Biden on Friday announced the nominations of three people for the Federal Reserve's Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the Fed's board.

Biden also nominated Phillip Jefferson, an economist, dean of faculty at Davidson College in North Carolina and a former Fed researcher. The nominees, who will have to be confirmed by the Senate, would fill out the Fed's seven-member board.

Cook and Jefferson would be just the fourth and fifth Black governors in the Fed's 108-year history. And for the first time, a majority of the board would consist of female appointees.


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